Mr. Rodney Irwin reports
INTERNATIONAL ARBITRATION RULES IN FAVOUR OF STANS ENERGY
The Arbitration Court at the Moscow
Chamber of Commerce and Industry has concluded its final
hearings in the matter between Stans Energy Corp. and the government of the
Republic of Kyrgyzstan. In this matter, the court has ruled in favour of
Stans Energy.
The court will now prepare a written ruling that will detail the
verdict and the final damage amount. This process may take up to three
months. Once Stans receives the written ruling, the company will
issue a release outlining those details.
In the interim period before the final damage amount is announced, the
company intends to continue negotiating a settlement with the
interdepartmental working group of the Kyrgyz government, as previously
announced by the company on Feb. 6, 2014.
"Stans Energy and its subsidiaries have always conducted operations to
the highest standards of international ethical and business practices.
This ruling validates our position as open and honest business partners
for the Kyrgyz Republic. It is our hope that we can now engage the
government of the Kyrgyzstan in sincere discussions whereby we can
resolve all the outstanding issues in Kyrgyzstan and resume development
of Kutessay II. We are committed to working with the Kyrgyz authorities
to negotiate an amicable solution that will allow the company to resume
work, increase employment opportunities for the communities in which
[we] operate and to ultimately benefit all stakeholders involved in the
project. I would like to take this opportunity to congratulate our legal
team, lead by Professor Igor Zenkin, who presented a well-considered and
well-advocated claim on the company's behalf," stated interim president
and chief executive officer Rodney Irwin.
Background
On Oct. 30, 2013, Stans Energy and its subsidiaries filed a
claim for arbitration under the Convention for the Protection of
Investor's Rights, to which Kyrgyzstan is a signatory. The arbitration
hearings are being heard in the Arbitration Court at the Moscow Chamber
of Commerce and Industry. The company claims that certain actions by
agencies and/or representatives acting on behalf of the government of
the Republic of Kyrgyzstan were aimed to impede the company from
executing its responsibilities under its licence and have created
conditions for termination of the operations of Kutisay Mining LLC, the
company's wholly owned subsidiary, amounting to expropriation.
The claim seeks $117,853,000 in compensation for losses and damage.
We seek Safe Harbor.
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