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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
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.
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/
Kiwi, many thanks for taking the time to post.
The wait resumes.
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