10:24 31-08-2014
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
18:13 Kyrgyz national team wins one medal at Youth Olympics in China (results)17:58 Contest among cooks takes place in Karakalpakstan17:50 Collection of biometric data to start in Osh since August 3117:45 New book on history of Uzbekistan published17:42 Agriculture Ministers of Khabarovsk Krai, Orenburg region of Russia to discuss deliveries of agricultural products from Kyrgyzstan17:35 Kyrgyzstan doubles imports from Azerbaijan in 201417:30 Program on export of Kyrgyz agricultural products to Russia under finalization17:26 Malaysia Airlines to cut 6,000 jobs off after 2 major tragedies17:23 1.4 billion som to be spent for construction of Datka-Kemin power transmission line in 201517:23 Kazakh FM attends UN Alliance of Civilizations forum in Bali17:18 China becomes number one in investments, public and private sectors of Kyrgyzstan - First Vice PM17:07 Seoul Park appears in Uzbekistan's Tashkent17:02 Kyrgyz Economy Ministry to spend 2.3 million som for counter-corruption policy, legalization of shadow economy in 201516:59 India's PM Modi to visit Japan to deepen trade and defense ties16:56 IFC launches program on introduction of food safety standards in Uzbekistan16:52 Kyrgyz Agriculture Ministry plans to spend 1.9 billion soms for livestock support program in 201516:50 Kazakhstan to import additional 50,000 tons of AI-92 gasoline, 35,000 tons of diesel fuel in September16:44 Economic cooperation of Kyrgyzstan, China of great importance – Chinese Ambassador's Advisor16:42 Latvia wants to sell its products of food industry in Uzbekistan16:37 Minor quake jolts Chon Alay district of Kyrgyzstan
Astana
+28° C
Ashgabat
+36° C
Bishkek
+32° C
Dushanbe
+30° C
Tashkent
+37° C
exchange rates
 
69.85
52.96
8.62
1.43
239.82
182.00
29.63
4.94
6.56
4.97
0.81
0.13
3127.51
2348.02
381.74
65.22
3.74
2.85
0.46
0.08

© 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