National Fund of Kazakhstan

Main article: Financial system of Kazakhstan

The National Fund of Kazakhstan is replenished through oil export revenues and can be used by the state as an emergency financing tool.

2022: Fund size $8.93 billion

As of 2022

2017: BNY Mellon freezes $22 billion in fund assets at Moldovan businessman's suit

On December 21, 2017, it became known that Bank of New York Mellon froze the assets of the National Fund of Kazakhstan in the amount of $22 billion due to litigation on the claim of Moldovan businessman Anatoly Stati and his companies against the government of Kazakhstan. This was reported by Reuters, citing a source familiar with the situation. The amount of frozen funds is about 40% of the total assets of the fund.

In turn, the National Bank of Kazakhstan filed a lawsuit against BNY Mellon. A court in London will consider this case on December 28, according to a Reuters source.

Legal proceedings between Stati, his son Gabriel, two family-controlled companies and the Republic of Kazakhstan have been going on for several years in various courts.

Moldovan entrepreneurs who invested in Kazakhstan's oil and gas industry claim to have been significantly harassed by the country's authorities, who tried to get them to sell their investments cheaply.

The businessmen said that these persecutions negatively affected the value of their investments, as Kazakhstan hoped to seize the fields they owned and therefore tried to reduce the price. Kazakhstan denies these accusations^[1].

In October 2017, Kazakhstan filed a lawsuit in a district court in Washington against Anatoly and Gabriel Stati, as well as two of their companies: Ascom Group S.A. and Terra Raf Trans Traiding Ltd.

The lawsuit was filed after the international arbitration court awarded about $500 million to the Stati family.

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