Its also in the Kyrg pressS**t hitting the fan in the kyryg press now .....I'd imagine this is lie a bomb going off under them.
Arrested a 60% stake in Kyrgyzstan in Centerra Gold
Supreme Court of Ontario has seized 47 million shares held by JSC "KyrgyzAltyn."
10/14/14 20:51
Dmitry Denisenko
Supreme Court of Ontario (Canada) today, 14 October, seized 47 million shares of "KyrgyzAltyn" (100% state share) in the Canadian gold mining company Centerra Gold Inc. at the request of the Canadian mining company Stans Energy Corp. This was reported in a statement Stans Energy.
Kyrgyzstan and the court decision "Kyrgyzaltyn" prohibited to sell, dispose of, exchange, assign and pledge encumbering 47 million shares in the company Centerra Gold, registered in the "KyrgyzAltyn."
Resolution on payment of Stans Energy LLC and Kutesay Mining compensation of $ 118.2 million for the beginning of the republic lawsuit to invalidate the renewal of the license agreement for the right to use subsoil deposits of rare earth metals Kutessay II ruled Arbitration at MCCI on 30 July.
The republic's authorities then announced their intention to appeal the decision, as representatives of the government did not take part in the proceedings due to lack of between Kyrgyzstan and the plaintiffs arbitration agreement about filing a claim to arbitration under MCCI. Kyrgyzstan is also party declared its lack of Arbitration at MCCI competence in dealing with this dispute.
Given the cost of Centerra Gold shares on the basis of yesterday's trading on the Toronto Stock Exchange at $ 4.96 apiece, arrest extends to 60.76% of the shares of Kyrgyzstan in the Canadian gold mining company worth $ 233 million 120 thousand. Nowadays KR stake is valued at $ 383 million 660.3 thousand.
Stans Energy has made the arrest of shares, to make Kyrgyzstan fulfill international award rendered by the Arbitration Court of the Moscow Chamber of Commerce, on the payment of $ 118.2 million for the outbreak in the Republic of the trial for invalidation of the extension of the license agreement for the right to use subsoil deposits of rare earth metals Kutessay II.
As reported in Stans Energy, in the future, the company will seek an extension of the arrest of shares prior to the final decision of the Supreme Court of Ontario for the enforcement of an arbitration award in Moscow.
"At the moment, we see no alternative but to go to the actual measures for the successful solution of the award in our favor," - said the president and CEO of Stans Energy Rodney Irwin.
At the same time, as reported by the "WB" before the end of September, Kyrgyzstan has made the revision of an arbitral award on the payment of Stans Energy compensation in the amount of $ 118.2 million.
Decision of the Economic Court of the CIS Kutessayu not appealable 1
According to the government, the Federal Arbitration Court of the Moscow District on September 24 sent the case for a new trial on the decision of the Moscow Arbitration at the Chamber of Commerce (MCCI) in the payment of $ 118.2 Kyrgyzstan for the beginning of the republic lawsuit to invalidate the renewal of the license agreement for the right to use subsoil deposits of rare earth metals Kutessay II.
The case was submitted for review in the Court of First Instance - The Moscow Arbitration Court, which in July of this year has already endured the operative part of the definition and ceased production in the case, upheld the decision of the Arbitration at MCCI.
Parallel to this, Kyrgyzstan side on September 23 dubbed the CIS Economic Court on the interpretation of Article 11 of the Convention for the Protection of Investors' Rights, which states that the article is not sufficient grounds for the investors in an international court.
The government believes that it is the basis of this article Stans Energy filed a claim to arbitration under the arbitration agreement without MCCI with the government.
Now, thanks to the definition of the CIS Economic Court on the interpretation of Article 11 of the Convention for the Protection of Investors' Rights Kyrgyzstan declared the decision of the Arbitration at MCCI unfounded.
The government stated that the decision of the Economic Court of the CIS can not be appealed, and his decision to cancel the earlier decision of the Moscow Arbitration.
Help
In January 2013, the Prosecutor General of Kyrgyzstan initiated a criminal case for the extension of the agreement with Kutesay Mining, despite the failure to fulfill license obligations in 2010 and 2011. Later, the case was referred for consideration to the inter-district court of Bishkek, which on March 19 upheld the position of Prosecutor General's Office and admitted renewal is illegal.
In Kutesay Miniung reported that they considered all of the claims of the Prosecutor General to be unfounded, as in 2010-2011, the company has not complied with the stated scope of work due to force majeure, which were caused by the events of April 2010, when the country was running out of President Kurmanbek Bakiyev and the work of all government agencies was paralyzed. In Kutesay Mining noted that two years all mining companies in the State Geology Agency did not coordinate work plans and did not take reports.
Stans Energy Corp. Kutesay Mining acquired in 2009 along with two licenses for the development of mineral deposits Kutessay II (rare earth metals, bismuth, molybdenum, and silver) and Kalesay (beryllium, lead) until 2029 for $ 1 million.