Business Wire

Derains & Gharavi : Press Release on Behalf of Caratube International Oil Company LLP And Mr. Devincci Hourani

Jaa

The following is a statement from Derains & Gharavi, Caratube and Mr. Hourani’s legal representatives:

"On September 27, 2017, an ICSID Arbitral Tribunal, under auspices of the World Bank, composed of President Prof. Laurent Levy, Prof. Laurent Aynés and Prof. Jacques Salès, rendered the first Award ruling on the merits the Hourani family (including Messrs. Devincci Hourani, Issam Hourani (Khorani) and Kassem Omar)’s numerous claims against Kazakhstan, in favour of Caratube International Oil Company LLP (“Caratube”) finding Kazakhstan liable under Kazakh and international law for unlawful expropriation and ordered it to pay Caratube USD 39.2 million in damages, plus USD 1,207,757.44, and well over 10 million USD in interest ("ICSID Award").

The Hourani family had its business empire expropriated by Kazakhstan in 2008 and has ever since been the target of acts of intimidation and defamation by Kazakhstan worldwide, based on what it has claimed ever since to be pretenses whereas the underlying reason is simply that it was caught in between a family and political dispute between President Nazarbayev and his then son in law, the late Mr. Rakhat Aliyev, to whom the Houranis are related by marriage.

The Hourani family has since 2008 launched a number of arbitrations against Kazakhstan and has been preparing to seek compensation for the expropriation of their businesses. The ICSID Award is the very first Award ever that has ruled on the merits of any of these claims. It was in relation to a Contract for the Exploration and Production of Hydrocarbons dated May 27, 2002 entered into by Caratube with the Ministry of Energy and Mineral Resources.

The Tribunal found by majority decision, at paragraph 905 of the Award, that the termination of the Contract by the Ministry of Energy and Mineral Resources was unlawful and in breach of Kazakh and international law as Caratube was not adequately notified of any alleged breaches of Contract before termination, and that there was in any event no evidence that Caratube had materially breached any of its obligations.

The Tribunal further added, at paragraphs 924, 926, 927 and 934 of the Award, that the termination of the Contract was made as a result of the interference of the General Prosecutor by means of correspondence to the Ministry of Energy and Mineral Resources, which was acted on as an instruction to the Ministry to terminate Caratube’s Contract. It found that this constituted a sovereign interference in a private contract in violation of Kazakh and international law.

More, the Tribunal held, at paragraph 936 of the Award, that the real motivation behind the termination of the Contract was, as the Hourani family has been claiming since 2008 in relation to each and every one of their expropriated investments, not any allegedly deficient performance, but rather lied in the family and political context underlying the case, i.e. coinciding with the Hourani family’s falling out of favor of Kazakhstan. As the Tribunal put it at the same paragraph: “It was the Respondent’s sovereign act that caused [Caratube]’s loss of its existing rights under the Contract, rather than the latter’s alleged breaches of the Contract. In particular, considering the troubling facts (especially the chronology of the facts taken as a whole) underlying this case and the evidence on the record, a majority of the Tribunal considers that the Claimants have convincingly established that the real motivation behind the termination of the Contract was not [Caratube]’s allegedly deficient performance of the Contract, but rather lies in the family and political context underlying the case. While [Caratube]’s deficient performance of its contractual obligations might not have been approved by the Respondent, it was tolerated without any material consequences attached thereto until the year 2007, thus coinciding with the Hourani family’s falling out of favor with the Respondent.”

The holding of the tribunal, the first to ever rule on the merits of any of the takings by Kazakhstan of the Hourani family’s assets, is transposable to all of the takings that occurred under the same circumstances in violation of Kazakh and international law. Kazakhstan has similarly expropriated the Hourani family's airport, pharmaceutical company, poultry industry, media and many other assets, spent so far over USD 50,000,000 (including over 17,000,000 USD in the latest Caratube ruling only) in legal, expert and lobbying fees worldwide to justify the same via post facto allegations of the most errand kind that have aggravated the Hourani family's hardship.

The Houranis, businessmen only without any involvement ever in politics, are friends of Kazakhstan and its citizens and hope that this first ever judgment on the merits by an international tribunal under the auspices of the World Bank ruling under Kazakh and international will allow prompt and fair compensation for the taking of all of their assets and the closure of all claims in the interest of all parties.

The Award is publicly available at https://www.italaw.com/sites/default/files/case-documents/italaw9324.pdf. Further enquiries should be addressed to Caratube and Mr. Hourani’s legal representative, Dr. Hamid G. Gharavi, of the law firm Derains & Gharavi (Paris), by email hgharavi@derainsgharavi.com or phone + 33 1 40 55 51 00."

Contact information

Derains & Gharavi
Dr. Hamid G. Gharavi, + 33-1-40-55-51-00
hgharavi@derainsgharavi.com

Tietoja julkaisijasta

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Tilaa tiedotteet sähköpostiisi

Haluatko tietää asioista jo ennen kuin ne uutisoidaan? Kun tilaat tiedotteemme tältä julkaisijalta, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.

