Stans Energy Corp V.HRE.H

RE:RE:RE:RE:RE:RE:RE:Kyrgyz Appeal- Interesting, and Disturbing Article

[Kaliahk]

In what case did the Kyrgs appeal to 'Moscow" and they found that "they" did have a right to hear the case nd "they" did have lawful jurisdiction. If you are referring tot the MCCI, that was not the appeal but the original arbitration tribunal. The Kyrgs have appealed their decision to the Moscow courts. The article was about a similar party who obtained an arbitration award from MCCI and the Moscow courts have overturned that decision on the basis of the CIS Economic Court's advisory opinion. While the CIS decision was an advisory opinion the Russian court hearing the Kyrgs appeal of the arbitration award will follow that opinion. It is advisory only in that the CIS court did not have jurisdiction over the dispute between Stans and the Kyrgs and was not deciding the dispute. It was only giving its decision on the proper interpretation of the CIS treaty for the protection of investor rights. I think the Canadian courts will respect the decision of the Russian courts concerning whether the Russian arbitration tribunal correctly asserted jurisdiction over the Stans dispute. So it is not a question of whether the Canadian court will side with the CIS or the MCCI, but whether a decision by Russian courts to overturn the MCCI's decision finding jurisdiction will be given credence in Canada. It appears from what I can gather that Canadian law will require it do so. The oversight of the arbitration by the Russian courts is but a consequence of Stans choosing a tribunal in Russia. I assume Stans is defending the challenge to the arbitration award in the Russian courts (would be nice to know what is going on there). If Stans case is in fact similar to the one referred to in the article, then Stans will have a difficult time prevailing there. If the Kyrgs prevail, I think it likely that the injunction would vacated, and the Kyrgs are free to do as they please with there Centerra shares. While there may be some procedure similar to the American remedy of prejudgment attachment available to Stans (while they proceed with arbitration in a tribunal with jurisdiction), the bonding required would likely be cost prohibitive. This is my best attempt at understanding what is going on, but it not intended as legal or investment advice. Do your own due diligence.