Today the Governor of the Astana International Financial Centre (AIFC) Kairat Kelimbetov met with The Rt Hon The Lord Woolf CH, the former Lord Chief Justice of England and Wales and one of the most influential and distinguished judges in recent British legal history.
During the meeting the Parties discussed the issues regarding the creation and development of the AIFC Courts based on English common law and the Arbitration Centre.
The Governor of the AIFC Kairat Kelimbetov noted that currently the AIFC is actively working on the establishment of the AIFC Courts and the Arbitration Centre as they will start their operation in January, 2018.
"We pay great attention to the training of personnel for the structures that are being created, the quota for the internship in London to study the Anglo-Saxon legal system has been singled out upon the presidential scholarship Bolashak", K. Kelimbetov said.
The Lord Woolf CH pointed out that implementation of the English common law for AIFC, applied at the world’s leading financial centres, will further enhance the Republic of Kazakhstan’s credibility for business that meets the highest international standards.
The Lord Woolf served as the first President of the Qatar Financial Centre Civil and Commercial Court and a non-permanent Judge of the Court of Final Appeal in Hong Kong.
As part of his visit to Astana, Lord Woolf also plans to meet with the Minister of Justice, the Chairman of the Supreme Court and the Prosecutor General of the Republic of Kazakhstan to discuss issues of mutual cooperation with the AIFC Court and Arbitration Centre.
AIFC. In December 2015, the President of the Republic of Kazakhstan, Nursultan Nazarbayev, signed the Constitutional Law “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in a post-Soviet region, a common law framework will be introduced in the AIFC. English shall be the official language of the AIFC.
The objectives of the AIFC are to attract investment into the Republic of Kazakhstan economy through the establishment of an attractive environment for investment in financial services, develop local capital markets, ensuring their integration with international capital markets, and develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.
AIFC Courts. The AIFC’s Courts are independent in their activity and separable from the judicial system of the Republic of Kazakhstan. The AIFC’s Courts have no jurisdiction in respect of criminal and administrative proceedings and have an exclusive jurisdiction in relation to hearing and adjudicating on any disputes between the AIFC’s participants, the AIFC’s Bodies and/or their foreign employees; hearing and adjudicating on any disputes relating to operations carried out in the AIFC and regulated by the law of the AIFC; hearing and adjudicating on any disputes transferred to the AIFC’s Courts by agreement of the parties.
Parties will have access to alternative dispute settlement solution such as Astana International Arbitration Centre. Parties to arbitration agreement (clause) will be able to cut considerably the litigation costs, save their time in the course of delivering, recognition and execution of the Arbitration decision in Kazakhstan and beyond.
Astana International Arbitration Centre will be established and act in accordance with the resolution of the Council “On the International Arbitration Centre”.