Посты с тэгом: AIFC Court

The AIFC Court and IAC commenced their operations on 1 January 2018 and have resolved 536 cases with 15 judgments, 39 arbitration awards, and 482 mediation settlements. In the first half of 2021, the AIFC Court and IAC resolved 201 cases and additional cases continue to be ongoing. The number of arbitration cases has increased considerably, and mediation case numbers have continued to increase consistently, reducing the need for further case progression to arbitration or litigation.

The parties of the disputes at the AIFC Court and IAC have come from 12 regions within Kazakhstan and 14 countries including Kazakhstan, the UK, China, Russia, India, Canada, Italy, Uzbekistan, Ukraine, Kyrgyzstan, Azerbaijan, Poland, Armenia, and Belarus.

The disputes involved a wide variety of commerce and investment related matters including non-payments and other non-compliance of contract obligations, finance, construction, energy, land, property and employment. The applicable laws in the disputes were the laws of the AIFC, Kazakhstan and Russia.

All of the disputes were resolved quickly and cost effectively using the AIFC Court’s and IAC’s cutting-edge eJustice and video hearing digital technology. All judgments and arbitration awards were enforced throughout the entire territory of Kazakhstan to 100% satisfaction using the AIFC Court’s unique step by step enforcement procedure.

The AIFC Court continued to gain international recognition with 281 lawyers granted rights of audience to represent clients in disputes at the AIFC Court. The lawyers come from 27 jurisdictions from 25 countries including the UK, the US, and throughout Europe, Central Asia, Africa, Asia, and Oceania.

The AIFC Court and IAC signed an MOU with the Chief Justice of the Supreme Court of the Republic of Kazakhstan, Zhakyp Assanov. While the AIFC Court and IAC are independent of the national courts of the Republic of Kazakhstan, they cooperate closely on matters of mutual interest. The MOU provided for a procedure for parties, upon their written consent, to transfer commercial and investment related disputes from the national courts of the Republic of Kazakhstan to the AIFC Court and IAC, and for further assistance with the international enforcement of AIFC Court judgments.

Discussions are ongoing with the oil and gas sector of the Republic of Kazakhstan, and large corporations from other industry sectors, to encourage inclusion of the AIFC Court and IAC in the dispute resolution clauses of business contracts. The AIFC Court and IAC have been included as the number one choice for dispute resolution in more than 5,000 business contracts including the contracts of Chevron Tengizchevroil. Disputes arising under contracts in which the AIFC Court and IAC have been listed as the number one choice for dispute resolution are now being decided in cases at the IAC.

A comprehensive promotions and community engagement programme has been implemented with Users’ Committee meetings, webinars with the participation of judges and arbitrators, speaking engagements at online international conferences, mooting or mock trial competitions, and training programmes. Of particular note is the IAC-Vis arbitration moot competition which the IAC hosted online in February 2021. The IAC is the official host of the IAC-Central Asia Vis Arbitration Moot Preliminary Rounds, having partnered with the Association for the Organisation and Promotion of the Willem C. Vis International Commercial Arbitration Moot. Twenty-two teams competed from seventeen countries.

Mr. Christopher Campbell-Holt, the Registrar and Chief Executive of the AIFC Court and IAC, commented:

“We are pleased that the AIFC Court and IAC are increasingly trusted by the local, regional and international business communities as safe institutions for commercial dispute resolution that is expeditious, cost-effective, reliable, and always applying the highest international standards of the rule of law. Caseload has increased steadily and considerably ahead of time compared to other international financial centre common law courts and arbitration centres at this stage of development. We continue to gain considerable international recognition among global corporations as the first choice for commercial dispute resolution. We have plans in place to continue this progress and enable the AIFC Court and IAC to protect investors’ rights in accordance with the highest international standards for years to come.”

Reference:

The Astana International Financial Centre was created by the initiative of the First President of the Republic of Kazakhstan, Leader of the Nation, Nur-Sultan Nazarbayev as part of the “100 steps to implement five institutional reforms” national program. The Centre’s development strategy until 2025 was approved by the Management council of the AIFC during the council’s meeting on July 2, 2020. In accordance with the strategy, the vision of AIFC is in becoming the leading financial centre in the region that includes Central Asia, the Caucasus, EAEU countries, western China, Mongolia, and Eastern Europe. The mission of the AIFC is in assisting the sustainable and long-term development of the region. As the head of state Tokayev noted, “AIFC, with its unique opportunities, can act as a universal platform that connects the countries in the region”. The strategic directions for the sustainable development of the AIFC include the development of a circular economy, financial technologies, and “digital financial centre”. https://aifc.kz/

The AIFC Court is an independent legal entity. It has its own procedural rules modelled on English common law procedures and leading international practice. The AIFC Court is separate and independent from the courts of the Republic of Kazakhstan. It consists of two tiers: a Court of First Instance, which includes a specialist division known as the Small Claims Court; and a Court of Appeal. It has exclusive jurisdiction over disputes arising out of the activities and operations of the AIFC and jurisdiction in the case of other disputes in which all parties agree in writing to give the AIFC Court jurisdiction. It does not have jurisdiction in relation to disputes that are of a criminal or administrative nature. It applies the most up to date and efficient case management practices. https://court.aifc.kz/

