On April 25, 2019, the Small Claims Court of the Astana International Financial Centre Court (AIFC Court) issued a decision to satisfy the claims of Aurora AG Limited. This decision is expected to serve as a precedent for similar disputes that will be considered in the AIFC Court in the future.
On December 7, 2015, the Constitutional Law of the Republic of Kazakhstan "On the International Financial Center "Astana" was adopted, which determined a special legal regime on the AIFC territory, based on the principles, norms, and precedents of the law of England and Wales and standards applied by the world's leading financial centers.
The AIFC Court has a judicial system based on the norms and principles of English common law. It has exclusive jurisdiction in relation to disputes arising in connection with the AIFC activities, as well as in relation to disputes referred to the AIFC Court by agreement of the parties. It is noteworthy that the AIFC Court is independent in its activities and is not part of the judicial and political systems of the Republic of Kazakhstan.
The benefits of using English law to attract investment in Kazakhstan are obvious today. This factor increases the level of trust and promotes attraction of investment in the economy of the Republic of Kazakhstan by creating an attractive environment for investments in the field of financial services, which is the main reason why a special legal regime was created.
After the case was heard in the AIFC Court, the decision was transferred to the Republican Chamber of Private Bailiffs under the supervision of the AIFC Court’s case management team. As of today, the case was successfully closed with 100% satisfaction of debt obligations by the decision of the AIFC Court
