Посты с тэгом: AIFC Court

The AIFC Court and International Arbitration Centre (IAC) continue to go from strength to strength and are now firmly recognised by their users as being the number one choice in Eurasia for international commercial dispute resolution that is independent, impartial, applying the highest international standards of the rule of law.

By 7 June 2023 the AIFC Court and IAC had completed and enforced 2,174 cases, including 64 AIFC Court Judgments, 415 arbitration awards, and 1,695 mediation settlements. The case volume growth has increased in 2023 with 533 cases completed and enforced since 1 January 2023, i.e. 24.5% of the total number of cases since operations commenced on 1 January 2018.

Of particular note is that in 97.7% of the total number of cases the Parties had business in Kazakhstan and agreed to use the AIFC Court and IAC on an “opt-in” basis, applying Kazakhstani law in 97.5% of the cases, AIFC law in 2.3% of the cases, and other laws including English law. Most types of commercial matters were considered and included contracts (typically non payment and non fulfilment of other contract obligations) (43.8%), construction (15.8%), employment (15%), company (10.5%), transportation (6%), property (4%), logistics (3%), and PPP (2%).

The highest value claimed in a case was USD 330 million and the majority of the cases involved claims in the multi millions of USD. 48% of the cases involved a foreign / non-Kazakh investor with business in Kazakhstan and case Parties came from 23 countries including most Eurasian countries and other key Kazakhstan key trading partners such as China, UAE, and India.

75% of IAC arbitral tribunal appointed arbitrators were women and 80% of the AIFC Court and IAC staff were women, supporting the “AIFC Court and IAC Diversity Initiative”.

500 lawyers from 30 countries (32 jurisdictions) from 6 continents registered with the AIFC Court for rights of audience to represent Parties in cases at the AIFC Court.

Investors are increasingly recognising the AIFC Court and IAC, and the safeguards they provide for the protection of investor legal rights, when deciding whether to invest in Kazakhstan.

During the Astana Finance Day 2023 activities, which happened on 7 June 2023, the AIFC Court and IAC launched three new initiatives to enhance outreach with their users and their contribution to the continual improvement of the attractiveness of Kazakhstan as a commercial dispute resolution and investment hub:

1. The AIFC Court and IAC Eurasia Expansion Initiative: supplementing the international standard physical premises in Astana and Almaty in Kazakhstan with new AIFC Court and IAC physical premises that were launched in 8 countries within Eurasia from which investors with business in Kazakhstan have used the AIFC Court and IAC for commercial dispute resolution: Armenia, Azerbaijan, Georgia, Kyrgyzstan, Tajikistan, Turkey, Turkmenistan, and Uzbekistan.
2. IAC Chambers: in association with IACA, the global alliance of arbitration centres, providing a unique “one stop shop” venue at the AIFC Court and IAC with an integrated dispute resolution complex with best-in-class hearing facilities and a full suite of digital hearing solutions and support services. IAC Chambers, uniquely in Eurasia, has the capacity to support complex multi-party, multi-jurisdiction hearings via physical, hybrid or virtual settings 24/7 across the world.
3. The AIFC Court and IAC Training Centre: providing world class dispute resolution training to Kazakh nationals with trainers from the UK, US, and Germany, from leading universities including Cambridge University, UCL, and global dispute resolution institutions and associations. Training courses are taught on English language, dispute resolution for lawyers, arbitrators, mediators, and judges. There is an international standard internship programme which has been completed by more than 100 Kazakh law students. The world’s premier Vis (Vienna) Pre-Moot for Central Asia is hosted by the IAC annually in March, and the AIFC Court hosts its own common law commercial moot competition annually in October before the Chief Justice and two Justices of the AIFC Court. More than 3,000 Kazakh law students, lawyers, civil servants, judges, and business people, have been trained by the AIFC Court and IAC.

Mr. Alexander Korobeinikov, Partner at Baker McKenzie law firm, and a Member of the AIFC Court and IAC Users’ Committee, commented:

“The case statistics and outreach work of the AIFC Court and IAC is remarkable at this still very early stage of operations. Our clients increasingly trust the AIFC Court and IAC in business contracts as the premier international dispute resolution institutions in Eurasia. Of particular note is that in 97.7% of the cases the Parties used the AIFC Court’s and IAC’s ‘opt-in’ jurisdiction and had business in Kazakhstan and the wider Eurasia region. Our clients, and the investment community, understand the significance of the AIFC Court and IAC to Kazakhstan as an investment hub for Eurasia. Investors can be confident, and are increasingly aware and trust, that the AIFC Court and IAC protect the legal rights of investors with guaranteed independence, impartiality, and apply the highest international standards of the rule of law. This safeguard bodes well for future investors coming to Kazakhstan.”

Mr. Christopher Campbell-Holt, the Registrar and Chief Executive of the AIFC Court and IAC, commented:

“We are delighted that the AIFC Court and IAC are increasingly trusted by investors as safe institutions for commercial dispute resolution that is expeditious, cost-effective, reliable, and always applies the highest international standards of the rule of law. As case volume has continued to increase significantly we are earning a reputation with investors, including well known global corporations, as being the place to come in Eurasia for independent and impartial international standard commercial dispute resolution.”

References:

The Astana International Financial Centre (AIFC) is an independent jurisdiction with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan’s economy. aifc.kz

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 disputes that are of a criminal or administrative nature. It applies the most up to date and efficient case management practices. https://court.aifc.kz/

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. https://iac.aifc.kz/

Media Contacts: Ms. Asel Turmanova, Director of Communications and Events, AIFC Court and IAC, Phone: +7 (7172) 64 72 51, email: [email protected]

Today, Kazakhstan-based Astana International Financial Centre Court (the AIFC Court) and International Arbitration Centre (IAC) and Uzbekistan-based Westminster International University Tashkent (WIUT) signed a framework agreement of cooperation and launched the use of a new hearing room in Tashkent, Uzbekistan.

