This was reported back in April around the same time as the court case against the licence commision , I know its old report but it seems to be relevant to todays result?
Canadian corporation assesses damage from Kyrgyz deputies’ decisions at $ 300 million
17/04-2013 13:34, Bishkek – 24.kg news agency , by Irina DUDKA
Canadian Corporation has assessed its damage from ill-advised decisions of Kyrgyzstan’s deputies at $300 million and is ready to appeal to the International Arbitration Court, Temirbek Kenenbayev, lawyer of Partner firm, defending the interests of Stans Energy Corp., said today at a press conference at 24.kg news agency .
The Corporation owns the mining companies that operate at Kutessay-2 and Kalesay minefields in Kyrgyzstan. Members of the Parliament recommended revoking its licenses for development of the fields at a committee meeting.
"The government has not taken a decision to withdraw the license for Kutessay-2, so that the actions of the public officials have signs of expropriation of Canadian corporation’s assets, even though the law guarantees protection from that. In fact, a group of officials - the people from the Parliament, the government, the Ministry of Economy and the Prosecutor General’s Office – has carried out the expropriation, and the company suffered $ 300 million damages," Temirbek Kenenbayev said.
He explained that officials of the State Geology Agency are intimidated by criminal cases, filed against its former head Uchkunbek Tashbayev and all members of the Licensing Commission. "All the other members of the commission who made the decision on the extension of the third license agreement on Kutessay-2 are under the pressure of criminal charge, while Ishimbay Chunuyev, his assistants, heads of departments and agencies do not do anything for the company that they are supposed to do. This is the evidence of expropriation of the Canadian company’s assets," he said.
According to the lawyer, the law says that any investor has the right to receive benefits from investments, and if he/she does not, it is the expropriation. "The law gives three months to conduct friendly negotiations with the Canadian company. If they do not take place, international arbitration will be initiated,” Temirbek Kenenbayev said.
He noted that he is 100 percent sure of winning the case. "We have been representing the company’s interests in courts for more than three years and have won a number of trials, there are also 4-5 cases that we suppose to win too," he said.
Amount of the claim will be counted. "The highest capitalization of Stans Energy was when its share cost $ 3.5, while now it costs 24 cents. Today’s capitalization amounts to $ 38 million only. This damage was suffered by more than 10,000 shareholders all around the world," Temirbek Kenenbayev said.
He added that under international law they have a right to sue the Kyrgyz government for actions that led to the fact that their investments have lost their power.
URL: http://eng.24.kg/business/2013/04/17/26668.html
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