KZ RU EN
Write us +7 (727) 388 8020 +7 (717) 254 2710
искать через Tengrinews.kz
искать через Google
искать через Yandex
USD / KZT - 337.56
EUR / KZT - 379.35
CNY / KZT - 50.62
RUB / KZT - 5.27

Kazakhstan won arbitration against Rakhat Aliyev's family member

11 june 2012, 14:35
0
Rakhat Aliyev. ©REUTERS/Shamil Zhumatov
Rakhat Aliyev. ©REUTERS/Shamil Zhumatov
Kazakhstan won arbitration against Rakhat Aliyev’s family member, Tengrinews.kz reports citing Kazakhstan Justice Ministry.

“The dispute was related to termination of the contract for exploration and production of hydrocarbons at Caratube field because of violations and failure to perform the contract terms by CIOC company, allegedly owned by Devincci Hourani,” the press-service of Kazakhstan Justice Ministry stated. The Ministry represented and protected Kazakhstan’s interests in this case.

Caratube International Oil Company LLP (CIOC) argued that this arbitration could be brought against Kazakhstan under the ICSID Convention and the US-Kazakhstan Bilateral Investment Treaty because of the US nationality of Devincci Hourani. Four years ago CIOC filed a claim against Kazakhstan for $1.2 billion. Devincci Hourani wanted to return the investments that his company allegedly made into Caratube field. The International Centre for Settlement of Investment Disputes (ICSID) took the case. The arbitration and the trials were held in Paris.

However, the Tribunal rejected CIOC's arguments and found that it lacked jurisdiction. The Tribunal found that there was insufficient proof that CIOC was controlled by Devincci Hourani. The ICSID arbitral tribunal ordered CIOC to pay US$3.2 million to Kazakhstan towards its arbitration costs.‬ CIOC was awarded nothing by the Tribunal. In spite of the efforts of Hourani brothers, the Tribunal dismissed the arguments of the plaintiffs and decided that it lacked jurisdiction.

These “investment” activities of Devincci Hourani in Kazakhstan were not a coincidence. He is a younger brother of Rakhat Aliyev’s brother-in-law Issam Hourani. In the beginning of 1990s they started their activities in Kazakhstan. Back then their father Salakh Hourani approved the arrival of his elder son, Issam Salakh Hourani, in Kazakhstan for a higher education.

Later Issam Hourani married Gulshat Aliyeva, a younger sister of Rakhat Aliyev. Having secured the backing of the “high-powered” family member, Issam Hourani started accumulating capital in Kazakhstan, involving other family members and partners, including his younger brother Devincci Hourani.

Нравится
Add comment