On 29 June 2021, the Court of Appeal of Brussels handed down a decision in proceedings between the Republic of Kazakhstan (“Kazakhstan”), the National Bank of Kazakhstan (“NBK”) and four creditors (the “Creditors”).

In 2013, the Creditors had obtained an arbitral award ordering Kazakhstan to pay an amount of USD 508 million as compensation for damages suffered by the Creditors due to a harassment campaign led by Kazakhstan.

General rule under the laws of England & Wales

As a general rule, a cause of action (also known as a “bare right to litigate”) may not be assigned under English law. Such assignment is deemed to violate the rules regarding champerty and maintenance, the common law principles which prohibit third parties from intermeddling with the disputes of others – be it or not in return for a share of the proceeds. An assignment of a cause of action is therefore void.