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.
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.
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 Attachments Judge at the Dutch-speaking Court of First Instance issues an order postponing the proceedings regarding the Renewal Order until 29 June 2021.
29 June 2021
The Brussels Court of Appeal decided to leave in force the conservatory garnishment of the assets of the National Bank of Kazakhstan.
16 November 2021
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.”