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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 .
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...
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.
BDO Website updated . saying we will have to wait until 8th July for further updates on what action will be taken
Oxus fails in bid to secure bigger pay-day from Uzbekistan; Paris Court of appeal rejects investor’s set-aside bid
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....?
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!
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
DON'T even think about getting rid of them mate! If this comes in you could get as much as 30p per share.
The wait resumes.
How do I get rid of my OXS shares off my share dealing account? I have 45,000 to get rid off somewhere....
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.
Meanwhile, on July 21, 2011, the English High Court received a lawsuit filed by the Ministry of Finance of Uzbekistan, demanding payment of $ 10 million from Oxus Gold as special dividends. The company said that in this way the Uzbek Ministry of Finance intends to thwart the forthcoming arbitration, and promised to make every effort to protect the interests of the company's shareholders and receive appropriate compensation from Uzbekistan.
In August of the same year, a military court in Uzbekistan sentenced a former employee of the British mining company Oxus Gold plc, Said Ashurov, to 12 years in prison on charges of spying. Until March 2011, Ashurov held the position of chief metallurgist at the AGF. Ashurov’s lawyers denied any guilt to their client and accused the Uzbek authorities of taking him hostage during an attempt to confiscate the company's property to the state.
In the spring of 2016, Uzbek media circulated information that the International Court of Arbitration, after a lengthy trial, decided to reject 99% of the Oxus Gold claim against the government of Uzbekistan. At the same time, the court ordered the republic to pay the British more than $ 10 million in compensation for violating the investment protection agreement between Uzbekistan and the UK.
Translated from Russian
https://fergana.agency/news/105025
Canadian mining company Rusoro outcome:
https://www.reuters.com/article/us-venezuela-politics-pdvsa-banks-exclus/exclusive-venezuela-shifts-oil-ventures-accounts-to-russian-bank-document-sources-idUSKCN1PY0N3
"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)
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
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.