The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Just noticed that the 9 co-signatures supporting Congressman Babin's letter include the Secretary of State, Mr. Pompeo (again). Also the Secretary of Commerce, the Secretary of Treasury and the Secretary of Energy. That's a large, high powered slice of the American government - official backing, indeed.
Below SB thoughts one of latest letters to GG & as mentioned it has more signatures i.e. around about 8/9
I think the timing of these letters are interesting and deserves more deliberation. It could be that the Arbitrators have guided the two parties to come to a resolution rather than relying on a final and binding Arbitration decision. We may well be in this ‘recess’ period now and the timing of these letters (plus some informal intervention from the US @ Davos - i assume) will add some energy in to reaching an agreement?
I also find it interesting that Georgians have allegedly spent $6m in legal fees on the Arbitration. If that is true, then I believe it Is being personally financed by is Bidzina Ivanshivili.
There are going to be General Elections in Georgia in October 2020; the Dream Team has been in power since 2012. I kinda agree with the US Senators that Georgia has not thrived under the incumbent political party. I reckon Bidzina Ivanshivili and his associates are Russian sympathisers yet portraying themselves to be US & EU supporters; time for the veil to drop?
Back in jan 2019 I had 100% wrote this off in my head.
I’m of the opinion now there’s a fighting chance we will get our money back.
Gla
Why doesnt american government cover frr's debt for time being get rid of the baggage then we can argue the toss over arbitration. Too much going on simplify it
Thanks Looed,
The ramping up on both sides suggests arbitration news is close and not the middle of the year.
Many, including myself think this is looking on the positive side for Frr, but still need to be slightly cautious.
I want to be the first to apologize for my negativity in the past. This now is looking positive Gla.
PS I'm not a shorter as what was suggested lol.
As previously mentioned Frr is now most defintely at the forefront of the USA not being happy with Georgia & seriously cannot see this being the case, if Frr's asset was not worth a pretty penny/cent.
Going by what was said in those 2 paragraphs from one of articles posted yesterday. The arbitration does look, as if it has been closed down, but now we wait on the outcome.
Frontera got another mention, then :-
“the result of this trend is that foreign direct investment in Georgia is on the decline because U.S. and European business interests have been subjected to harassment, contact cancellation and expropriation attack.” A member of Congress said “a notable example of this is the oil and gas company from Houston, Texas, Frontera Resources.”
The business community in Georgia must be worried by now. They have had a series of American congressional letters pointing out that trade and finance will suffer if their country yields itself to the oligarchs, and effectively saying that Georgia's treatment of FRR is an indication of that weakness. I wonder if the US is planning to encourage the protests threatened by the government's opponents from 04/02/20. Wouldn't be at all surprised. A change of direction (or a change of government) is looking increasingly likely IMHO, as is a better outcome for FRR. The story of this company's struggle is nothing short of astonishing.
Here is Pt.2
Because of this deteriorating environment, the President of the United States has signed two US Congressional Appropriation Acts in 2019 and 2020 that address particular concerns about the Georgian government's growing commitment to democratic values, free market principles, and American business interests. Antagonistic action BS is related. For the first time in the modern history of Georgia, your country has appeared in a negative and warning light, in connection with the US government's pro-US sentiments.
Because of the negative tendency I have described and the effort to encourage change, calls for sanctions and other penalties are increasing. I joined this growing number of members of Congress in support of the Georgia Fair Business Practices Act, which was introduced in the US House of Representatives.
I sincerely hope that Georgia will continue to be a strategic partner of the United States for many years to come, building on democratic institutions and a free market economy such as "free and fair elections, public sector transparency and accountability, the rule of law and anti-corruption efforts." In this regard, I also hope that your government will find ways to stop aggressive action against US companies and businesses and work to stop warning signs that threaten democracy, economic prosperity, and freedom that are natural, God-given. All Georgians have the right to vote For Janis ", - the letter says.
Source - https://www.interpressnews.ge/ka/article/582387-kongresmenma-braian-babinma-giorgi-gaxarias-cerili-gaugzavna
The link has a copy of the letter and you will see it is copied to some pretty senior members of US Govt.
I found another article similar to the first one which it seems I can cut & paste - This is Pt.1
Congressman Brian Babin, a Republican member of the House of Representatives, posts a letter to his Georgian counterpart, George Gakharia, on his Twitter page.
The letter is dated January 23, 2020.
“Dear Prime Minister,
As a member of Congress, I am writing to you today to address my growing concern about Georgia's continued deterioration in democratic values ??and the deteriorating economic prosperity associated with it.
In this regard, I join my colleagues in Congress representing the Georgia group, Chairman Adam Kinsinger and Chairman Gary Connolly, in their recent letter of December 13, 2019, which raised concerns about the decision to reject promised democratic reforms, as well as the related peace issue. Protest a In the aftermath of the violence of information. In addition, I would also like to join my colleague, Congressman McQueen Malin, and the message he conveyed in his January 13, 2020 letter.
As you know, since the independence of Georgia since 1991, the country has been strongly supported by the United States for many years. Last year, the US House of Representatives passed the "Georgia Support Act," currently under consideration in the US Senate. It is worth noting that the most important principle, which was first put forward in the text of this Act, is as follows:
US policy is that to support the continued development of democratic values ??in Georgia, including free and fair elections, public sector transparency and accountability, the rule of law and anti-corruption efforts;
In the spirit of this policy, I am writing to you because of the noticeable negative training in the indicators of a democratic and free market economy in Georgia that has become a matter of concern among members of the United States Congress.
The result of this trend is that foreign direct investment in Georgia is declining as US and European business interests are under attack, harassment, contract expropriation and expropriation. A well-known example of this is Frontera Resources, an oil and gas company from Houston, Texas. It was also disturbing that the US social media company Facebook had just announced that it had discovered and shut down a wide network of accounts affiliated with the ruling Georgian Dream party and found that they were engaged in "coordinated non-verbal activities". In order to have an opposition in Georgia Anti-Western sentiments have been suppressed and promoted, especially against the United States.
Sorry I can't cut & paste this one - maybe others can figure it out. Runs along similar lines to the previous letter
Source - https://civil.ge/archives/335916
Note that FRR have paid this Congressman US$1,000 this year in lobbying fees
Source - https://www.opensecrets.org/orgs/summary.php?id=D000071040