Kazakhstan successfully challenged a London court’s ruling that required it to pay over $55 million to a Canadian mining company, citing serious irregularities in the arbitration award that failed to address central elements of the state’s damage defense.
A recent ruling from a London court has determined that Kazakhstan’s obligation to pay more than $55 million to a Canadian mining firm, as mandated by an investment treaty, was fundamentally flawed. The court found that the arbitration award did not adequately address critical aspects of Kazakhstan’s defense concerning damages, which is described as the principal focus of the state’s argument. This decision reflects the court’s assessment of procedural irregularities in the arbitration process.
The London court’s ruling represents a significant victory for Kazakhstan, as it challenges the previously held arbitration award in favor of the Canadian mining company. By identifying serious irregularities in the award’s consideration of damages, the court has reinforced the importance of addressing key defenses in arbitration proceedings. This case underscores the complexities of international investment disputes and their potential for judicial intervention.
Original Source: globalarbitrationreview.com
