EuroGas, Inc.: EUROGAS INC. FILES US $ 1 BILLION DAMAGE CLAIM AGAINST THE SLOVAK REPUBLIC
26.01.12 | 16:17 Uhr EUGS:US EuroGas Inc.
EuroGas AG / Key word(s): Finance/ EuroGas, Inc.: EUROGAS INC. FILES US $ 1 BILLION DAMAGE CLAIM AGAINST THE SLOVAK REPUBLIC
DGAP-Media / 26.01.2012 / 16:16
EUGS:US EuroGas Inc.
Press Release
EUROGAS INC. FILES US $ 1 BILLION DAMAGE CLAIM AGAINST THE SLOVAK REPUBLIC
EuroGas Inc. ('EuroGas'), a US public company, has informed the President of the Slovak Republic about its Notification of an investment dispute between EuroGas Inc. and the Slovak Republic which relates to illegal - and in the opinion of EuroGas - corrupt and collusive actions and practices against its Slovak mining subsidiary Rozmin s.r.o since 2004 by authorities of the Slovak Republic. EuroGas believes that the dispute constitutes serious violations of obligations of the Slovak Republic under the 1991 Treaty between the United States of America and the Czech and Slovak Federal Republic concerning the Reciprocal Encouragement and Protection of Investments. In January 2005 Rozmin s.r.o. was deprived by the Administrative Mining Offices of the Slovak Republic of its valid mining concession at Gemerska Poloma, one of the largest and purest talc orebodies in the world, through a series of highly unlawful and - in the opinion of EuroGas - corrupt and collusive practices.
On December 16, 2010 Vienna, Austria based EuroGas GmbH, a subsidiary of EuroGas Inc. and a direct owner of 33% of Rozmin s.r.o., has already filed its own Euro 500 Million damage claim under the Bilateral Investment Treaty between Austria and the Slovak Republic, resulting from the same unlawful and illegal actions by the authorities of the Slovak Republic.
In a June 16, 2011 letter to Mr. Wolfgang Rauball, Chairman & CEO of EuroGas Inc. and Managing Director of EuroGas GmbH, the Deputy Prime Minister and Minister of Finance of the Slovak Republic, His Excellency Mr. Ivan Miklos, had asked EuroGas GmbH for a temporary halt of EuroGas GmbH's intention to go for International Arbitration under its EUR 500 million claim, as it was his understanding that it remained possible to protect EuroGas GmbH's rights through Slovak local pending proceedings, involving both the Slovak Courts and Administrative Mining Offices, as well as offering to EuroGas GmbH meaningful discussions between the Ministry of Finance and EuroGas GmbH in order to try to find an amicable solution of the dispute.
Five days later, on June 21, 2011, the May 18, 2011 Final Judgement of the Supreme Court of the Slovak Republic in the adversary 'Rozmin s.r.o. vs the General Mining Office' became final and effective by force of law. After the Supreme Court had already ruled 3 years before in favor of Rozmin s.r.o. in its February 27, 2008 Judgment, it has now again ruled in favor of Rozmin s.r.o. and in addition has also rescinded as unlawful the July 2, 2008 and January 12, 2009 decisions by the Mining Office at Spisska Nova Ves and the General Mining Office at Banska Stiavnica, thus effectively revoking and cancelling the mining concession at Gemerska Poloma, which the Mining Office at Spisska Nova Ves, had unlawfully granted to VSK Mining s.r.o. on July 2, 2008 under suspicious and dubious circumstances. VSK Mining s.r.o. is a Slovak mining company which is 51% owned by Schmid Industrieholding GmbH of Wopfing, Austria.
Despite the written assurances offered to EuroGas GmbH by His Excellency Mr. Ivan Miklos in his June 16, 2011 letter to Mr. Wolfgang Rauball, and in light of the May 18, 2011 Judgement of the Supreme Court of the Slovak Republic becoming final and effective by force of law on June 21, 2011, the Heads of the Mining Office in Spisska Nova Ves, Mr. Antonín Baffi, and of the General Mining Office in Banska Stiavnica, Mr. Peter Kukel?ík, are continuing to act in contempt of court, by totally ignoring the final decisions of the Highest Court of the Slovak Republic with the clear and obvious intent to repeat their previous unlawful decisions to the detriment of Rozmin s.r.o. and its foreign shareholders for the third time.
EuroGas Inc., a Public Company of the United States of America, has therefore filed now its own US $ 1 Billion damage claim against the Slovak Republic and has informed the President, His Excellency Dr. Ivan Gasparovic, the Prime-Minister, Her Excellency Prof. Dr. Iveta Radicova and the Deputy Prime Minister and Minister of Finance, His Excellency Mr. Ivan Miklos, about its intention to initiate the international arbitration proceeding.
Simultaneously EuroGas Inc. has instructed its solicitors to also bring forward personal civil lawsuits claiming damage against the Heads of the Administrative Mining Offices of the Slovak Republic, Peter Kukelcik and Antonin Baffi, as well as Peter Corej, Chief Operating Officer of VSK Mining s.r.o. a former shareholder of Rozmin s.r.o. (through his Slovak company Rima Muran s.r.o), all of which - in the opinion of EuroGas - might have been actively engaged in unlawful and corrupt practices which has deprived Rozmin s.r.o. and its foreign shareholders of a multi-billion dollar world-class mining asset.
On behalf of the Board of Directors Wolfgang Rauball Chairman & CEO
End of Media Release
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