Uzbekistan tribunal update (7365T)
10 12월 2011 - 2:18AM
UK Regulatory
TIDMMTT
RNS Number : 7365T
Metal-Tech Ltd
09 December 2011
9 December 2011
Metal-Tech Ltd.
("Metal-Tech" or "the Company")
Update on arbitration case against the Republic of
Uzbekistan
Further to the announcement on 7 December 2011, Metal-Tech is
pleased to announce that its ongoing arbitration case before a
Tribunal of the International Centre for Settlement of Investment
Disputes (the "Tribunal") against the Republic of Uzbekistan (the
"Respondent") is to proceed as scheduled on 23 January 2012
following the Tribunal's decision to reject the Respondent's
request to postpone the hearing.
Metal-Tech is seeking damages because it claims that Uzbekistan
breached its obligations by denying Uzmetal Technology necessary
inputs of molybdenum concentrate in mid-2006, thereby forcing the
joint venture to become idle for lack of raw materials to process.
The damage to Metal-Tech was exacerbated when Uzbekistan and its
state-owned companies (which owned the other 50 percent of Uzmetal
Technology) later forced the joint venture into bankruptcy and
eventual liquidation.
Aik Rosenberg, Executive Chairman and CEO of the Company, said:
"We are delighted with this decision from the Tribunal to continue
with the hearing as planned. The Israel-Uzbekistan Bilateral
Investment Treaty protects Israeli investors in Uzbekistan from
actions such as those taken against Metal-Tech. Under that treaty,
Metal-Tech has the right to seek redress from Uzbekistan through
binding arbitration. This was an action we had to undertake having
exhausted all other avenues. We will continue in our efforts to
ensure that the Republic of Uzbekistan answers our claims in front
of the Tribunal without delay."
Enquiries:
Metal-Tech Ltd. +972 544 215454
Ariel (Aik) Rosenberg
Panmure Gordon +44 20 7459 3600
Aubrey Powell/Hannah Woodley
Charles Leigh-Pemberton
Luther Pendragon +44 20 7618 9100
Harry Chathli, Alexis Gore
This information is provided by RNS
The company news service from the London Stock Exchange
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