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"It’s Unprecedented": Bank Of New York Freezes $23 Billion In Kazakh Assets

December 22nd, 2017
Categories: Past News

Link: http://www.blacklistednews.com/%22It%E2%80%99s_Unprecedented%22%3A_Bank_Of_New_York_Freezes_%2423_Billion_In_Kazakh_Assets/62324/0/38/38/Y/M.html

Bank of New York Mellon said it had frozen $22.6 billion in assets held by Kazakhstan’s National Oil Fund in a rare move that escalates a legal battle between the government and a Moldovan investor. According to Reuters, Moldova’s Anatolie Stati and his companies had earlier won damages against the Kazakh government, and his pursuit of payment has resulted in some 40% of the oil revenue-supported fund being frozen. Putting the freeze in context, it is roughly equivalent to 17% of Kazakh GDP.

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