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Arbitrary dispute between Kyrgyzstan and Kazakhstan's BTA Bank settled

13.03.2018 Almaty. March 13. KazTAG - The center of judicial representation of the Government of Kyrgyzstan has declared settlement of the international arbitrary dispute between Kyrgyzstan and Kazakhstan's BTA Bank, reports KyrTAG news agency.
According to PR department of the Government of Kyrgyzstan, BTA filed a lawsuit against Kyrgyzstan in the international investment arbitrary in 2011 administrated by permanent arbitrary court in Hague about allegedly illegal action of the Government of Kyrgyzstan and other individuals who, according to the statement "were involved in illegal expropriation of 71% shares of the claimant in the affiliated bank BTA in Kyrgyzstan," reads the message.
"According to BTA Bank it violated the agreement between the Government of Kyrgyzstan and Kazakhstan on mutual investments protection. The lawsuit's sum was $75 mln," the message reports.
The Government of Kyrgyzstan and BTA Bank fully settled the dispute with peaceful agreement, and arbitrary proceeding has been terminated.
The dispute was settled without recognition of any responsibility by Kyrgyzstan and without any compensation.
BTA Bank will acquire 7.7% of shares of the affiliated bank from the fund for state property management under the Government of Kyrgyzstan