The concept and features of the settlement of investment disputes under the legislation of the Republic of Kazakhstan

Abstract

Relevance. The relevance of the study is determined by the fact that investment activity serves as one of the most important factors for the formation of an effective economic system, and litigation in this category of disputes is one of the innovations in the legal sphere of Kazakhstan and has no analogues in the post-Soviet space. Purpose. The objectives of this study are a theoretical analysis of the content of investment disputes, the procedure for resolving this category of disputes and identifying potential issues that may undermine the efficiency of dispute resolution. Methodology. Among the main methodological approaches used in the investigation are theoretical, functional, and dogmatic approaches, along with the method of induction, legal hermeneutics, the method of synthesis and others. Results. The study revealed that the characteristic features of investment disputes are the competition, confrontation, and interaction of private and public law categories. Notably, among the main categories of investment disputes were those involving the implementation of an investment project, and disputes related to the termination of investment activities and the admission of an investment; each category was defined and considered to have its own specific characteristics. As part of a detailed analysis, a judicial panel of the Supreme Court of the Republic of Kazakhstan was reviewed, which has jurisdiction over investment disputes involving large investors and appellate review of this category of disputes with other investors. Many conflicts and gaps in the current Kazakh and international framework have been identified. Conclusions. The practical value of the findings provided is the detailed analysis of the inherent issues and the identification of possible solutions aimed at improving the efficiency of investment litigation. Keywords: investment activity; Supreme Court; harmonisation of legislation; investment ombudsman; jurisdiction