Commercial and investment disputes can be resolved in the AIFC court
The Court of the Astana International Financial Center (AIFC), the International Arbitration Center (IAC) and the Supreme Court of Kazakhstan signed a memorandum of understanding. The document provides for the transfer of commercial and investment disputes from local courts of Kazakhstan to the AIFC Court with the written consent of the parties. This became known at Astana Finance Days 2021, the correspondent of the business information center Kapital.kz reports with reference to the press service of the financial center.
"Currently, discussions are underway with the oil and gas sector of the country and large corporations from other industries to stimulate the inclusion of clauses of the AIFC Court and the IAC in the provisions on the resolution of disputes in commercial contracts," the message says.
To date, the AIFC Court and the IAC have considered 536 cases, including 15 court decisions, 39 arbitral awards and 482 agreements on the settlement of a dispute through mediation. The cases involved parties from 12 regions of Kazakhstan and 14 countries, including Kazakhstan, Great Britain, China, Russia, India, Canada, Italy, Uzbekistan, Ukraine, Kyrgyzstan, Azerbaijan, Poland, Armenia and Belarus.
The AIFC Court has given 281 lawyers the right to represent clients in commercial and investment disputes. Among them are lawyers from 25 countries, including the UK, USA, Europe.