Update from STANS Stans Energy Legal Update
Stans Energy Legal Update
Toronto, Ontario (FSCwire) - Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the “Company”), announces that Stans and Kutisay Mining LLC have filed a Cassation Appeal against the Kyrgyz Republic with the Chamber for Commercial Disputes of the Supreme Court of the Russian Federation.
The Company is seeking to set aside the Decision of the Moscow Regional Arbitrazh Court dated July 27, 2015 and the ruling of the Moscow City Arbitrazh Court dated May 25, 2015 in matter regarding setting aside the Decision of the International Arbitration Court at the Moscow Chamber of Commerce and Industry (the “MCCI”) dated June 30, 2014 which awarded Stans US$118,000,000.
“As we continue to prepare for the recognition and enforcement of the MCCI award before the Ontario Court of Justice, the Company must exhaust all legal appeals to seek final recourse before the courts of the Russian Federation,” states Rodney Irwin, President and CEO. “Preparations continue for the recognition and enforcement proceedings in Ontario. Additionally, should the Ontario proceedings prove unsuccessful; the Company is fully prepared to pursue a new UNCITRAL arbitration. Our legal financing arrangement remains in place and we will continue to seek the collection of damages to a final resolution regardless of venue,” Mr. Irwin continued.
UNCITRAL Arbitration
On May 13, 2015, Stans commenced a fresh arbitration by communicating a notice of arbitration to the Republic of Kyrgyzstan in accordance with the United Nations Commission on International Trade Law (UNCITRAL). To date both sides have selected an arbiter with the presiding arbiter yet to be decided upon. Once a presiding arbiter has been agreed upon a seat of arbitration will be selected and the Company will issue an update at that time.