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Can someone confirm where the 90 days number comes from. I just called Oxus. I guy answered (sounded Chinese). He said directors/lawyers were looking at the prospects of an appeal. I asked what the deadline was for submitting an appeal...he wast one as far as he was aware. Seems odd. No idea what his position at the company is. He's never answered the previous times I've called. He sounded junior. Hope he's not been drafted in from the administrators or something. Re the plant/machinery, read the footnotes to the last annual report. They formed part of the claim. Given the claim has been dismissed, don't even hope of seeing them again
Marv - It's quite conceivable the company can go insolvent. The USD10mm receivable needs to be recovered first. That could take many months. How do you expect the company to fund itself during this period? Got the office costs, LSE listing fees, auditors fees etc to shell out for. If the company can't pay it's debts as they fall due, then it's insolvent. It's irrelevant that it's owed USD 10mm Are you a licenced IP?
It's a bad sign as far as I'm concerned. I reckon the company will be declared insolvent, RS will resign and it will be placed into administration. Administrators will then be tasked with trying to recover the 10mm tax rebate and wind it up. Total loss for investors.
Wasn't the Nomad (so angel) being paid in stock? Seem to recall them being issued with shares in lieu of fees. If so, I assume they will cease to act and that will be the end of the listing.
If that were true, it implies that they think they have new grounds for arbitration plus have arranged the funding for it. Unfortunately, I doubt they could have come to that conclusion and agreed funding in two days. I suspect it's just a misinterpretation of the RNS.
One defunct mining company. Key assets comprise: 1. A $10mm receivable owed by corrupt regime. Probability of recovery highly uncertain 2. A Drilling Rig, used condition, last seen somewhere in Uzbekistan in 2011. Buyer must arrange collection. All offers considered. Please contact Mr Richard Shead.
They are referring to Metaltech, not Oxus
Just reread the Quiborax award and noticed that even when the panel had written up the Award document, it took two weeks for everyone to sign it. Koehler signed on 3 Sept, Stern signed on 7 Sept and Lalonde on 15 Sept. Award then got announced on the 16th sept. Presumably they have to courier the document around the world to get it signed off.
In addition, the 80% of cases where the respondant wins includes cases where the claimant dropped the case or where jurisdiction was not established. Oxus has jurisdiction and has progressed the case. So the 1/5 success figure is very misleading
The Derains website states the Oxus dispute is approx EUR 400 million. I thought it was a lot more than that!
Thanks Petty. That's good to know
Uzbeks are using White and Case with Tim Hart. They appear to have significant experience in international arbitration and note able successes. Looking on line, I couldn't find out about any cases won by Robert Amaterdam brought under BIT. Does anyone know his credentials?
Is Richard Wilkins still director of the British Uzbek society and deputy chair of the Uzbek British Trade and Industry? Ironic if he is, given the circumstances