The General Prosecutor of Kazakhstan, Mr Zhakyp Asanov, the Astana International Financial Centre (hereinafter - Center) Governor, Mr. Kairat Kelimbetov, and the Rt. Hon. The Lord Woolf CH, former Lord Chief Justice of England and Wales, signed a Memorandum of Cooperation.
The document defines main areas of cooperation between the General Prosecutor Office, the Centre and the AIFC Court which will be operating in accordance with principles of English law and the standards of leading international financial centres.
The parties will implement joint initiatives aimed at the promotion of the rule of law in the Republic of Kazakhstan, legal education, including with participation of the Law Enforcement Academy under the General Prosecutor Office.
The conclusion of the Memorandum was preceded by a series of meetings, where the Parties discussed the establishment and development of the Centre`s Court and the International Arbitration Center in Astana.
This work was carried out within the implementation of 24 and 70 steps of the Plan of Nation initiated by the Head of State.
The opening of the independent court of the Centre is planned in January 2018. It will hear commercial and civil disputes based on the principles of English legal proceedings. The official language of the Centre will be English.
In accordance with the Constitutional Law of the Republic of Kazakhstan "On the Astana International Financial Center", the Centre`s court has exclusive jurisdiction over disputes between the Centre`s participants, disputes relating to the operations carried out at the Center under the Center`s law and disputes referred to the Centre`s court by agreement of the parties.
The parties expressed their support and confidence that the signed document will foster effective cooperation between the parties and implementation of joint initiatives in the areas defined in the memorandum.
Mr. Zhakip Asanov thanked Mr. Kairat Kelimbetov and the Rt. Hon. The Lord Woolf CH for fruitful joint work aimed at strengthening mutual cooperation.
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