The Agreement was signed by Mr. Christopher Campbell-Holt, Registrar and Chief Executive of the AIFC Court and IAC, and Mr. Bakhrom Mirkasimov, WIUT Rector. The agreement creates opportunities for commercial parties in disputes to participate in AIFC Court and IAC hearings from an international standard hearing room at WIUT in Tashkent, Uzbekistan. The cooperation also enables students of WIUT to participate in internships at the AIFC Court and IAC, with the possibility of further employment at AIFC resident companies. In addition, students will participate in the AIFC Court and IAC legal education programmes and compete in the international standard Moot competitions organised annually in March and October.

In the framework of the visit to Tashkent, the AIFC Court and IAC met with the Uzbekistani legal and business communities and presented an introduction to commercial dispute resolution in the wider Eurasia region, services offered by the AIFC Court and IAC, and further opportunities for businesses in Uzbekistan seeking to invest in Kazakhstan.

Christopher Campbell-Holt, Registrar and Chief Executive of the AIFC Court and IAC commented:

“We are excited to develop our cooperation with Westminster International University Tashkent (WIUT) and to broaden our presence in Tashkent, Uzbekistan, through this cooperation. WIUT is one of the leading universities in Eurasia and we look forward to welcoming its students to our international standard internship programme which has previously been experienced by more than 80 students from other universities. We also look forward to offering occasional case hearings from the international standard WIUT premises in Tashkent as we continue to further expand our dispute resolution services to a broad spectrum of businesses and investors beyond Astana”.

Bakhrom Mirkasimov, WIUT Rector commented:

“We are happy to sign this agreement, which advanced our student participation in moot competitions at the AIFC. It provides students and graduates opportunities of involvement in the work at the AIFC Court and International Arbitration Centre at the AIFC with further legal assistance to the companies operating within the AIFC, where English common law applies. WIUT also raises awareness of the work of the AIFC among students, the academic community and legal professionals and will be hosting activities of the AIFC at WIUT. We appreciate our further cooperation”.

References:

About WIUT:

Westminster International University in Tashkent (WIUT) is the first international university located in the heart of Central Asia to offer a Western-style education with UK qualifications. WIUT offers a wide range of programmes, all in English, academic and research activities, as well as social events. Independent learning is an essential part of the UK education system, and WIUT is no exception. WIUT students can often be found in the Learning Resource Centre (LRC), computer rooms and innovation labs, working on projects and discussing course content with their peers. Other times, students may be found making the most of the University’s exceptional sports facilities or engaging in the many social and cultural events organized by the Students’ Union.

About the AIFC, the AIFC Court and the IAC

The Astana International Financial Centre (AIFC) is an independent jurisdiction that started operations in 2018. In accordance with the Development Strategy until 2025, the key focus of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and the Caucasus. aifc.kz

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 disputes that are of a criminal or administrative nature. It applies the most up to date and efficient case management practices. https://court.aifc.kz/

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. https://iac.aifc.kz/

The agreement will provide AUCA students internship opportunities at the AIFC Court and IAC

Today Kyrgyzstan-based American University of Central Asia (hereinafter – AUCA), and Kazakhstan-based the Astana International Financial Centre Court (hereinafter – the AIFC Court) and International Arbitration Centre (hereinafter – IAC) signed a framework agreement to expand their scope of cooperation and launch use of a new hearing room in Bishkek, Kyrgyzstan.

The Agreement was signed by Mr. Christopher Campbell-Holt, Registrar and Chief Executive of the AIFC Court and IAC, and Ms. Elida Nogoibaeva, Head of Law Division, Associate Professor of AUCA. The agreement creates opportunities for commercial parties in disputes to participate in AIFC Court and IAC hearings from an international standard hearing room at AUCA in Bishkek, Kyrgyzstan. The cooperation also enables students of AUCA to participate in internships at the AIFC Court and IAC, with the possibility of further employment at AIFC resident companies. In addition, students will participate in the AIFC Court and IAC legal education programmes and compete in the international standard Moot competitions organised annually in March and October.

In the framework of the visit to Bishkek, the AIFC Court and IAC met with the Kyrgyzstan legal and business communities and presented an introduction to commercial dispute resolution in the wider Eurasia region, services offered by the AIFC Court and IAC and further opportunities for businesses in the Kyrgyzstan seeking to invest in Kazakhstan.

Christopher Campbell-Holt, Registrar and Chief Executive of the AIFC Court and IAC commented:

“We are excited to develop our cooperation with American University of Central Asia (“AUCA”) and to broaden our presence in Bishkek, Kyrgyzstan, through this partnership. AUCA is one of the leading universities in Eurasia and we look forward to welcoming its students to our international standard internship programme which has previously been experienced by more than 70 students from other universities. We also look forward to offering occasional case hearings from the excellent AUCA premises in Bishkek as we continue to further expand our dispute resolution services to a broad spectrum of businesses and investors beyond Astana”.

References:

About AUCA:

AUCA is the first university in Central Asia to teach in the American liberal arts education system. It is ranked among the top ten universities in Central Asia according to the Quacquarelli Symonds (QS) rankings. The study programs are accredited in the USA in partnership with Bard College.

About the AIFC, the AIFC Court and the IAC:

The Astana International Financial Centre (AIFC) is an independent jurisdiction that started operations in 2018. In accordance with the Development Strategy until 2025, the key focus of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and the Caucasus. aifc.kz

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 disputes that are of a criminal or administrative nature. It applies the most up to date and efficient case management practices. https://court.aifc.kz/

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. https://iac.aifc.kz/