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Last post: bbr391, 24 Jan 2023 08:45
It is quite evident to ALL , that this investment has been stolen by the Uzbek Govt & since mining has restarted under another guise .
Disappointing that British Investors have been cheated out of their cash .
Still Russian or Chinese Investments are best avoided .
Last post: stickmonkeytamer, 25 Sep 2019 13:05
I had the same message yesterday. Very disappointing that it all ends like this...
Of a sad era... message from my broker this morning, removing my shares remaining from my account. Finally laid to rest...
Started: WhiteStarKartel, 28 Jul 2019 16:37
Last post: WhiteStarKartel, 28 Jul 2019 16:37
Wow came back on here to continue trading in AIM after time out and thought I would catch up with some oldies i used to dabble in and all I can say is wow.
I remember reading people where re-mortgaging their homes and all kinds of crazy stuff to get in on this court case for the pay out. I went in on this and had some nice profit in trading it short term whilst holding a larger sum for the eventual result. Weirdly enough THE DAY BEFORE OXS came off and all went to the toilet, I pulled a large sum of my holdings out, I was so lucky to go and take a large amount of time to check over everything again and make sure I had confidence in the case...To which i didnt which is why i pulled almost off of my money out of this. To the people who lost a lot of money in here, I'm sorry and I hope you came back from it all these years later.
Started: Mills240, 20 May 2019 17:02
Last post: Mills240, 20 May 2019 17:02
BDO Website updated . saying we will have to wait until 8th July for further updates on what action will be taken
Started: Shinyshiny, 17 May 2019 14:20
Last post: Shinyshiny, 17 May 2019 14:20
Oxus fails in bid to secure bigger pay-day from Uzbekistan; Paris Court of appeal rejects investor’s set-aside bid
Started: NIGELFOREST, 26 Mar 2019 17:57
Last post: mikemike, 27 Mar 2019 00:42
They have started to hear the case this week. Maybe some news update by end of May.
Does anyone have an idea as to the time scales for this....?
Started: Reedweaver, 22 Feb 2019 15:07
Last post: Shinyshiny, 1 Mar 2019 11:25
That's very optimistic of you Kiwi, I do so hope you are right. Not much we can do with the shares in the meantime anyway!
DON'T even think about getting rid of them mate! If this comes in you could get as much as 30p per share.
How do I get rid of my OXS shares off my share dealing account? I have 45,000 to get rid off somewhere....
Started: Kiwi_, 10 Feb 2019 05:10
Last post: wraith, 27 Feb 2019 12:07
Yep, the wait continues;-
https://www.bdo.co.uk/getmedia/1d2198db-6195-442a-b415-ffd74ebb8e55/Oxus_Gold_-_Progress_Report_January_2019.pdf.aspx
(6) Extension of Administration:
"The Administration is due to expire on 27 January 2019. The Joint Administrators have
made an application to the Court for a further extension of two years, in light of the
timetable for the Partial Annulment Application before the Paris Court of Appeal being
more protracted than had originally been anticipated."
https://www.bdo.co.uk/en-gb/oxus-gold-plc
BW
The wait resumes.
Kiwi, many thanks for taking the time to post.
Enjoy the translation from Russian folks! There is hope yet.
The Federal Court of the District of Columbia (USA) has satisfied the demand of the government of Uzbekistan and has postponed consideration of the application of the British company Oxus Gold plc on an investment dispute with the authorities of the Central Asian republic. Businessmen are seeking recognition of the decision made earlier by the International Court of Arbitration, on the basis of which Uzbekistan must pay the claimant $ 10.2 million, RAPSI informs.
Oxus Gold, which mined precious metals in Uzbekistan, accused the government of the republic of expropriating investments. In this regard, back in 2011, the company filed a lawsuit in international arbitration. The amount of claims was $ 1.2 billion. However, the court partially satisfied the claim, reducing the amount of payment in favor of the British company to $ 10.2 million.
Representatives of the business structure, having achieved recognition of this decision in 2016 in France, submitted an application to the Court of Appeal of Paris, demanding to cancel the decision to reduce the initial compensation. The authority must consider the claim March 26, 2019.
But at the same time, representatives of Oxus Gold submitted an application for recognition of the decision of the International Arbitration Court of the District of Columbia, which decided to postpone the consideration of the case, waiting for a response from Paris.
https://fergana.agency/news/105025/
Tensions between Oxus Gold and the government of Uzbekistan began after an audit, following which a British company was accused of financial irregularities. According to representatives of Oxus Gold, the authorities of the republic were holding pointless discussions, at the same time leading a campaign of disinformation and persecution in support of their attempts to expropriate property. All attempts to meet with the Uzbek leadership, including the then President Islam Karimov, were unsuccessful - Uzbek officials "were not available to discuss issues with the company."
