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Supreme Court of Canada makes final decision on suit of Sistem Mühendislik

The Supreme Court of Canada made a final decision on the appeal of Sistem Mühendislik and the Turkish company Entes. Kyrgyzaltyn press service informed 24.kg news agency.

It is noted that Kyrgyzaltyn won the dispute. The Supreme Court of Canada, on June 15, 2017, did not uphold the appeals of the plaintiffs Sistem Mühendislik Systems and the Turkish company Entes.

Recall, on December 29, 2016, the Ontario Court of Appeal ruled that Kyrgyzaltyn’s shares in the Canadian company Centerra are exclusively its assets and can not be confiscated by parties claiming to Kyrgyzstan.

The Supreme Court of Canada did not allow an appeal to be considered by the full judicial bench of the Supreme Court consisting of 9 judges and, in practice, upheld the decision of the judge of the Supreme Court of Ontario made in July 2016. The decision also refused to enforce four arbitration decisions against Kyrgyzstan for a total of approximately $ 165 million from the assets of Kyrgyzaltyn OJSC.

More than $ 11 million will soon be released from the escrow account, where they are earmarked in Canada, and will be free from further threats.

«Victory in court on June 15, 2017 ensured the termination of Kyrgyzaltyn’s participation in a series of disputes in Canadian courts. The proceedings lasted about six years. Up to date, all risks related to the loss of shares have been removed due to the execution of international arbitral decisions issued against Kyrgyzstan," the company commented.