Infringement of the rights of a foreign investor
The Business Ombudsman received a request from the branch of the company TOTAL E & P Nurmunai in Aktobe. The company was involved in the lawsuit with the Ministry of Energy of the Republic of Kazakhstan. The company was imputed the failure to fulfill its financial obligations and local content obligations in 2012 for subsoil use contracts, the amount of fines under two contracts was more than 160 million tenge.
Expert of the office of Business Ombudsman Aysulu Akhmetova provided legal assistance to the company when appealing against lower court decisions in the Supreme Court of the Republic of Kazakhstan and subsequent consideration of the case in the Aktobe Regional Court.
On 23rd of May 2017, the Chamber of Civil Cases of the Supreme Court of the Republic of Kazakhstan canceled judicial acts in satisfaction of a part of the suit of the Ministry of Energy of the Republic of Kazakhstan to recover from the company the amount of a fine of more than 160 million tenge and sent the case for fresh consideration to the Aktobe Regional Court. On 14th of July 2017, by the decision of the Aktobe Regional Court, the amount of the fine imposed on the company TOTAL E & P Nurmunai was reduced from 160 million to 74 million tenge. The rights of a foreign investor were protected.
01 Decree of the Supreme Court of RK
02 Decree of the Aktobe Regional Court
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