29 September 2017

The Statis apply to the Brussels (Dutch-speaking) First Instance Court for permission to make a pre-judgement asset freeze against Kazakhstan and the National Fund of Kazakhstan at the Brussels branch of BNYM.

11 October 2017

The Brussels Court of First Instance grants the Statis’ application for provisional asset freezes.

13 November 2017

The Statis file an ex parte application for recognition and enforcement of the arbitral award before the President of the Brussels (French-speaking) First Instance Court.

20 November 2017

Kazakhstan serves on the Statis a writ of opposition to the Attachment Order dated 11 October 2017.

11 December 2017

The President of the Brussels (French-speaking) First Instance Court grants the Statis’ ex parte application for recognition and enforcement of the arbitral award.

2 February 2018

Kazakhstan files an appeal against the decision of the Brussels (French-speaking) First Instance Court granting the recognition and enforcement of the award.

25 May 2018

The Brussels Court of First Instance, before which the Statis had requested asset freezes, rules that an English court should decide whether BNYM, the custodian of NBK, owes a debt to Kazakhstan. In addition, Kazakhstan’s and NBK’s claims were declared unfounded and the object of the enforcement was limited to $530 million.

12 June 2018

The Statis serve the enforcement decision issued in Belgium upon Kazakhstan, with the aim of converting the asset freeze into a seizure.

27 June 2018

Kazakhstan serves upon the Statis and BNYM a writ of opposition against the attempted enforcement of the arbitral award in Belgium.

11 July 2018

Kazakhstan files an appeal before the Brussels Court of Appeal against the decision of the Brussels Court of First Instance (25 May 2018) which rejected Kazakhstan’s and NBK’s claims.

9-10 May 2019

The Brussels (French-speaking) First Instance Court holds a hearing.

14-15 November 2019

The Brussels (French-speaking) First Instance Court holds a hearing.

20 December 2019

The Brussels (French-speaking) First Instance Court rejects Kazakhstan’s appeal against the lower court’s decision to allow the enforcement of the arbitral award in Belgium.

Kazakhstan files an appeal before the Brussels Court of Appeal against the decision of 20 December 2019.

The Statis ask the Dutch-speaking Court of First Instance of Brussels to renew the assets freezing order granted on 11 October 2017, which, under Belgian law, automatically expires after a period of three years.

The Dutch-speaking Court of First Instance of Brussels renews the original freezing order for an additional period of three years.

Kazakhstan expresses to the Dutch-speaking Court of First Instance of Brussels its opposition to the court’s decision to renew the freezing order.

The Brussels Court of Appeal declares that Kazakhstan’s appeal against the Brussels (French-speaking) First Instance Court’s decision to recognize the arbitral award is admissible.

The Brussels Court of Appeal decided to leave in force  the conservatory garnishment of the assets of the National Bank of Kazakhstan.

The Belgian Court of Appeal overturned a lower court judgment that granted recognition and enforcement of the Statis’ arbitral award in Belgium. The Court determined that the original arbitral tribunal had been misled “because of the Statis’ inaccurate and fraudulent statements and of the fact that they concealed numerous pieces of evidence during the arbitration proceedings.”

The Statis admitted that their $530 million attachment in Belgium must be lifted. The funds of the National Fund held by The Bank of New York Mellon were returned to Kazakhstan in their entirety.