Baltic States – CIS, Banks, Financial Services, Latvia, Legislation

In April 2010, Kyrgyz government was violently overthrown. Mr. Belokon was dispossessed of Manas Bank, his credit institution in Kyrgyzstan, by members of the new Kyrgyz political power. To justify the unlawful expropriation of property, Kyrgyz authorities launched a number of fabricated cases against Manas Bank and the bank’s officials, informed BC Belokon Holdings’ representative.

Unfortunately, all out-of-court settlement proposals by V. Belokon were declined or ignored by Kyrgyzstan. Up until now, Kyrgyzstan has not even presented a letter of attorney for a company that allegedly represents the country in talks with Mr. Belokon.

Valeri Belokon believes that, due to the beginning of the arbitration proceedings, top Kyrgyz officials will no longer be able to evade the question of a blatant violation of a foreign investor’s rights, and will have to seek a solution. Mr. Belokon is still open to settling the dispute through negotiations with Kyrgyz representatives officially appointed by the country’s authorities.