Stati Investors Dealt Setback In Fight To Enforce $506M Award

Law360, London (April 22, 2020, 7:09 PM BST) -- A London judge ruled Wednesday that $530 million held at BNY Mellon belongs to Kazakhstan's central bank and not to the country, frustrating Moldovan investors' continuing efforts to collect on an arbitration award against Kazakhstan.

Judge Nigel Teare declared that the cash deposits, which were frozen by BNY Mellon's London branch under an attachment order obtained by oil and gas investor Anatolie Stati in Belgium against the Republic of Kazakhstan, constitute a debt that under English law can only be paid to the National Bank of Kazakhstan. The dispute now returns to Belgium.

Stati, his son Gabriel and two of their companies, Ascom Group...

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