Judgments

The Claimant applied to the AIFC Court for recognition and enforcement of an arbitral award issued by the International Arbitration Centre. The Court granted the application, ordered foreclosure on the share of one defendant in a company to satisfy an outstanding debt of KZT 25.4 million, and held the defendants jointly and severally liable for arbitration and translation costs. The Defendants were granted a 14-day period to challenge the order before enforcement could proceed.

The Court was asked to recognise and enforce an IAC arbitral award ordering “Et product” LLP to pay InvestRoom Ltd sums arising from two loan agreements, including outstanding principal, penalties, fines, and arbitration costs. The Court found no basis to refuse enforcement and granted the order in full, confirming a total debt of KZT 12,030,800 under the award. The Respondent was given liberty to apply to set aside the order within 14 days, during which enforcement is stayed.

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.

This case concerned an application to the AIFC Court for recognition and enforcement of a clarification of an arbitral award issued by the International Arbitration Centre (IAC) following a settlement agreement between the parties. The arbitral tribunal approved the settlement terms and provided that, in the event of non-compliance by the respondents, they would be jointly liable to pay the outstanding debt owed to the claimant. The AIFC Court found the application justified, recognized and enforced the award clarification, and ordered the respondents to pay KZT 14,168,711 to the claimant, subject to their right to apply to set aside the enforcement order within 14 days.

This case was concluded after the Claimant filed a Waiver of Claim and the parties reached an agreement regarding the proceedings. As a result, the court did not determine the merits of the dispute and ordered that the claim be discontinued. The proceedings therefore ended without a substantive judgment on the rights and obligations of the parties.

This case concerned an application before the AIFC Court to recognize and enforce an arbitral award issued by the International Arbitration Centre (IAC) in a construction dispute arising from a contract for design, construction, and equipment supply works. The arbitral tribunal largely upheld the defendant’s counterclaim, ordering the claimant to reimburse substantial advance payments for unperformed works and undelivered equipment, as well as various project-related expenses and defect-correction costs, while rejecting claims for contractual penalties, fines, and certain legal expenses. The AIFC Court found the award valid and justified, recognized and enforced it, and granted the claimants 14 days to apply to set aside the enforcement order.