AQUA FACTORIA LLP v AOM SDF I B.V. PRIVATE LIMITED COMPANY

This case concerned an application by the borrower to set aside an arbitral award issued by the International Arbitration Centre (IAC) of the AIFC, which had ordered the borrower to pay accrued loan interest of KZT 242.8 million. The claimant argued that the arbitrator based the award on a factual finding not advanced by either party, namely that the parties had agreed to reduce the loan amount, and therefore exceeded the scope of the arbitration. The AIFC Court dismissed the claim, holding that the arbitrator’s reasoning was within the scope of the issues submitted to arbitration, that the claimant was effectively challenging the merits of the award rather than a procedural defect, and therefore the award remained enforceable. Download PDF