Accusations against the Kyrgyz bank regarding involvement in dubious operations have been deemed unfounded.
A court in Brussels issued a ruling recently.
Thus, "Bakay Bank" won the legal dispute against ODF.
ODF claimed in its articles that the bank was involved in circumventing sanctions in favor of Russia, but failed to provide sufficient evidence for its accusations.
The court concluded that the "Open Dialogue Foundation" made serious accusations without adequate documentary support. As a result, the organization was required to remove the disputed materials, publish the full court decision on its website, and reimburse legal costs.
It is worth noting that another Kyrgyz bank, "Keremet Bank," has already been sanctioned by the US and the UK due to suspicions of circumventing restrictions imposed on Russia. "Capital Bank" has also been sanctioned by the UK.
It is important to emphasize that the sanctions are based solely on suspicions, meaning the banks have not been found guilty of violations. To date, neither the US nor the UK has provided specific evidence for their accusations.
The President of the Kyrgyz Republic, Sadyr Japarov, has repeatedly denied these accusations, emphasizing that the sanctions against local banks are based on unreliable information disseminated by certain non-governmental organizations and unscrupulous individuals.
In this regard, the head of state expressed Kyrgyzstan's readiness to conduct an independent international audit of the activities of the republic's banks for a complete and objective review.
The victory of "Bakay Bank" in court serves as a vivid example of the Kyrgyz Republic's commitment to protecting the interests of its businesses abroad and underscores its adherence to international legal norms.
In the absence of specific evidence to justify sanctions against several banks, the state's position remains unchanged: Kyrgyzstan is ready to confirm the transparency and legality of its financial institutions.
ODF claimed in its articles that the bank was involved in circumventing sanctions in favor of Russia, but failed to provide sufficient evidence for its accusations.
The court concluded that the "Open Dialogue Foundation" made serious accusations without adequate documentary support. As a result, the organization was required to remove the disputed materials, publish the full court decision on its website, and reimburse legal costs.
It is worth noting that another Kyrgyz bank, "Keremet Bank," has already been sanctioned by the US and the UK due to suspicions of circumventing restrictions imposed on Russia. "Capital Bank" has also been sanctioned by the UK.
It is important to emphasize that the sanctions are based solely on suspicions, meaning the banks have not been found guilty of violations. To date, neither the US nor the UK has provided specific evidence for their accusations.
The President of the Kyrgyz Republic, Sadyr Japarov, has repeatedly denied these accusations, emphasizing that the sanctions against local banks are based on unreliable information disseminated by certain non-governmental organizations and unscrupulous individuals.
In this regard, the head of state expressed Kyrgyzstan's readiness to conduct an independent international audit of the activities of the republic's banks for a complete and objective review.
The victory of "Bakay Bank" in court serves as a vivid example of the Kyrgyz Republic's commitment to protecting the interests of its businesses abroad and underscores its adherence to international legal norms.
In the absence of specific evidence to justify sanctions against several banks, the state's position remains unchanged: Kyrgyzstan is ready to confirm the transparency and legality of its financial institutions.
The record of the lawsuit by "Bakay Bank" against the Open Dialogue Foundation first appeared on K-News.
