The Supreme Court of Kazakhstan has announced the creation on a new Specialized Board to Resolve Disputes with Large Investors. In a recent television interview, Aigul Kadyrbayeva, Supreme Court Judge and Chair of the Specialized Board, said that the Board will consist of 7 Judges from the Supreme Court who have long-term experience in resolving investor disputes and are familiar with international judicial practice.
The Board will only handle investor disputes with state bodies. Only those who have invested approx. $10 million will be identified as Large Investors. Applications to this Specialized Board can be filed electronically online. It is the first time in the history of Kazakhstan that Supreme Court judges would review investors’ cases as a Court of first instance prior to the Supreme Court hearing an appeal. In addition to the Specialized Board, an International Council within the Supreme Court consisting of international experts will be established to give its expert opinion on each case, not as a binding ruling but rather as an experts’ statement.
ITIC has established a lengthy record of fruitful cooperation with the Supreme Court of Kazakhstan related to shortcomings in tax legislation and administration that sooner or later lead to resolution in the Court. We look forward to sharing best international experience in fields that typically give rise to disputes — decriminalization of tax violations, ecological regulations and procedures, transfer pricing, and others.