Kazakhstan has won a challenge against a London court’s investment treaty award that ordered it to pay over $55 million to a Canadian mining firm. The court found serious irregularities in the award, particularly that it did not adequately address key aspects of Kazakhstan’s defense relating to damages.
A London court recently ruled in favor of Kazakhstan regarding an investment treaty dispute involving a Canadian mining company. The court determined that an award, which mandated Kazakhstan to pay over $55 million, contained significant irregularities. Specifically, the ruling did not address a critical aspect of the state’s defense concerning damages, rendering the initial order flawed. As a result, the court’s decision fortifies Kazakhstan’s position in this arbitration matter.
In conclusion, Kazakhstan successfully challenged an investment treaty award as determined by a London court. The court found the original ruling to be flawed due to its failure to consider essential elements of Kazakhstan’s defense. This outcome underscores the importance of thorough legal processes in international investment disputes.
Original Source: globalarbitrationreview.com