Representatives of Oxus Gold said that their response to the audit was the rejection of the management of Amantaytau Goldfields (AGF), 50% of which belonged to the British, 40% to the State Committee on Geology and Mineral Resources of Uzbekistan and 10% to Navoi Mining and Smelting Works. In February 2011, the government of Uzbekistan initiated the procedure for the voluntary liquidation of the AGF. However, a British investor wanted to get a "fair price" for his stake in the company.
On March 3, 2011, Oxus Gold notified the Uzbek authorities of its intention to appeal to the investment arbitration agreement between the governments of Uzbekistan and the United Kingdom. The company then estimated the damage caused by Tashkent at $ 400 million. In addition, it accused the Uzbek government of unfair and discriminatory treatment of it and its subsidiaries.
Started: Kiwi_, 10 Feb 2019 04:49
Last post: Kiwi_, 10 Feb 2019 04:56
"Venezuela would pay US$1.28 billion to satisfy the award and obtain the company's mining data"
There has been some good news for Calunius, however, in an unrelated case. It was announcedthis monththat Canadian mining company Rusoro has agreed on the terms of a settlement proposal with Venezuela to satisfy an ICSID additional facility award the investor obtained in an arbitration financed by the third-party funder. Under the terms, Venezuela would pay US$1.28 billion to satisfy the award and obtain the company's mining data.Gretton Limited v UzbekistanBefore the Swiss Federal Supreme Court(5A_942/2017)
Started: aimtitan, 10 Feb 2019 03:57
Last post: aimtitan, 10 Feb 2019 03:57
They are trying to revive the billion dollar award
http://www.swissarbitrationdecisions.com/sites/default/files/2018%2010%2030%20GAR%20Article%20on%205A%20942%202017.pdf
Started: rhodi, 8 Jan 2019 16:26
Last post: bbr391, 20 Jan 2019 21:34
Mr Shead should be bought to book.
depends what the french appeal is based on..
Indeed. A very sad state of affairs. In the latest progress update last week, it states that the Paris court is still scheduled for hearing on 26th March 2019, with the decision expected by end of 2019. Of course, whatever decision it renders, will most likely be appealed, so I guess this could go on for some time yet. Administration being extended for 2 more years. Hopefully... one day, we shall see some justice... GLA.
Typo should read a day later after the result was announced.
.....in oxus and expected a fair tribuneral. A day latter he died. I hope these new court proceedings offer hardworking shareholders the chance to get some returns from their investing hard earned cash. Plus compensation due to shareholders boths pi's and ii's. The least his family deserve who were deprived of a good guy.
Still waiting for the Uzbek govt to treat the Ox fairly too .
Best of All
The Uzbeks got their result so why continue to hold him? Some regimes are just plain sub-human.
FREE Saidkul Ashurov .
Agreed Zaphod ,
Let`s hope Gretton are fighting for a complete settlement and not just their own Interests .
Boasberg seems a more straight and fair judge .
Surely Our now working gold mine should be worth some of the Uzbeks cash .
Don’t have access to the documents but it seems that Lamm continues to try to get Gretton’s appeal against the non-payment of the $13million arbitration award (owing to Gretton) thrown out due to lack of jurisdiction.
Lawyer representing Oxus has responded.
Now down to judge Boasberg to decide.
The good news is that the judgements, both in this case but also in Oxus’s appeal against the arbitration outcome are no longer in the hands of the horribly corrupt arbitration system but are now being dealt with in the Courts of Appeal in Washington and Paris. Courts over which Carolyn Lamm is unlikely to have the same influence that she appears to have had over Brigitte Stern and Pierre Tercier that resulted in the ridiculous and totally unconvincing arbitration outcome.
Last post: HotShot69, 5 Nov 2018 19:05
A long wait, for any kind of justice... for OXUS and poor old Said Ashurov, lest anyone forgets him too!! As we approach the year end-2018, we can only hope the 2019 Paris annulment of the arbitration decision will come to fruition. GLA.
Started: bbr391, 21 Oct 2018 14:19
Last post: bbr391, 21 Oct 2018 14:19
One hopes that some monies are forthcoming to shareholders .
Best of All
after all costs the shareholders may get some money back. I suspect in the event that there is anything left after costs the shares my receive a closing dividend ?
I do not see Oxus being relisted except for closing procedures. This may be on NEX,a bit like Churchill are on NEX after being de-listed from AIM
shibs, if the appeal is successful then any monies will be distributed to shareholders. I remain hopeful but expect nothing for at least 5 years.
So if they are succesfull what dies it mean? Will shareholders get some money back or able to sell, will ixus be back in aim? ????
mikemike, there was never going to be anything left for us. This is all going to hinge on the appeal in Paris.
looks like the amount claimed is already covered by creditors, nothing left for shareholders?
