The AIFC (Astana International Financial Center) independent court and the arbitration center were launched on January 1. Both institutions are created to resolve civil and commercial disputes arising both among participants of the financial center and any third parties. Experts note that all entrepreneurs can turn to the arbitration center. At the same time, it is an alternative, an extrajudicial way of resolving disputes. The independent court’s highly qualified foreign judges obtained their experience exclusively in countries with the jurisdiction of English law.

NURZHAN KOSBAYEV, ADMINISTRATIVE STAFF, ASTANA INTERNATIONAL FINANCIAL CENTER:

 - The Court and International Arbitration Center are the bodies of the Astana International Financial Center. These are two different dispute settlement bodies.  The AIFC Arbitration Center is the alternative dispute settlement body that operates to the international standards to resolve civil and commercial disputes. All this will be subject to the English law. More than 70% of world’s contracts are concluded based on English law.

Lord Harry Kenneth Woolf became the chief justice of the Astana International Financial Center. He is a distinguished lawyer and known not only in the United Kingdom but also abroad. He has extensive professional experience in the judicial systems of England, Wales, Qatar and Hong Kong. Nine more judges entered the AIFC court. Eight of them are people in robes and one is a special registrar Christopher Campbell-Holt. He moved to Kazakhstan a year ago. He worked on the preparation of the legal framework of the AIFC court. At the moment, he is one of the most famous legal consultants. Lord Woolf and Christopher have worked together in the financial center of Qatar. Christopher is responsible for day to day management and administration of the Arbitration Center, as well as for interacting with state bodies.

CHRISTOPHER CAMPBELL-HOLT, REGISTRAR, AIFC COURT:

 - With the Astana International Financial Center will provide with much certainty and flexibility that will be recognized.

The Anglo-Saxon system is applied not only in the Astana international financial center but also in Dubai, Hong Kong, London and New York.

NURZHAN KOSBAYEV, ADMINISTRATIVE STAFF, ASTANA INTERNATIONAL FINANCIAL CENTER:   

 - The advantage of English law is that it is applied in all major international financial centers. Case law allows investors to guess the risks, to predict the outcome of the disputes, what sort of decision can be expected. That is, two different decisions cannot be made for the same case.

Another important factor taken into account during the creation of the AIFC is the absolute independence from state or other bodies. The International Financial Center is subordinate only to the IFC Management Board headed by Nursultan Nazarbayev. The Center’s governor Kairat Kelimbetov is responsible for effective management in the company.

CHRISTOPHER CAMPBELL-HOLT, REGISTRAR, AIFC COURT:

 - One of the main principles of this AIFC Court under the common law is accessibility. Lord Woolf our chief justice has been a promoter of access to justice in the courts in England and internationally for many many years.

The Astana International Financial Center is prioritized. It is an absolutely new approach to attracting investments both in financial, technological and human capital. The AIFC is set to become a regional financial hub for entire Eurasian region, including the EAEU (Eurasian Economic Union), Central Asia, Iran and China. 

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