The International Arbitration Centre (IAC) is an independent legal entity. It has its own procedural rules modelled on best international practice. It has its own panel of leading international arbitrators and mediators having many years of arbitration and mediation experience in commercial law, including oil and gas, trade, construction, energy, financial services, banking, Islamic finance, insurance, and intellectual property. IAC arbitration awards are recognised and enforceable in Kazakhstan and internationally. https://iac.aifc.kz/

The AIFC Court and IAC commenced their operations on 1 January 2018, overall 296 cases have been resolved. In 2020 the AIFC Court and IAC successfully resolved 291 cases. 12 cases were filed at the AIFC Court and 9 judgments were given. 282 arbitration and mediation cases were resolved at the IAC. There was a significant increase in arbitration cases, but most cases were resolved via mediation. The success of the resolution of case disputes via mediation at the IAC reduced the need for further arbitration or litigation of those cases.

The cases involved parties from 11 countries including from Kazakhstan (including from 11 different cities and regions within Kazakhstan), Russia, China, Uzbekistan, and the UK. The subject matters of the disputes involved issues of contract, non-payments, debt obligations, other finance, services provision, employment, and property (including land). The applicable laws included the laws of the AIFC, Kazakhstan, and Russia.

All judgments and arbitration awards were successfully enforced in Kazakhstan to 100% satisfaction using the AIFC Court’s unique step by step procedure for efficient enforcement.

From March 2020, in response to the COVID-19 global pandemic, the AIFC Court and IAC moved all of their work to online status and ensured that there was no disruption to their day-to-day operations and services provision. All disputes at the AIFC Court and IAC were managed and resolved electronically free of charge to the case parties using the AIFC Court’s and IAC’s world leading digital technology with eJustice for all case management and video technology for pre-trial hearings and trial hearings.

222 lawyers registered with the AIFC Court for rights of audience. The lawyers came from 23 countries (25 jurisdictions) including from the US, UK, Europe, Central Asia, Africa, Asia, Australia, and New Zealand. The AIFC Court and IAC are now recognised by the international legal community throughout the world.

In addition, the AIFC Court and IAC model dispute resolution clauses were included in more than 4000 business contracts, most notably in contracts involving Chevron and Tengizchevroil LLP. This was a result of the AIFC Court’s and IAC’s initiative to increase the number of corporations that choose the AIFC Court and IAC as their number one choice for commercial dispute resolution in Central Asia.

The AIFC Court and IAC signed 31 MOUs with local and international dispute resolution centres, lawyer associations, and training partners. 31 webinars were hosted by the AIFC Court and IAC via the AIFC Court and IAC Webinars Programme 2020 and lectures were given by the Chief Justice, IAC Chairman, Registrar and Chief Executive, the AIFC Court judges, and the IAC arbitrators and mediators. The AIFC Court and IAC held two mock trial competitions in 2020 with participation from law schools from Kazakhstan and the wider CIS region. More than 2000 Kazakh nationals were trained to international standards on dispute resolution by the AIFC Court and IAC.

Mr. Christopher Campbell-Holt, the Registrar and Chief Executive of the AIFC Court and IAC, commented:

“2020 has been a remarkable year for the AIFC Court and IAC. Despite the challenges that were presented by the COVID-19 global pandemic, our dispute resolution facility, particularly our online offering, proved to be attractive to businesses and business people around the world. We achieved significant case numbers, successful enforcement of judgments and arbitration awards, and wider contributions were made to the Kazakh and Central Asia legal and business communities with new partnerships agreed and extensive training programmes delivered. We achieved more at this stage of our operations than we expected and compared to similar dispute resolution centres at other international financial centres. We have ambitious plans for the future and look forward to 2021.”

Reference:

The Astana International Financial Centre was created by the initiative of the First President of the Republic of Kazakhstan, Leader of the Nation, Nur-Sultan Nazarbayev as part of the “100 steps to implement five institutional reforms” national program.

The Centre’s development strategy until 2025 was approved by the Management council of the AIFC during the council’s meeting on July 2, 2020.

In accordance with the strategy, the vision of AIFC is in becoming the leading financial centre in the region that includes Central Asia, the Caucasus, EAEU countries, western China, Mongolia, and Eastern Europe.

The mission of the AIFC is in assisting the sustainable and long-term development of the region. As the head of state Tokayev noted, “AIFC, with its unique opportunities, can act as a universal platform that connects the countries in the region”.

