Stans Energy Corp V.HRE.H

David V. email

[joevest]

     I recently emailed a few questions to David V. and received a reply.  He says that he can't reveal what assets Stans might pursue in the event of the Kyrgyz government selling the Centerra shares.  He says that the courts of Holland, France, and the United States have refused to recognize court decisions that overturned arbital awards, referring me to the following web address:  https://www.kwm.com/en/it/knowledge/news/kwm-appointed-by-kyrgyz-government-to-handle-all-investment-arbitration-work-20150424

     He also says that Stans is considering investments in Russia, where the company has developed significant contacts over the years. 

     I can only assume (this is me talking here) that there is no precedent for a Canadian court recognizing an arbital award that has been nullified at its seat.  If there were, Stans would have trumpeted this information.  To be victorious, Stans would have to overcome not only the decision of the Russian courts, but also the CIS Economic Court ruling which effectively voided the arbital award.  The Ontario Divisional Court, in its decision to end the Mareva injunction, described the 2014 CIS court ruling as "authoritative" under Kyrgyz law. 

     The odds of a successful enforcement of the MCAA award appear to be slim.  Of course, Stans has also commenced a second arbitration.

      This article is interesting: https://www.heintzmanadr.com/international-commercial-arbitration/ontario-court-declines-to-enforce-a-mareva-injunction-in-aid-of-an-international-commercial-arbitral-award-due-to-non-disclosure/