13:25 17-09-2014
MAIN Russian
About us On-line subscription
KazakhstanTajikistanUzbekistanKyrgyzstanTurkmenistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
U1 Holding ready to protect its interests in Kazakhstan in international arbitration

Bishkek (AKIpress) - 200px-Uranium_One_logo.svg Uranium One Inc. announced that the Special Inter-District Economic Court for the City of Astana on March 26 issued an order having the effect of invalidating the original transfers in 2004 and 2005 from Kazatomprom to the Company’s Betpak Dala and Kyzylkum joint ventures of the subsoil use contracts for the Akdala, South Inkai and Kharasan fields, said in the press release of the company on March 27.

While the proceedings before the Court were held behind closed doors and only limited information has been made available, Uranium One understands that the ruling was made orally in proceedings brought by the State Prosecutor of the Saryark District of the City of Astana against Betpak Dala, Kyzylkum and Kazatomprom, among other parties, and relates to events which occurred two to three years before Uranium One acquired its interest in the two joint ventures.

Under Kazakh law, the order is automatically stayed and may not be enforced for a period of 15 days and such additional time as it may take to hear an appeal therefrom, and is also subject to further appeals. Both joint ventures intend to vigorously defend themselves in the Kazakhstan courts and plan to file notices appealing the order. The Company considers the lawsuit to be without merit.

Neither Uranium One nor its shareholders are parties to the proceedings. Kazatomprom, the Company’s Kazakh state-owned joint venture partner in Kazakhstan, has, however, assured the Company and its shareholders that their legal rights and economic interests will be fully preserved. The Company and its shareholders are now in discussions with Kazatomprom with a view to obtaining new subsoil use rights to the Akdala, South Inkai and Kharasan fields in the event that the order becomes effective.

While those discussions are underway, and in order to mitigate the impact on the Company’s interests, Kazatomprom, Betpak Dala and Kyzylkum are putting in place temporary arrangements designed to ensure that, notwithstanding the court order, Betpak Dala and Kyzylkum carry on normal business operations and the rate of return to the Company from existing operations is unaffected during this period. The Company’s shareholder, Uranium One Holding N.V., and Kazatomprom have signed protocols to this effect and are taking the steps necessary to ensure that scheduled production and deliveries to customers are not affected.

The Company and its shareholders have reserved their rights to take all such steps, and exercise all such remedies available to them, including proceedings under international investment treaties, as they may consider necessary or advisable to protect their legal rights and economic interests in this matter.


Twitterfacebookprint
11:54 28.03.2014
LATEST NEWS
13:21 Kyrgyzstan presents 'El-Sozduk' dictionary mobile app13:15 Ashgabat holds Turkmen-French negotiations13:10 Gazprom to supply up to 100 million cbm of gas to Bishkek combined heat and power plant13:05 Labor Ministry planning expedition to ethnic Kyrgyz in Pamir Mountains12:54 Osh residents complain of higher coal prices, City Council Member says12:45 Typhoon Kalmaegi hits Hainan after slamming Hong Kong12:44 Delegation of Turkmenistan takes part in regional ministerial consultations in Geneva12:39 Hotline for Kazakhstanis launched in China due to typhoon12:20 Turkic speaking countries announce 2015 as Year of Kyrgyzstan's poet Omor Sultanov12:19 More than 200 million people no longer extremely malnourished - FAO12:02 Attraction of residents to protection of state border for fee considered by Parliament11:57 Turkmen President, Iranian Defense Minister discuss cooperation prospects11:52 1% of secured crop areas in Kazakhstan damaged by unfavorable environmental conditions in 2014 – KazAgro11:45 Guardian: Uzbekistan's first daughter 'pictured under house arrest'11:43 Parliament considers amendments to procedure for sending police personnel outside Kyrgyzstan to take part in UN peacekeeping missions11:43 Women's footwear factory to be launched in Kochkor district this September11:33 Kazakhstan and San Marino discuss bilateral cooperation issues11:29 Pilot initiative for TB outpatient treatment within Quality Health Care Project to be considered this week11:21 Kyrgyzstan's economy loses 10% of GDP growth annually due to electricity shortage – expert11:16 Bishkek to host exhibition of Chinese universities
Astana
+21° C
Ashgabat
+34° C
Bishkek
+27° C
Dushanbe
+28° C
Tashkent
+33° C
exchange rates
 
69.72
53.85
8.79
1.39
235.44
181.95
29.61
4.71
6.42
4.99
0.81
0.13
3117.21
2359.56
384.37
62.66
3.69
2.85
0.46
0.07

© AKIpress News Agency - 2001-2014
Use of the AKIpress.com materials must be accompanied by a hyperlink to www.akipress.com
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75