Enforcement Fight Over $506M Award Nets Dueling Rulings

By Caroline Simson (November 18, 2021, 9:23 PM EST) -- A Belgian appeals court has refused to enforce a half-billion dollar arbitral award issued to a pair of Moldovan oil and gas investors due to fraud in the underlying arbitration, while Sweden's Supreme Court issued a ruling favoring the investors' enforcement efforts in that country two days later.

The Belgium Court of Appeal concluded on Tuesday that Anatolie and Gabriel Stati deceived their external auditors, KPMG, while the financial statements of their companies in Kazakhstan were being audited.

They also misled the tribunal that issued them the $506 million arbitral award by relying on audit reports that were "withdrawn" several years...

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