Kyrgyz Government Continues Obstructive Legal Challenges
2014年5月24日 - 12:35AM
ビジネスワイヤ(英語)
Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the
“Company”) reports that the Government of the Republic of
Kyrgyzstan continues to use obstructive legal maneuverings to delay
the successful conclusion of the international arbitration case
brought against it by the Company.
Recently, the Company has been informed that a newly formed
Centre of Court Representation of the Kyrgyz Republic (the “CCR”),
submitted claims to a local Moscow Arbitration Court to seek to
invalidate the jurisdiction of the International Arbitration Court
at the Moscow Chamber of Commerce (the “Court”). Furthermore the
CCR has submitted claims to the Economic Court of the Commonwealth
of Independent States (with the request to give interpretation of
Article 11 of the Convention) seeking to challenge the application
of the Convention for the Protection of Investor’s Rights of which
Kyrgyzstan is a signatory.
During the proceedings at the Court, representatives of the
Kyrgyz Government submitted that the Court did not have
jurisdiction on the matter before it. On March 31, 2014 after
deliberation of these arguments by the arbitrators, the Court
upheld its own jurisdiction over the matter between Stans Energy
Corp and the Government of Kyrgyzstan.
According to the Company’s arbitration counsel in Moscow, these
new claims are defective, and meritless.
“It is unfortunate that the Kyrgyz Government continues to
obstruct meaningful dialogue with Stans Energy in light of our
recent victory in International Arbitration. Their refusal to
respect internationally recognized venues of conflict resolution
demonstrates their unwillingness of resolving our issues outside of
a court room. We remain committed to working with the Kyrgyz
Government to negotiate a solution that will allow us to resume
development at Kutessay II. However, Stans Energy reserves the
right to act accordingly in the best interests of its shareholders.
The recent ruling by the Ontario Court of Appeals paves the way for
the company to enforce its’ judgment should the result of ongoing
negotiations prove futile,” states Interim-President and CEO,
Rodney Irwin.
The International Arbitration Court at the Moscow Chamber of
Commerce is now preparing a written ruling, which will detail the
verdict and the final damage amount. This process will take up to
three months from the time of the final ruling which has been
handed down April 30, 2014.
BACKGROUND
On October 30, 2013, Stans Energy Corp. and its subsidiaries
filed a claim for arbitration under the Convention for the
Protection of Investor’s Rights to which Kyrgyzstan is a signatory.
The arbitration hearings were held at the Arbitration Court at the
Moscow Chamber of Commerce and Industry. On April 30, 2014 the
Court ruled in favour of the Company and is now preparing a written
ruling that will outline the reasoning behind the verdict and a
final amount to be awarded for damages to the Company.
The claim seeks $117,853,000 in compensation for losses and
damage.
About Stans EnergyStans Energy Corp. is a resource
development company focused on progressing Heavy Rare Earth (HRE)
properties in areas of the Former Soviet Union. In December 2009,
Stans acquired a 20-year mining license for the past-producing
Kutessay II rare earth mine from the Kyrgyz Republic. On May 26,
2011 Stans completed the purchase of the Kashka Rare Earth
Processing Plant (KRP) the same plant that previously refined REEs
historically from Kutessay II. The KRP was the only hard rock plant
to produce all rare earth elements outside of China, producing 120
different metals, alloys, and oxides. For over 30 years, Kutessay
II produced 80% of the rare earth metals for the former Soviet
Union.
We seek safe harbour.
Contact Details
Rodney Irwin David Vinokurov Stans Energy Corp Stans Energy
Corp Interim - President & CEO VP Corporate Development
647-426-1865
647-426-1865
www.stansenergy.com
FORWARD LOOKING STATEMENTS: This document includes
forward-looking statements as well as historical information.
Forward-looking statements include, but are not limited to, use of
proceeds from the Offering, the completion of the Offering, the
continued advancement of the company's general business
development, research development and the company's development of
mineral exploration projects. When used in this press release , the
words “will”, “shall”, "anticipate", "believe", "estimate",
"expect", "intent", "may", "project", "plan", "should" and similar
expressions may identify forward-looking statements. Although Stans
Energy Corp. believes that their expectations reflected in these
forward looking statements are reasonable, such statements involve
risks and uncertainties and no assurance can be given that actual
results will be consistent with these forward-looking statement.
Important factors that could cause actual results to differ from
these forward-looking statements include the potential that
fluctuations in the marketplace for the sale of minerals, the
inability to implement corporate strategies, the ability to obtain
financing and other risks disclosed in our filings made with
Canadian Securities Regulators.
Stans Energy Corp.Rodney Irwin, 647-426-1865Interim - President
& CEOorDavid Vinokurov, 647-426-1865VP Corporate
Development
Stans Energy (CE) (USOTC:HREEF)
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Stans Energy (CE) (USOTC:HREEF)
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から 1 2024 まで 1 2025