Kyrgyz Government Fails to Block Stans Damage Award in Russian Court
October 6, 2014 (Source: BusinessWire) — Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the “Company”), reports that the Kyrgyz Republic filed a motion to the Moscow Arbitration Court (the “Court”) to block the Company’s recent judgment. The Kyrgyz Republic filed a motion to the Court to have the Judgment of the Arbitration Court at the Moscow Chamber of Commerce and Industry (the “Arbitration”) in the matter №A-2013/29 dated June 30, 2014 2014 to be set aside.
At the same time, the Applicant (Kyrgyz Republic) filed the motion on adoption of interim measures in the form of:
1. Suspension of the recovery of Judgment of the Arbitration
2. Prohibit the Claimant (Stans) and other third parties, wherever they are, to take any action on the territory of the Russian Federation or any foreign State:
– on recognition and enforcement of the Judgment;
– on recovery of any sums under this Judgment;
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– on arrest of any property of the Kyrgyz Republic;
– on adoption of any other interim measures in connection with the Judgment.
The Court ruled to refuse the Kyrgyz Republic motion.
Previously on September 23, 2014, the Economic Court of the CIS (the “CIS EC”), issued a decision No.01-1/1-14 “On Interpretation of Article 11 of the Moscow Convention for the Protection of Investor’s Rights dated March 28, 1997”. In essence the advisory opinion upholds the decision of the MCCI with regards to jurisdiction in the international arbitration between Stans and the Kyrgyz Republic.
Copies of the original Russian and English versions of the CIS EC interpretation are available on the Company’s website. Stans legal representative in Moscow, Prof. Zenkin has prepared a detailed explanation of the interpretation by the CIS EC.
It should be noted that neither of these proceedings have any legal binding on the full enforcement of the damage reward received by the Company. Stans continues to prepare for collection process against the Kyrgyz Republic.
About Stans Energy
Stans Energy Corp. is a resource development company focused on advancing Heavy Rare Earth (HRE) properties in areas of Central Asia and Russia. In December 2009, Stans acquired a 20-year mining license for the past-producing Kutessay II rare earth mine from the Kyrgyz Republic. On May 26, 2011 Stans completed the purchase of the Kashka Rare Earth Processing Plant (KRP) the same plant that previously refined REEs from Kutessay II ores. The KRP was the only hard rock plant to produce all rare earth elements outside of China, producing 120 different metals, alloys, and oxides. For over 30 years, Kutessay II produced 80% of the rare earth metals for the Former Soviet Union.
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FORWARD LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, use of proceeds from the Offering, the completion of the Offering, the continued advancement of the company’s general business development, research development and the company’s development of mineral exploration projects. When used in this press release, the words “will”, “shall”, “anticipate”, “believe”, “estimate”, “expect”, “intent”, “may”, “project”, “plan”, “should” and similar expressions may identify forward-looking statements. Although Stans Energy Corp. believes that their expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statement. Important factors that could cause actual results to differ from these forward-looking statements include the potential that fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing and other risks disclosed in our filings made with Canadian Securities Regulators.
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