AKIPRESS.COM - The Arbitration Tribunal in Paris has ordered on October 24 that the Government of the Kyrgyz Republic has to pay Mr Valeri Belokon $16.5 million. The award has come into force, it is final and binding and may not be challenged, Belokon Holdings told The Baltic Course.

Valeri Belokon, a Latvian businessman and banker, lodged a claim in the international arbitration against the Government of the Kyrgyz Republic concerning the expropriation of Kyrgyzstan-based Manas Bank owned by him. The claim was considered by ad hoc Arbitration Tribunal established in accordance with the Agreement between the Government of the Republic of Latvia and the Government of the Kyrgyz Republic for the Promotion and Protection of Investments. The Tribunal was composed of three internationally recognized independent arbitrators, The Baltic Course reports.

After having evaluated the jurisprudence of international arbitrations, Mr Belokon decided to request the Tribunal to ascertain whether the Government of the Kyrgyz Republic had any basis to seize the bank and sought monetary compensation for the value of the expropriated bank. Mr Belokon did not submit claims for compensation of unearned income and reputational harm as it is difficult to appraise and prove these claims.

Valeri Belokon is known in Kyrgyzstan as partner of former President Bakiyev's son Maksim Bakiyev and founder of the Manas Bank CJSC (registered on 25 December 2007).

The temporary shutdown regime was introduced at Manas Bank since April 8, 2010.

Prime Minister Joomart Otorbayev said at the plenary session of the Parliament of Kyrgyzstan on May 24 that the government intends to reach out-of-court settlement, however, the General Prosecutor's Office said the criminal probe was launched and it should be investigated.