Kyrgyzstan Hit With Sanctions In $11.6M Arbitral Award Fight

Law360 (February 26, 2020, 4:28 PM EST) -- A New York federal judge has slapped Kyrgyzstan with contempt sanctions of about $2.3 million related to its refusal to pay an $11.6 million judgment related to a Turkish investor’s arbitral award against the republic for forcibly taking over its hotel.

U.S. District Judge Andrew L. Carter Jr. on Tuesday adopted a magistrate judge’s Oct. 1 report and recommendation to deny Kyrgyzstan's motion to vacate sanctions. The judge also granted Turkish hotel investment company Sistem Mühendislik Inşaat Sanayi Ve Ticaret AS’s cross-motion for entry of judgment on the $2.3 million of existing sanctions plus another $5,000 per day if the republic keeps...

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