Kyrgyz Government Fails to Block Stans Damage Award in Russian Court
06 10월 2014 - 10:47PM
Business Wire
Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the
“Company”), reports that the Kyrgyz Republic filed a motion to the
Moscow Arbitration Court (the “Court”) to block the Company’s
recent judgment. The Kyrgyz Republic filed a motion to the Court to
have the Judgment of the Arbitration Court at the Moscow Chamber of
Commerce and Industry (the “Arbitration”) in the matter №A-2013/29
dated June 30, 2014 2014 to be set aside.
At the same time, the Applicant (Kyrgyz Republic) filed the
motion on adoption of interim measures in the form of:
1. Suspension of the recovery of Judgment of the Arbitration
2. Prohibit the Claimant (Stans) and other third parties,
wherever they are, to take any action on the territory of the
Russian Federation or any foreign State:
- on recognition and enforcement of the Judgment;
- on recovery of any sums under this Judgment;
- on arrest of any property of the Kyrgyz Republic;
- on adoption of any other interim measures in connection with
the Judgment.
The Court ruled to refuse the Kyrgyz Republic motion.
Previously on September 23, 2014, the Economic Court of the CIS
(the “CIS EC”), issued a decision No.01-1/1-14 “On Interpretation
of Article 11 of the Moscow Convention for the Protection of
Investor’s Rights dated March 28, 1997”. In essence the advisory
opinion upholds the decision of the MCCI with regards to
jurisdiction in the international arbitration between Stans and the
Kyrgyz Republic.
Copies of the original Russian and English versions of the CIS
EC interpretation are available on the Company’s website. Stans
legal representative in Moscow, Prof. Zenkin has prepared a
detailed explanation of the interpretation by the CIS EC.
http://www.stansenergy.com/more/investors/cis/
It should be noted that neither of these proceedings have any
legal binding on the full enforcement of the damage reward received
by the Company. Stans continues to prepare for collection process
against the Kyrgyz Republic.
About Stans Energy
Stans Energy Corp. is a resource development company focused
on advancing Heavy Rare Earth (HRE) properties in areas of Central
Asia and Russia. In December 2009, Stans acquired a 20-year mining
license for the past-producing Kutessay II rare earth mine from the
Kyrgyz Republic. On May 26, 2011 Stans completed the purchase of
the Kashka Rare Earth Processing Plant (KRP) the same plant that
previously refined REEs from Kutessay II ores. The KRP was the only
hard rock plant to produce all rare earth elements outside of
China, producing 120 different metals, alloys, and oxides. For over
30 years, Kutessay II produced 80% of the rare earth metals for the
Former Soviet Union.
We seek safe harbour.
Contact DetailsRodney IrwinStans
Energy CorpPresident &
CEOrodney@stansenergy.com647-426-1865
David VinokurovStan Energy CorpVP
Corporate Developmentdavid@stansenergy.com647-426-1865
FORWARD LOOKING STATEMENTS: This document includes
forward-looking statements as well as historical information.
Forward-looking statements include, but are not limited to, use of
proceeds from the Offering, the completion of the Offering, the
continued advancement of the company's general business
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"expect", "intent", "may", "project", "plan", "should" and similar
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Energy Corp. believes that their expectations reflected in these
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risks and uncertainties and no assurance can be given that actual
results will be consistent with these forward-looking statement.
Important factors that could cause actual results to differ from
these forward-looking statements include the potential that
fluctuations in the marketplace for the sale of minerals, the
inability to implement corporate strategies, the ability to obtain
financing and other risks disclosed in our filings made with
Canadian Securities Regulators.
Stans Energy CorpRodney Irwin, 647-426-1865President &
CEOrodney@stansenergy.comorDavid Vinokurov, 647-426-1865VP
Corporate Developmentdavid@stansenergy.com
Stans Energy (CE) (USOTC:HREEF)
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Stans Energy (CE) (USOTC:HREEF)
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