The strategic directions for the sustainable development of the AIFC include the development of a circular economy, financial technologies, and “digital financial centre”. https://aifc.kz

The AIFC Court is an independent legal entity. It has its own procedural rules modelled on English common law procedures and leading international practice. The AIFC Court is separate and independent from the courts of the Republic of Kazakhstan. It consists of two tiers: a Court of First Instance, which includes a specialist division known as the Small Claims Court; and a Court of Appeal. It has exclusive jurisdiction over disputes arising out of the activities and operations of the AIFC and jurisdiction in the case of other disputes in which all parties agree in writing to give the AIFC Court jurisdiction. It does not have jurisdiction in relation to any disputes that are of a criminal or administrative nature. It applies the most up to date and efficient case management practices. https://court.aifc.kz/

The International Arbitration Centre (IAC) is an independent legal entity. It has its own procedural rules modelled on best international practice. It has its own panel of leading international arbitrators and mediators having many years of arbitration and mediation experience in commercial law, including oil and gas, trade, construction, energy, financial services, banking, Islamic finance, insurance, and intellectual property. IAC arbitration awards are recognised and enforceable in Kazakhstan and internationally. https://iac.aifc.kz/

Today, with the participation of the President of the Republic of Kazakhstan, Kassym-Zhomart Tokayev, the Official Affirmation Ceremony of the new Chief Justice of the AIFC Court, The Rt. Hon. The Lord Mance was conducted online. The ceremony was also attended by the first Chief Justice of the AIFC Court, The Rt. Hon. The Lord Woolf CH and by the AIFC Governor, Dr. Kairat Kelimbetov.

Lord Mance commented:

“It is a great honour to serve as Chief Justice of the AIFC Court in succession to Lord Woolf. The purpose of the AIFC Court, to provide a secure common law foundation for business and investment, is of very real importance not only in Kazakhstan, but for the Central Asian region generally. I am impressed with the vision displayed by the leadership of Kazakhstan in promoting the AIFC Court and the whole “Astana” International Financial Centre. I am confident that both institutions will continue to achieve outstanding results.”

Lord Mance served as Deputy President of the UK Supreme Court from 2017 until 2018. He has many years of experience in commercial law and international trade, in public and private international law and in European law.

Lord Woolf added:

“I am grateful to the leadership of the Republic of Kazakhstan for their trust and I am proud of the work that the AIFC Court team has done over the past two and a half years. A system, unique for the Central Asian region, was created from scratch, and now outstanding judges with vast experience work in it. There is a growing interest from other countries to learn about the experience of the AIFC Court and the new high standards of administration of justice that it has set.”

The AIFC Court began its operations in 2018 and has already achieved considerable success and more quickly than the experience of similar common law courts at other international financial centres. All of its operations are now provided online without disruption using the most up to date digital technology with its world class eJustice e-filing system and video hearings. It is currently considering its third case having already given two judgments which were successfully enforced to 100% satisfaction using its specially designed step by step procedure with the Kazakhstan enforcement authorities.

It has been included in the dispute resolution clauses of thousands of business contracts including in standard contracts at the energy corporation, Chevron. 172 lawyers from 23 jurisdictions around the world have registered at the AIFC Court for rights of audience. 22 Memoranda of understanding have been agreed with other local, regional and international dispute resolution centres.

More than 1000 lawyers have been trained on common law advocacy, international commercial law, and accredited as international standard mediators. New services have been launched including judicial mediation. Additional services will be launched later this year to ensure it is always innovative.

President Tokayev thanked Lord Woolf for his work as the first Chief Justice of the AIFC Court and wished Lord Mance good luck as his successor as the new Chief Justice of the AIFC Court.

Reference:

The Rt. Hon. The Lord Mance,
Chief Justice of the AIFC Court

In 2005 Lord Mance was appointed a Lord of Appeal in Ordinary in the House of Lords. In 2009 he and nine other Lords of Appeal became Justices of the UK Supreme Court upon that court’s inauguration. He was appointed Deputy President of the UK Supreme Court in 2017.

From 2012 to 2018 he was appointed High Steward of Oxford University, where he read Jurisprudence, holds an honorary doctorate of Civil Law and is an Honorary Fellow of University College and Wolfson College.

AIFC. The AIFC was established on the initiative of the President of the Republic of Kazakhstan Nursultan Nazarbayev. In December 2015 President Nazarbayev approved the Constitutional Statute “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to establish a leading international centre for financial services. The objectives of the AIFC are to attract investment into the economy through the establishment of an attractive environment for investment in financial services, develop local capital markets, ensuring their integration with the international capital markets. https://aifc.kz

The AIFC Court is an independent legal entity. It has its own procedural rules modelled on English common law procedures and leading international practice. The AIFC Court is separate and independent from the courts of the Republic of Kazakhstan. It consists of two tiers: a Court of First Instance, which includes a specialist division known as the Small Claims Court; and a Court of Appeal. It has exclusive jurisdiction over disputes arising out of the activities and operations of the AIFC and jurisdiction in the case of other disputes in which all parties agree in writing to give the AIFC Court jurisdiction. It does not have jurisdiction in relation to any disputes that are of a criminal or administrative nature. It applies the most up to date and efficient case management practices. https://court.aifc.kz/