Their news service is back . Tokon Mamytov: Court to arrest the shares of Kyrgyzstan in Centerra continues
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8 January 2015 13:24
Marina Skolysheva
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The trial of the arrest of 60% shares of "Kyrgyzaltyn" in the Canadian gold mining company Centerra Gold Inc. continues. On this day, January 8, according to government information service Kabar Press referring to the Chairman of the Board "Kyrgyzaltyn" Tokon Mamytova.
"Now we are waiting for the conclusion of the court. We gave the court a counterclaim that the mining company Stans Energy, to put it mildly, provides information incorrect character. All claims of the parties addressed the court and there is a trial," - said Mamytov.
Recall, October 14, 2014 Supreme Court of Ontario (Canada) seized 47 million shares of "Kyrgyzaltyn" in Centerra Gold Inc. at the request of another Canadian mining company - Stans Energy Corp. At the expense of securities investor intends to compensate for damage in excess of $ 118 million, which the company has suffered as a result of the fact that the Kyrgyz Republic has refused to extend the licensing agreement to develop the field of rare earth metals "Kutessay II".
The decision of the CIS Economic Court on Kutessayu not appealable 2
Resolution on payment of Stans Energy LLC Kutesay Mining and compensation of $ 118.2 million issued under the Moscow Arbitration Chamber of Commerce (MCCI) on July 30 last year. Kyrgyz authorities then announced their intention to appeal the decision, as the representatives of the government did not take part in the proceedings due to lack between Kyrgyzstan and the plaintiffs arbitration agreement about filing a claim to arbitration at MCCI. Also Kyrgyzstan side disclaims any arbitration with MCCI competence in dealing with this dispute.
Reference
In January 2013 the Prosecutor General of Kyrgyzstan opened 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 to the inter-district court in Bishkek that 19 March 2014 supported the position of the Prosecutor General and acknowledged renewal is illegal.
In Kutesay Mining reported that the Prosecutor General's Office believe all the claims unfounded, as in 2010-2011, the company has not complied with the stated amounts of work due to force majeure, which were caused by the events of April 2010, when the country ran President Kurmanbek Bakiyev, and the work of all state bodies was paralyzed. In Kutesay Mining noted that two years all mining companies in the State Geology Agency did not coordinate the work plan 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.