An ICSID Tribunal awarded Aktau Petrol Ticaret A.Ş. (“Aktau Petrol”) roughly $25M for an expropriation related to its oil storage and railway investments in western Kazakhstan.
Aktau Petrol entered into a commercial relationship with Kazakh billionaire, Timur Askarovich Kulibayev. Kulibayev is the second-richest man in Kazakhstan, a former government official, and son-in-law to Kazakhstan president, Nursultan Nazarbayev.
Aktau Petrol hoped to benefit from Kulibayev’s connections as a way to bypass bureaucratic hurdles, but the partnership deteriorated when Kulibayev began exploiting the business relationship. Soon after, Aktau Petrol found itself facing multiple court proceedings, allegedly organized by Kulibayev.
The tribunal found that during the various court […]