RE:RE:RE:RE:RE:RE:Down another 14%Thanks for the comment. Maybe you have already seen the following. Well worth a read re., Kyrgyz and its economic plight/investments/cases.
Kyrgyz Republic’s experience with investment treaties and arbitration cases (July 2017) https://www.tni.org/files/publication-downloads/tni_pb_kyrgyz_republic_online_210717.pdf Extracts -
The Kyrgyz Republic currently faces investment claims in the proximity of 1 billion USD, arising out of investment dispute settlement cases. If these have to be paid out, this will have a serious impact on the public budget of a country where 32% of the population lives below the poverty line.,, The Kyrgyz Republic is plagued by widespread corruption. On Transparency International’s Corruption Perception Index 2016, the country ranks 136 out of 176 countries…20% of foreign investors in the Kyrgyz Republic admit to paying bribes, according to research by the International Finance Corporation (IFC)… The Kyrgyz Republic’s Ministry of Finance reports that in 2015, 3.1% of the state budget, over 190 million USD, was spent on health care. 7% of the budget went to education, totaling some 426 million USD.65 If the aggregate claim amount in investment disputes is estimated to involve 925 million USD, that equals well over two times the entire annual budget available for education, or nearly five times the annual health budget… Case example -
Petrobart Limited v Kyrgyzstan Claimant(s): Petrobart Limited (Gibraltar)
Respondent: Republic of Kyrgyzstan
Outcome: Award |
Date of Registration: 01 September 2003 |
Date of Award/Settlement: 29 March 2005
Relief Sought: USD 4,084,652.20 + interest (UNIDROIT Principles of International Commercial Contracts) + costs |
Relief Granted: USD 1,130,859
This 2005 award (approx. 25%) was then pursued further in court by Kyrgyz (over a 1.1 mill award!). After 2 more years they lost in Nov 2007 failing to have the treaty basis for the award overturned. However, the court only added approx., $400,000 to their expenses. The judgment was stated as not to be appealed (on that specific basis), but I could not find can’t find anything that says the award was eventually paid. Possibly Kyrgyz tried a different basis for pursuit in court? Howevcer, if it was settled privately then add IMHO another 1-2 years more to this saga. Again, awards are up to the parties to pursue/pay – not enforceable by the PCA.
So, how long do we think an award (usually if made in the 20 – 33% range) will take Stans?
I agree these are apples to oranges cases but when you only have oranges available then I have to go with those for my guidance.
GLTA -
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