Bishkek, Nov. 15, 2021 / Kabar /. Kyrgyzstan has won the case of Megacom mobile operator for over USD 300 million in the international arbitration court in London, Great Britain, the press service of the Ministry of Justice of the Kyrgyz Republic reported.
Since July 2017, Penwell Business Limited, incorporated in the British Virgin Islands, has arbitrated against the Kyrgyz Republic under the UNCITRAL Arbitration Rules, seeking compensation in the amount of USD 298 million.
On Oct 8, 2021, the Arbitral Tribunal issued the Arbitral Award, the claimant’s compensation claims amounting to USD 298 million were rejected by the Arbitration Panel.
On Nov. 5, 2021, the deadline for filing a petition with the High Court of London to set aside the arbitral award expired, and thus it can be officially confirmed that the Kyrgyz side has finally won this dispute in the amount of almost USD 300 million.
The composition of the tribunal ruled that the claimant's claims were inadmissible because the claimant obtained his investment in the Kyrgyz Republic through corruption.
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