Started: jaf1948, 13 Dec 2017 10:33
Last post: wraith, 15 Dec 2017 21:19
Your welcome jaf1948,....just been catching up on ADVFN board, found this link;- "State crime researchers uncover role of Western companies in Uzbek corruption scandal",(dated August 9, 2017). https://phys.org/news/2017-08-state-crime-uncover-role-western.html BW
Expect a final decision, to be issued by the Court, in mid to late 2019. https://www.bdo.co.uk/getmedia/11afd2dd-1585-4938-8725-61c0616a2f3f/Update-to-all-parties-15-November-2017.pdf.aspx BW
Started: blue1, 2 Aug 2017 02:18
Last post: wraith, 30 Nov 2017 22:28
Been catching up here at OXUS,......just read that statement bbr391, in below link, dated 15 November 2017;- https://www.bdo.co.uk/getmedia/11afd2dd-1585-4938-8725-61c0616a2f3f/Update-to-all-parties-15-November-2017.pdf.aspx We now have a firm date, extract from link above;-"The Court has now set a timetable for submissions on the merits of the Company�s Partial Annulment Application and has also set the hearing date for 26 March 2019." Case update link: Oxus Gold Plc � In Administration 21 November 2017 https://www.bdo.co.uk/en-gb/oxus-gold-plc BW
TO ALL CREDITORS & SHAREHOLDERS OXUS GOLD PLC (�THE COMPANY�) - IN ADMINISTRATION STATEMENT We refer to the decision of the Paris Court of Appeal (�the Court�) of 31 October 2017. This decision dismisses Uzbekistan�s appeal against the Court Order of 19 January 2017 which rejected Uzbekistan�s admissibility objection against the Company�s Partial Annulment Application and confirms that Order. The Court also ordered Uzbekistan to pay EUR 8,000 of costs on the basis of Article 700 of the French Code of Civil Procedure. The Court has now set a timetable for submissions on the merits of the Company�s Partial Annulment Application and has also set the hearing date for 26 March 2019. The Administrators had hoped to obtain an earlier date for the hearing, but this degree of delay is not unusual in the Court. However, we are pleased that Uzbekistan�s technical objections to the admissibility of the Company�s Partial Annulment Application have been dismissed in their entirety and that the proceedings on the partial annulment of the Award may now proceed. Following the hearing on the merits of the Company�s Partial Annulment Application, we would expect a final decision to be issued by the Court in mid to late 2019, which is later than we had been anticipating. We regret that no further information can be given at this stage regarding these proceedings. This statement is dated 15 November 2017 and is given by: Oxus Gold Plc � In Administration Acting by its Administrators as its agents and without personal liability
can the administrator take more? they already have there fees which have been over 100k-not bad for a years admin work! It did say in the administrators report that there could be a return if a bigger award is achieved in a subsequent arbitration-should we get to that stage i hope they use the dissenting opinion of M lalonde, talked of 50%)
I think its a good sign that Administration has been extended, they must be hopeful of some return if they are to be paid, I just hope its not all about payment for them and the Lawyers on "a no win no fee basis". leaving long suffering shareholders with nothing. Geopolitics certainly at play, plus with the true extent of the Karomovs asset stripping and criminal activity now truly in the spotlight this should help our appeal going forward. This has been a nightmare for many decent people we need some form of justice here. GL all.
Yea me too...where do we look for it as LSE don't seem to recognise that OXS still exist unless you still have this direct link? Can anyone post a link to the ADVFN Oxus share chat. Thanks in advance
Got an RNS alert today. What a suprise but can not get in to it. Has anybody heard anything
Started: theprodigy, 10 Nov 2017 09:58
Last post: Jeremiah99, 18 Nov 2017 05:14
As the saying goes - "Justice delayed is justice denied"
Uzbeks trying to deny Oxus an appeal has certainly not counted against them,a delay of nearly 9-12 months for this hearing is a little excessive but on the positive side we now have a date set.. If it does get overturned what happens next is a good question- just thinking ahead and if this was to happen then the chances of a overall victory(which we should have had anyway) must surely increase?
Yeah, just read the update on the BDO website. Going to be a long wait... hope it's worth it. :) At least the Uzbek appeal against it happening was rejected! Christmas 2019... a date for my diary!!!
Ok so there we have it we now wait until March 2019 for the hearing and maybe by end of 2019 a judgement and adjudication. Maybe Churchill we get there first after all
the phoenix is about to rise........
Started: blue1, 10 Nov 2017 00:22
Last post: blue1, 10 Nov 2017 00:22
Make of this what you will. I've spoken with BDO today ... I've been told it was a positive outcome when pressing the guy who said a statement was being prepared for release on their site
Is fast approaching... the setting aside procedure through the French courts will be upon us before we know it... "A decision from the Paris Court of Appeals is not expected until at least early/mid 2018" Maybe there will be some good news for us all in the coming months... a happy ending perhaps! :)
Started: Insidertrading, 25 Sep 2017 21:25
Last post: Insidertrading, 25 Sep 2017 21:25
When can this be written off as a tax loss