Federal Judge: Kyrgyzstan Owes Accumulated Sanctions In Hotel Investment Dispute

Mealey's (March 6, 2020, 12:19 PM EST) -- NEW YORK — A federal judge in New York on Feb. 25 adopted a magistrate judge’s report and recommendations that a Turkish company that invested in a hotel is entitled to more than $1.2 million in accumulated sanctions against the Kyrgyz Republic (also known as Kyrgyzstan) due to the country’s failure to pay an arbitral award stemming from a hotel investment dispute and denied Kyrgystan’s request to offset the unpaid award with another arbitral award issued against the investor (Sistem Muhendislik Insaat Sanayi Ve Ticaret, A.S. v. The Kyrgyz Republic, No. 12-4502, S.D. N.Y., 2020 U.S. Dist. LEXIS 32387)....