The audit company claims its reports used in the lawsuits launched by companies controlled by Moldovan businessman Anatol Stati were based on “ knowingly false representations by Stati to KPMG”
A World Bank arbitration panel lowered an initial $8.7 billion award to US oil company ConocoPhillips as compensation for Venezuela’s 2007 expropriation of its assets to $8.5 billion.
The tribunal determined that Stans prevailed on jurisdiction and on the merits of its claim, awarding Stans a sum of approximately US $24 Million inclusive of damages, interest, and costs.
Anglo-Russian businessman Grigoriy Guselnikov, the bank’s former owner who sold his shares, has brought a request for international arbitration against Latvia.