Baker & McKenzie and Denton Wilde Sapte (DWS) have launched the latest project to reform Kazakhstan’s legal regulatory environment.
The two firms are drafting a proposal to reduce the 3 per cent mandatory fee that claimants pay when a case goes to court in the Central Asian country.
The Bakers partner in the legal working group Curtis Masters said: “At present the 3 per cent fee can mean that some claims have an exorbitant cost attached to them. We’re drafting proposals to reduce this.
“The legal working group has also addressed other aspects of the legal environment in Kazakhstan, including how to reduce fraud.”
The working group is part of Kazakhstan’s foreign investors council, which incorporates 20 market participants, including law and accountancy firms, banks and corporates.
While the two firms are active in the working group, Bakers is the only foreign legal representative on the council that governs the working group.
The council aims to modernise the economic and legal environment with a view to attracting more international businesses and investors to the country.
Masters added that the Kazakhstan economy is currently experiencing something of a boom, with oil and infrastructure projects dominating the market.
“It’s very exciting at the moment and we’re seeing increasing interest in the jurisdiction,” said Masters.
The findings of the legal working group will be presented to the foreign investors council in December this year.