Turkish Co. Slams Kyrgyzstan Bid To Nix Sanctions Award

By Joyce Hanson (August 9, 2019, 5:22 PM EDT) -- A Turkish hotel investor has urged a New York federal court not to drop contempt sanctions levied against the Kyrgyz Republic related to an arbitration award, arguing the court should instead increase the sanctions to $10,000 from $5,000 per day because the country still isn't paying up.

The investor, Turkish company Sistem Mühendislik Inşaat Sanayi Ve Ticaret AS, said Thursday that it opposes Kyrgyzstan's recent motion to vacate the sanctions, reminding the court that the country has refused to pay even though the court has entered an $11.6 million judgment confirming Sistem's arbitral award against the republic for forcibly taking over its...

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