On 14 June 2022 the Court of Appeal of The Hague in the Netherlands held that Samruk’s shares in KMG Kashagan B.V. enjoy immunity of enforcement and lifted the pre-judgment attachment levied by Anatolie Stati and Gabriel Stati and their companies.

The Court of Appeal of The Hague ruled that the attached shares in KMG Kashagan B.V. should be regarded as ‘property’ of Samruk’s sole shareholder – the Republic of Kazakhstan – because the Republic of Kazakhstan exercises control over them. The Court of Appeal of The Hague further held that the attached shares are specifically in use or intended for use by the Republic of Kazakhstan for other than government non-commercial purposes within the meaning of Article 19, part c, UN Convention and that they therefore enjoy immunity of enforcement.

The judgment is an important decision in the context of state immunity in relation to sovereign wealth funds.