Thursday, May 01, 2014 10:18:59 AM
International Arbitration Rules in Favour of Stans Energy
Stans Energy Corp. (QX) (USOTC:HREEF)
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Today : Thursday 1 May 2014
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Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the “Company”) is pleased to report that the Arbitration Court at the Moscow Chamber of Commerce and Industry (the “Court”) has concluded its final hearings in the matter between the Company and the Government of the Republic of Kyrgyzstan. In this matter, the Court has ruled in favour of Stans Energy Corp.
The Court will now prepare a written ruling, which will detail the verdict and the final damage amount. This process may take up to three months. Once Stans will receive 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 inter-departmental working group of the Kyrgyz Government as previously announced by the Company on February 6th, 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 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,” states Interim-President and CEO, Rodney Irwin.
BACKGROUND
On October 30, 2013, Stans Energy Corp. 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.
Stans Energy Corp. (QX) (USOTC:HREEF)
Intraday Stock Chart
Today : Thursday 1 May 2014
Click Here for more Stans Energy Corp. (QX) Charts.
Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the “Company”) is pleased to report that the Arbitration Court at the Moscow Chamber of Commerce and Industry (the “Court”) has concluded its final hearings in the matter between the Company and the Government of the Republic of Kyrgyzstan. In this matter, the Court has ruled in favour of Stans Energy Corp.
The Court will now prepare a written ruling, which will detail the verdict and the final damage amount. This process may take up to three months. Once Stans will receive 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 inter-departmental working group of the Kyrgyz Government as previously announced by the Company on February 6th, 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 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,” states Interim-President and CEO, Rodney Irwin.
BACKGROUND
On October 30, 2013, Stans Energy Corp. 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.
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