Kazakhstan Kagazy Plc & Ors v Baglan Abdullayevich Zhunus & Ors
Quantum is to be calculated using the claimants' expert's (Mr Tapper) methodology as adjusted by the court, without a cap based on the defendants' expert's (Mr Jackson) figures. Judgment is to be entered in US Dollars as the losses were ultimately suffered in hard currency, not KZT. Pre-judgment interest is to be awarded at Kazakh short-term borrowing rates for US Dollars, compounded quarterly. No credit is to be given for steel. The penalties and interest claim stands as determined at trial; it is too late to reopen the issue based on new evidence. Security for costs is to be released. The freezing order is to be amended: the cross-undertaking in damages remains pending appeal, but...
- Parties
- Claimant: Kazakhstan Kagazy PLC; Claimant: Kazakhstan Kagazy JSC; Claimant: Prime Estate Activities Kazakhstan LLP; Claimant: Peak Akzhal LLP; Claimant: Peak Aksenger LLP; Claimant: Astana-Contract JSC; Claimant: Paragon Development LLP; Defendant: Baglan Abdullayevich Zhunus (formerly Zhunussov); Defendant: Maksat Askaruly Arip; Defendant: Shynar Dikhanbayeva; Additional Party: Harbour Fund III LLP
- Jurisdiction
- England and Wales
- Judgment Date
- 28 February 2018
- Procedural Posture
- Commercial Fraud/quantum Determination After Trial / Post Trial Consequential Judgment
- Outcome
- Judgment for the claimants against the second and third defendants (Mr Arip and Ms Dikhanbayeva) on all claims; quantum, interest, and costs determined as specified; applications for permission to appeal and stay of execution refused.
- Legal Topics
- Fraud, Damages Assessment, Interest (simple/compound), Currency of Judgment, Freezing Orders, Security for Costs, Disclosure of Assets, Costs (indemnity/standard), Stay of Execution, Permission to Appeal
Case Brief
Summary, issues, holding and outcome
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Parties
Kazakhstan Kagazy PLC
Claimant
Kazakhstan Kagazy JSC
Claimant
Prime Estate Activities Kazakhstan LLP
Claimant
Peak Akzhal LLP
Claimant
Peak Aksenger LLP
Claimant
Astana-Contract JSC
Claimant
Paragon Development LLP
Claimant
Baglan Abdullayevich Zhunus (formerly Zhunussov)
Defendant
Maksat Askaruly Arip
Defendant
Shynar Dikhanbayeva
Defendant
Harbour Fund III LLP
Additional Party
Procedural Posture
Commercial Fraud/quantum Determination After Trial / Post Trial Consequential Judgment
Legal Issues
- 1 How should quantum be calculated for the claims upheld at trial?
- 2 What is the appropriate currency for judgment?
- 3 What is the correct approach to pre- and post-judgment interest (rate, compounding, rests)?
Ratio Decidendi
Quantum is to be calculated using the claimants' expert's (Mr Tapper) methodology as adjusted by the court, without a cap based on the defendants' expert's (Mr Jackson) figures. Judgment is to be entered in US Dollars as the losses were ultimately suffered in hard currency, not KZT. Pre-judgment interest is to be awarded at Kazakh short-term borrowing rates for US Dollars, compounded quarterly. No credit is to be given for steel. The penalties and interest claim stands as determined at trial; it is too late to reopen the issue based on new evidence. Security for costs is to be released. The freezing order is to be amended: the cross-undertaking in damages remains pending appeal, but...
Court Disposition
Judgment for the claimants against the second and third defendants (Mr Arip and Ms Dikhanbayeva) on all claims; quantum, interest, and costs determined as specified; applications for permission to appeal and stay of execution refused.
Orders
- Quantum to be calculated per Mr Tapper's Position 1 calculations; no cap based on Mr Jackson's figures.
- No credit for steel; US$3 million credit for settlement with Mr Zhunus.
Full Case Text
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