Lue lisää julkaisijalta Business Wire

Sprint Selects Synchronoss to Lead its Digital Transformation26.2.2018 02:19Tiedote

Synchronoss Technologies, Inc. (NASDAQ:SNCR), a global leader and innovator of cloud, messaging, and digital products, today announced it has been selected by Sprint to lead the transformation of its online environment for business customers. Synchronoss’ Digital platform will help Sprint simplify its online order management process, generate more revenue, and reduce its costs. Stage one of the new deployment will be focused on Sprint’s wireless business customers, but will extend to include wireline, IoT, and Sprint value added solution business operations in the future. Sprint, through its Sprint Now program, remains on the digital transformation offensive, enhancing its online channels to constantly improve its customer experience. Sprint’s relationship with Synchronoss is central to this initiative as it looks to simplify its online order management process, through the creation of a converged customer experience portal. Once accessed, this portal will enable all Sprint business us

Huawei Brings the All-Connected World to Mobile World Congress25.2.2018 16:30Tiedote

Building on its success in delivering beautifully-designed and powerful high-end mobile devices, Huawei Consumer Business Group (CBG) today unveiled the HUAWEI MateBook X Pro, the HUAWEI MediaPad M5 Series and the HUAWEI 5G customer-premises equipment (CPE), the world’s first commercial terminal device supporting the globally recognized 3GPP telecommunications standard for 5G. With stunning new design updates and outstanding performance advances, Huawei’s new devices showcase the power of technology to deliver innovative computing experiences ready for the mobile world. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180225005135/en/ MateBook X Pro (Photo: Business Wire) “At Huawei, we’re guided by a vision of an all-connected world, and to achieve that goal, we invest significantly in research and development to understand the ways in which people interact and connect with technology,” said Richard Yu, CEO of Huawei CBG. “We’

The 6th Annual World Patient Safety, Science & Technology Summit Kicked off with an Important Announcement about the Progress Being Made to Save Lives in Hospital Settings24.2.2018 13:00Tiedote

The 6th Annual World Patient Safety, Science & Technology Summit kicked off with an important announcement about the progress being made to save lives in hospital settings. Nearly 4,600 hospitals in 44 countries have committed to adopting patient safety processes that are proven to eliminate preventable deaths in hospitals. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180224005027/en/ England’s Health and Social Care Secretary, Rt. Hon. Jeremy Hunt, launches groundbreaking new measures on Day One of the 6th Annual World Patient Safety, Science & Technology held in London (Photo: Business Wire) The Patient Safety Movement Foundation has taken on an inspiring and ambitious goal of reducing preventable patient deaths in hospitals to ZERO by 2020. The annual Summit in central London plays a major role in taking on that challenge with the participation of 300 global leaders, medical experts, medical technology CEOs, and patient

WuQi Technologies is Latest Licensee of CCww’s NB-IoT UE Protocol-Stack Software24.2.2018 12:06Tiedote

Communications Consultants Worldwide Ltd. (CCww), global innovator of 3GPP® technologies, has licensed its NB-IoT protocol-stack software to WuQi Technologies Inc., a leading global developer of highly integrated mixed-signal SoC solutions, and the latest licensee of CCww’s NB-IoT Release 13 UE protocol-stack software. Communications Consultants Worldwide (CCww) is working with WuQi Technologies for the integration of its NB-IoT protocol-stack software onto WuQi Technologies’ highly innovative SoC. This relationship, catalyzed by T2M, is enabling the production of a highly integrated, very low power, NB-IoT SoC chipset targeting IoT Smart City, Smart Home, and wearable applications. CCww’s CEO, Richard Carter, said, “NB-IoT is CCww’s latest cellular Protocol-stack SW. We are excited to be working with WuQi to enable a sector-leading NB-IoT SoC, pushing back boundaries of performance and battery life for the next generation of IoT. See our demonstration at the Mobile World Congress (Hal

IDEMIA and Octo Telematics Reinvent Car Sharing Experience by Adding Facial Recognition to EasyOpen Solution23.2.2018 18:57Tiedote

IDEMIA, the global leader in Augmented Identity for an increasingly digital world, announces today that it has implemented facial recognition technology on EasyOpen, a solution previously developed with its partner Omoove, a wholly-owned Octo Telematics company, Europe’s leading Shared Mobility technology provider. The digital enrolment process combined with facial recognition technology will securely enroll and authenticate the driver before EasyOpen automatically opens the car. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180223005506/en/ (Photo: Idemia) You will never rent a car the same way thanks to EasyOpen solution that combines IDEMIA’s expertise in secure service enablement and Omoove’s experience in Shared Mobility platforms and on-board technology. The first version of the solution was launched last year and allows drivers, who have already registered on the application, to use their smartphones as a key to open

SM-Optics Unveils First FLEXSET Chip, Paving the Way to Optical Micro Nodes23.2.2018 17:00Tiedote

SM-Optics launches FLEXSET, a single chip embedding multiple processing functionalities raising the bar for performances, density and architectural flexibility. The FLEXSET is the heart of the Lightmode product family. FLEXSET OTN switching matrix scales from 300Gbps to 1Tbps and can be addressed by ports spanning from traditional low-speed services like 2Mbps over micro-OTN, to layer2 and layer3 over ODUFlex, 100G over ODU4 and 200G over FlexO. Thanks to its embedded capabilities including multi-technology OAM, packet processing, synchronization and fast protection functions, FLEXSET operates by design at the lowest latency performances and features an Intel Stratix 10 FPGA. Following the launch of micro-OTN, a revolutionary approach to efficiently extend OTN protocol to low speed services, the launch of FLEXSET advances the vision of a highly interconnected metro network and of micro nodes. Revolving around functional block elements, micro nodes collapse in few rack units OTN and pho

Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.

Tutustu uutishuoneeseemme