Kazakhstan's frozen billions sound alarm for sovereign funds [Reuters (UK)]
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Source: Reuters
Kazakhstan's frozen billions sound alarm for sovereign funds | Reuters 7 Min Read LONDON (Reuters) - When a Belgian court ordered a bank to freeze $22.6 billion (16.2 billion pounds) of assets held in trust for a Kazakhstan sovereign wealth fund (SWF), it set a worrying precedent for other SWFs. The case is one of several brought to courts in Europe by Moldovan businessman Anatolie Stati who is attempting to force the Kazakh government to pay up in a dispute about his energy investments in the oil-rich country. Court rulings imposing asset freezes in Belgium, the Netherlands, Sweden and Luxembourg are significant because they address the issue of whether SWFs should be treated as investment arms of governments, or as independent institutional investors. SWFs, which often invest the proceeds from the sale of national resources or manufactured goods, have traditionally enjoyed the legal immunity reserved for a sovereign to protect their assets in foreign jurisdictions. The rulings in th
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