Memoranda of Understanding signed between the AIFC Court, International Arbitration Centre and the European Business Association of Kazakhstan (EUROBAK)

The signing ceremony was organised in the framework of a joint roundtable within the Astana Finance Days. The roundtable was opened by Mr. Christopher Campbell-Holt, Registrar and Chief Executive of the AIFC Court and IAC, with contributions from The Rt. Hon. The Lord Woolf CH, AIFC Court Chief Justice, Barbara Dohmann QC, IAC Chairman, H.E. Sven-Olov Carlsson, Ambassador, Head of the EU Delegation to Kazakhstan and EUROBAK Honorary Board Member, and Julie Kussidi, EUROBAK Executive Director.

Ms. Kussidi commented:

“Considering the importance of the AIFC Court and International Arbitration Centre it is a great honour for the European Business Association of Kazakhstan to sign these Memoranda of Understanding. We believe in our continued cooperation in the future.”

Mr. Campbell-Holt added:

“The AIFC Court and IAC have successfully cooperated with EUROBAK for some time and we are delighted that we have now agreed MOUs which will further our cooperation for the future. European investors can be assured that they will receive dispute resolution at the AIFC of the very highest quality with application of the best international standards.”

At the roundtable, senior representatives of European companies and diplomatic missions had the opportunity to learn more about the AIFC Court and IAC and how to use their services.

EUROBAK is a non-commercial organisation representing the European business community in Kazakhstan. It was formed upon the joint initiative of EU companies, working and investing in Kazakhstan, and the Delegation of the European Union to Kazakhstan.

Reference:

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. 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.

The International Arbitration Centre (IAC). 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.

The European Business Association of Kazakhstan (EUROBAK). The European Business Association of Kazakhstan (EUROBAK) was established in 1999 upon the joint initiative of EU companies and the Delegation of the European Union. It is a non-commercial organisation. EUROBAK Membership is made up of more than 145 companies, including leading global, European and Kazakhstani companies, as well as Diplomatic Missions from Europe and other countries. EUROBAK plays a key role in promoting and nurturing mutual understanding between Kazakhstan and the countries of the European Union in business as well as social spheres. Nowadays EUROBAK is one of leading associations in Kazakhstan. http://www.eurobak.kz/