Judgments

The claimant applied to the AIFC Court for recognition and enforcement of an arbitral award issued in IAC Arbitration Case No. 18/2024 by sole arbitrator Alexander Korobeinikov. After reviewing the award, the Court found the application justified and ordered enforcement of the measures set out in the arbitral award. The defendant was granted 14 days to apply to set aside the order, and enforcement was stayed pending the expiry of that period or the determination of any such application.

Sultanbek Abilovich Otegenov brought a claim against NEF Qazaqstan LLP and Timur Gayrimenkul Geliştirme Yapi ve Yatirim A.Ş. seeking repayment of bonds that became subject to early redemption following the issuer’s default under related bond obligations. The AIFC Small Claims Court found that the issuer had admitted its debt and that the guarantor was jointly and severally liable under the guarantee agreement. The Court ordered both defendants to pay USD 75,540.27, including principal, accrued interest, and court fees, within 28 days.

Following the substantive judgment of 12 September 2024, the Second Defendant, Polymettech LLP, applied for recovery of its litigation costs from the Claimant, SIA Restcom Group. The AIFC Court found that the Second Defendant was the successful party and that its claimed legal and translation-related expenses of KZT 6,831,500 were reasonably incurred, proportionate, and supported by evidence. Accordingly, the Court ordered the Claimant to pay the Second Defendant’s costs in full.

Quantum Capital Limited brought a claim against Sanyia Gabdullina seeking recovery of USD 52,622 as alleged unjust enrichment arising from an erroneous securities transaction and also challenged her attempted termination of their asset management agreement. The AIFC Court found that the claimant failed to prove unjust enrichment, causation, or any loss suffered by it, and therefore dismissed the monetary claim. However, the Court declared that the defendant’s purported termination of the agreement on 30 January 2024 was ineffective because it did not comply with the contractual notice requirements, and ordered each party to bear its own costs.

The AIFC Court considered an application by Private Company “Datamining Technology PTE Ltd.” to recognize and enforce an arbitration award issued by the AIFC International Arbitration Centre in Arbitration Case No. 37/2023. The Court granted enforcement of the award, ordering Private Company “Snow Monster Science and Technology Ltd.” to pay KZT 27,068,000 in outstanding lease-related debts and arbitration costs, and to return 813 pieces of leased equipment under two lease agreements. The Court rejected the claimant’s requests to cancel the lease agreements and recover legal representation expenses, while allowing the defendant 14 days to apply to set aside the order.

The AIFC Court considered an application by Private Company “iKapitalist Ltd” to recognize and enforce an arbitration award issued by the AIFC International Arbitration Centre (IAC) on 20 August 2024 in Case No. 73/2024. Justice Lord Faulks KC found the application justified and ordered “Nurly-Kus” LLP, Ms. Sara Omarova, and Mr. Oleg Tyo to pay jointly and severally KZT 40,085,263 in debt, along with arbitration and legal representation costs. The Court allowed the defendants 14 days to apply to set aside the order, and enforcement was stayed pending the expiry of that period or the resolution of any such application.