BONDHOLDERS (138) OF THE BONDS V (1) LIMITED LIABILITY PARTNERSHIP NEF QAZAQSTAN, (2) TIMUR GAYRIMENKUL GELİŞTİRME YAPI VE YATIRIM A.Ş.

The Court considered a claim by bondholders seeking enforcement of an arbitration-related debt arising from a bond Prospectus, including a contractual penalty for late payment and related costs. The main issues were whether the 20% “penalty” was enforceable under AIFC law and whether it should be reduced under Kazakh Civil Code principles, which the Court rejected in favour of full enforcement. The Court also upheld costs and granted partial confidentiality, confirming proportional distribution of recovery among 138 bondholders. Download PDF