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Wednesday 17 February 2021

Luxembourg Overturns $506 mln Judgment against Kazakhstan

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NEW YORK (Law360) — A Luxembourg court overturned an order enforcing a $506 mln award against Kazakhstan that was issued to two Moldovan energy investors, ruling the lower court improperly dealt with evidence allegedly backing the former Soviet state’s claims that the award was procured through fraud.

The Court of Cassation of Luxembourg concluded in a February 11 decision that the lower court incorrectly took into consideration two letters authored by the accounting firm KPMG — the former auditors for Anatolie Stati, his son Gabriel Stati and their companies — without allowing the parties to submit any briefing, violating a procedural rule relating to due process.

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