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Legal Games End up Forcing BNY Mellon to Partially Freeze Kazakh SWF Assets

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A series of complicated legal battles in multiple jurisdictions has led to partial assets of a sovereign wealth fund being frozen by a custodial bank. Bank of New York Mellon (BNY Mellon) has frozen US$ 22.6 billion in assets that are held by Kazakhstan’s National Oil Fund. The Justice Ministry of Kazakhstan acknowledged that BNY Mellon had initially decline to freeze assets of the National Fund in response to rulings via the courts in Belgium and the Netherlands. However, on October 30, 2017, BNY Mellon had changed its position and moved to freeze the assets, according to the Justice Ministry of Kazakhstan.

Moldovan businessman Anatolie Stati and his son Gabriel Stati, and two of their companies – Ascom Group, S.A. and Terra Raf Trans Traiding Ltd., are in a multi-year legal war against the Kazakhstan government. The Moldovan businessmen claim they were harassed by the Kazakhstan government to forcibly sell their investments in the country’s oil and gas industry at a below market price. The Kazakhstan government denied the allegations against the Stati parties. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Follow the Money – Episode 45

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This longer-than-normal episode covers a wide range of issues including such as sovereign wealth funds, bitcoin, cryptocurrencies, Indian real estate, ESG, investment exclusions, central banking and more.

EPISODE 45

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The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

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CalPERS Board Elects Priya Mathur as Board President

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The board of the California Public Employees’ Retirement System (CalPERS) elected Priya Mathur as board president. The current president Rob Feckner was named vice president of the board. Feckner previously served as board president and vice president.

Priya Mathur is serving her fourth term on the CalPERS Board of Administration. Mathur is a principal financial analyst for Bay Area Rapid Transit District (BART). Mathur represents public employees on the CalPERS Board, which she joined in 2002. She currently serves on four committees: Governance, Investment, Pension & Health Benefits, and Risk & Audit. She chairs the Pension & Health Benefits Committee and is vice chair of the Governance Committee.

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Oman SGRF Contemplates $1 Billion Infrastructure Fund

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Oman’s State General Reserve Fund (SGRF) is in discussions on forming a US$ 1 billion infrastructure fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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