Derains & Gharavi : Press Release on Behalf of Caratube International Oil Company LLP And Mr. Devincci Hourani
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 email@example.com or phone + 33 1 40 55 51 00."
Derains & Gharavi
Dr. Hamid G. Gharavi, + 33-1-40-55-51-00
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, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
Seoul Semiconductor AC LED Modules Pass 4kV Surge Testing23.5.2018 21:40 | Tiedote
Seoul Semiconductor, a global innovator of LED products and technology, has demonstrated a 277V AC lighting module using its NanoDriver Series LED driver that complies with the industry standard 4kV surge testing. Prior to this, AC LED modules have been mainly used only in residential lighting applications due to the technology’s limited capability to meet the surge requirements for industrial and commercial applications. This demonstration module proves that it is possible to achieve a 277VAC module with high surge capability using Seoul Semiconductor’s NanoDriver Series LED driver. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180523006267/en/ Seoul Semiconductor AC LED modules with Acrich technology demonstrate compliance at 4kV surge test. (Photo: Business Wire) Prior to Seoul Semiconductor’s recent product introduction, many LED fixture designers perceived AC LED technology as a low performance, low cost solution, assu
GCEL Releases G20 Nations Case Study Involving 90 Ministries, NGOs & IGOs Defining the Guidelines for the Digital Economy Era23.5.2018 21:34 | Tiedote
GCEL, INSME, BVMW and CONFAPI executed a strategic agreement at the European Union Parliament to deploy the Digital Economy Platform (DEP) through GCEL’s HumaWealth Program that digitizes the USD 140 trillion B2B marketplace. These agreements will implement the newly released G20 Nations Case Study recommendations providing the roadmap to reduce annual domestic and international trade costs by USD 3.7 trillion, increase trade by USD 7.7 trillion, create a USD 1 trillion SME fund and generate 300 million manufacturing, agricultural and service industry jobs by 2030. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180523006259/en/ GCEL, INSME, BVMW and CONFAPI executed a strategic agreement at the European Union Parliament to deploy the Digital Economy Platform in collaboration with the world's leading technology firms to digitize the USD 140 trillion B2B marketplace (Photo: Business Wire) The agreement was signed by Captain Sa
LTI Q4 USD Revenue Growth up 5.3% QoQ and 21.6% YoY; FY18 Revenues of USD1.13bn, up 16.7%; Digital Revenues Grow 42% in FY1823.5.2018 18:04 | Tiedote
Larsen & Toubro Infotech (BSE: 540005, NSE: LTI), a global technology consulting and digital solutions company, announced its Q4 FY18 and full year FY18 results today. Q4 FY 18 In US Dollars: Revenue at USD 309.0 million; growth of 5.3% QoQ and 21.6% YoY Constant Currency Revenue growth of 4.5% QoQ and 18.7% YoY In Indian Rupees: Revenue at Rs 20,012 million; growth at 6.2% QoQ and 19.3% YoY Net Income at Rs 2,894 million; Net Income growth at 2.3% QoQ and 13.7% YoY Full year FY18 In US Dollars: Revenue at USD 1,132.3 million; growth of 16.7% YoY Constant Currency Revenue growth of 14.7% YoY In Indian Rupees: Revenue at Rs 73,065 million; growth at 12.4% YoY Net Income at Rs 11,124 million; Net Income growth at 14.6% YoY “Our outstanding growth of 5.3% QoQ in Q4 is a result of a broad-based performance across all verticals. We have delivered an industry leading growth of 16.7% for the full financial year with digital revenues up 42% YoY. Our sustained investments in exponential technol
Zebra Medical Vision Announces CE Approval of its Seventh AI Imaging Algorithm - Mammography Lesion Detection23.5.2018 18:00 | Tiedote
Zebra Medical Vision (http://zebra-med.com/) announces today the CE regulatory approval of its newest algorithm to be included in its growing Deep Learning Imaging Analytics platform. The algorithm, capable of detecting suspected malignant lesions in Mammography scans - is the latest addition to other automated tools announced in the past as part of it’s “All-In-One” AI1 business model, among them algorithms that automatically detect brain bleeds, vertebral fractures, coronary artery disease, osteoporosis and more. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180523005843/en/ Credit: Zebra Medical Vision According to the American Cancer Society, breast cancer makes up 25% of all new cancer diagnoses in women globally - with nearly 1.7 million women being diagnosed annually. Survival rates, though improving - vary worldwide. In countries with advanced care, the rate is 80 to 90 percent for those with a first-stage diagnosis
Korea's Government-Backed HOOXI Campaign Issues W Green Pay (WGP), First Blockchain Enabled Reward System for GHG Reduction by Individuals23.5.2018 16:00 | Tiedote
W Green Pay (WGP), the blockchain from HOOXI, Korea's government-backed Greenhouse Gas (GHG) reduction campaign, is taking a different tack at encouraging individuals to reduce GHG. While GHG reduction initiatives have been around, HOOXI is the first to directly reward individuals for reducing GHG. HOOXI introduces the first blockchain to help enable the reward system and facilitate the on-going reward distribution to individuals. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180523005643/en/ Youree Lee (third from left), CEO of W-Foundation, along with campaign ambassadors Korean idol group INFINITE members and Korean government officials, during the HOOXI Campaign Committee Inauguration Ceremony at The National Assembly of Republic of Korea on 26th April 2018. PHOTO: W-FOUNDATION W-Foundation, an international non-profit organization and a designated donation organization entitled by the Ministry of Strategy and Finance o
Nordson EFD Introduces New GV Series Gantry Fluid Dispensing Robot with Vision23.5.2018 15:04 | Tiedote
Nordson EFD, a Nordson company (NASDAQ: NDSN), the world’s leading precision fluid dispensing systems manufacturer, introduces the vision-guided GV Series automated fluid dispensing gantry robot. Specialized DispenseMotion™ software and an integrated CCD smart vision camera or simple pencil camera make the automated systems quick to set up and easy to program. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180523005033/en/ The new GV Series gantry robot from Nordson EFD is ideal for precision fluid dispensing onto substrates that require large working envelopes with market-leading deposit placement repeatability. (Photo: Business Wire) The CCD camera converts pixels into digital values to deliver precise, high-quality images. The proprietary dispensing software confirms workpiece presence and placement and automatically adjusts as in-process variations occur. “With working envelopes that range from 400 mm to 800 mm and unlim
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