Investor Seeks To Triple Daily Sanctions Against Kyrgyzstan

Law360 (July 21, 2020, 4:42 PM EDT) -- A Turkish investor has asked a New York federal judge to triple daily $5,000 sanctions against Kyrgyzstan, saying the country has made "precisely zero progress" toward fulfilling an $11.6 million arbitral award for seizing the company's luxury hotel in 2005.

Turkish hotel investment company Sistem Mühendislik Inşaat Sanayi Ve Ticaret AS sought to boost daily sanctions against the country to $15,000 in a Monday memorandum filed in New York federal court. The investor said sanctions imposed in 2018 have done little to budge Kyrgyzstan.

The award was issued in 2009, court records show, after an International Centre for Settlement of Investment...

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