UK Court Says BNY Mellon Can Freeze $23B In Kazakh Assets

Law360, London (June 19, 2018, 3:27 PM BST) -- A London appeals court on Tuesday upheld a ruling allowing Bank of New York Mellon Corp. to freeze $22.6 billion of assets in Kazakhstan's oil fund as part of a dispute over the country's refusal to pay a $506.7 million arbitration award granted to a Moldovan investor.

BNY Mellon has argued it was required to freeze $22.6 billion of assets in Kazakhstan's oil fund because of court orders obtained by a Moldovan investor over the sale of assets in the country's oil and gas industry. (AP) Kazakhstan's government and central bank had challenged a High Court of Justice judgment in an effort to regain access to the...

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