UPDATE 1-BNY Mellon freezes $22 bln in Kazakhstan assets -source

From Reuters - December 21, 2017

ALMATY (Reuters) - The Bank of New York Mellon (BK.N) has frozen $22 billion in assets held by Kazakhstans National Fund over a lawsuit launched by Moldovan businessman Anatolie Stati and his companies against the Kazakh government, a source familiar with the case said on Thursday.

The National Bank has in turn filed a lawsuit against BNY Mellon. A British court is due to deliver a judgment on that case on Thursday, the source told Reuters.

The National Fund is replenished from oil export revenue and may be used as an emergency state funding tool.

The amount of the funds frozen account for around 40 percent of the funds total.

Kazakhstans central bank and justice ministry could not be reached for immediate comment.

The Bank of New York Mellon was also not available for immediate comment.

The legal row between Stati, his son Gabriel, two family-controlled companies and the Republic of Kazakhstan has dragged on for years in various courts.


Continue reading at Reuters »