RE:RE:RE:Can anyone access this. Economy minister mentions stans..This is one article that says negotiation should be applied .
he business community has urged the authorities to negotiate on all arbitrations
11.17.14 11:35
Maxim Tsoi
Business community calls on senior officials of Kyrgyzstan to take immediate action to negotiate with each company, to initiate or intending to initiate arbitration proceedings with the CD. This is stated in an open letter on the current situation with an international arbitration, addressed to President Almazbek Atambayev , the speaker of parliament Asylbek Jeenbekov and Prime Minister Joomart Otorbaev .
Lawsuits in international courts can be costly to Kyrgyzstan 9
According to representatives of business associations KR, urgent measures should be directed at achieving mutually acceptable agreements and dispute settlement. In particular, it is proposed to create a body (in the form of a commission, council or conciliation group) with the participation of representatives of the business community and the authorized officials to organize and negotiate arisen and possible future investment disputes provided there is political will and commitment of officials to engage constructively in them. Such cooperation is widely used in the international practice, could be temporary, but in the long term and permanent platform for the resolution of investment disputes arise and prevent the occurrence of such.
In his address, the entrepreneurs indicate a lack of government work for the settlement of disputes. According to them, the vast majority of disputes, which ushered in the arbitration, it was possible to settle at an early stage by means of negotiation and compromise. Thus, representatives of the business community are reminded that repeatedly appealed to various state agencies and to the top officials to settle the dispute with Stans Energy Corp., Ltd "The Central Development Corporation FEZ" and other companies. However, the government has not taken the necessary steps to negotiate and resolve these disputes. Meanwhile Stans Energy Corp. declares its readiness to participate in the negotiations and the possibility of rejection of the claim provided allowing unimpeded operation at the field in accordance with the initial agreement.
"The results of the arbitration, not only brought multimillion-dollar losses as imposing an obligation, but also an extremely negative impact on the investment attractiveness of the country in the international arena, especially for large companies, operating in accordance with the highest standards of environmental and technical safety, occupational safety and other rules . In addition, it affects the socio-political situation in the country, creating additional tension and creating uncertainty, discontent and distrust of society to the state authorities, "- noted in the treatment of representatives of the business community of Kyrgyzstan.
They believe that the situation is aggravated by the recent statements in this regard on the part of policy makers, "unreasonably places the responsibility for losing arbitration disputes on company structure arbitrage and foreign governments." In this growing distrust of the ability of the country's leadership to effectively manage the economy and protect the interests of the state and society.
The appeal was signed by the head of the International Business Council, the Secretariat of the Council for Business Development and Investment of the Government of the Kyrgyz Republic, the Association of Young Entrepreneurs, Banks Union, the Union of Entrepreneurs, Kyrgyz-Russian Association "New economic initiatives," Association of suppliers (producers and distributors) and the Bishkek Business Club .
According to the International Business Council, the total size of the requirements for a completed and are in production proceedings, a party which advocates the CD, estimated at nearly $ 1 billion.
Thus, on 24 October this year, the International Court of Arbitration in Paris ordered the Government of the Kyrgyz Republic to pay to the owner of CJSC "Manas Bank" Valery Belokonju $ 16.5 million.
June 30 at the Moscow Arbitration Chamber of Commerce (MCCI) ordered to pay a $ CR 118 million Canadian mining company Stans Energy Corp, resulting in the Supreme Court of Ontario on October 14, seized 47 million shares of JSC "Kyrgyzaltyn" in Centerra Gold Inc.
November 13, 2013 Arbitration at MCCI Kyrgyzstan ordered to pay a $ 23 million lawsuit filed by a citizen of Korea Lee and John Beck Ltd "The Central Development Corporation FEZ".
Hitherto not settle the dispute between the CD and the Turkish company Sistem Muhendislik Insaat Sanayi ve Ticaret AS - former owners of the hotel "Pinara Bishkek" (now "Ak-Keme"), according to which had previously been arrested in stocks KR Centerra Gold Inc. at $ 11.4 million.
Currently in The Hague to consider the claim of the former shareholder of "AUB" Mikhail Nadel, the requirements for which a CR is $ 260 million, and in the International Centre for Settlement of Investment Disputes (ICSID) is considered a lawsuit Consolidated Exploration Holdings (shareholders of JSC "Jerooyaltyn") to the KR for $ 548 million.