Former Finance Minister: Arrested shares KR Centerra can sel Former Finance Minister: Arrested shares KR Centerra can sell
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March 6, 2015 14:22
Nazgul Begaliyev
"The arrest of almost 75% of the shares of Kyrgyzstan in Centerra Gold Inc. for various claims makes negotiations" Kumtor "meaningless" - shared this opinion today, March 6, with the "WB" ex-Finance Minister Zhaparov.
Note that in the face of Kyrgyzstan "Kyrgyzaltyn" owns 77,400,000 shares (32.75%) in Centerra Gold Inc. At present, 57.5 million of them (74.6%) were arrested for various Ontario Court of Claims.
"In order to create a joint venture" Kumtor "Canadian gold mining company Senterra all of our shares in the company should be free, and they are now under arrest. Therefore, we are unable to enter c 50-percent stake in the joint venture, so the negotiations on the establishment of a joint venture to lose meaningless, "- said Japarov.
Kyrgyzstan will challenge the arbitration decision on the claim for Kutessayu 2
Former finance minister also warned of the possibility of selling shares of Kyrgyzstan arrested by the court in Centerra. "In the future, if we do not make removal of the arrest, our shares may be sold. To resolve the problem, there are several options. The first - to adopt a law on nationalization. The second case scenario - a possible bankruptcy Centerra basis of environmental damage on the" Kumtor ". After this, mine A new company, or have the opportunity to buy shares in Centerra to a controlling stake, and then we become masters of Kumtor, "- said Japarov.
Last week, the Supreme Court of Ontario (Ontario Superior Court Of Justice) ruled to seize 6,500,240 shares held by Kyrgyzstan in Centerra Gold Inc., the value of which amounts to 20.5 million Canadian dollars. This decision was due to the fact that Kyrgyzstan does not pay the $ 16.5 million that he lost the suit Latvian banker Valery Belokon.
Prior to this, in October 2014, the Supreme Court of Ontario has seized 47 million shares of "Kyrgyzaltyn" in Centerra Gold Inc. at the request of the Canadian mining company Stans Energy Corp. The decision was made on the basis of the verdict of the International Court of Arbitration, according to which the Kyrgyz government was ordered to pay $ 118.2 million for the beginning of the republic lawsuit to invalidate the extension of the license agreement for subsoil deposits of rare earth metals Kutessay II.
For the first time in Kyrgyzstan shares Senterra were arrested in 2013 by the court at the suit of the Ontario Turkish company Sistem Muhendislik Insaat Sanayi ve Ticaret AS in the case of the hotel "Pinara". Based on the decision of the arbitral tribunal, the Kyrgyz government was ordered to pay $ 11 million of the Turkish company.
Turks can sue shares of Centerra in Kyrgyzstan for $ 11 million 1
But the government "WB" reported that all measures are taken to prevent the sale of shares "Kyrgyzaltyn". In particular, at the suit of Stans Energy Corp government-hired lawyers appealed the decision of the arbitration Arbitration Court at the Chamber of Commerce (CCI) of Moscow, on the basis of which the Ontario Court of arresting action "Kyrgyzaltyn". According to the Government, in March, is expected to consider the case. At the suit of the Turkish company, as reported by the government, the problem is solved, formerly of the budget funds were transferred to a neutral score. "The lawsuit Belokonja under review," - told in the Cabinet.
Part of dividends from Kyrgyzstan Centerra Gold arrested 29
Earlier, Chairman of the Board "Kyrgyzaltyn" Tokon Mamytov said that without removing the attachment of shares of KR is possible to create a joint venture, but it will begin to fully operate only when Kyrgyzstan enter it with its 77 million shares.
Note Kyrgyzstan is the largest shareholder of Centerra, whose shares are traded on the Toronto