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you're quite right :) There's still hope that public disclosure will happen. I just fail to understand the delay. In my previous experience with Rurelec the report was published the day after the market was notified of the final decsion
I'm sure others will know this already, but I find this really shocking. How on earth can they not make the award report not public? http://www.italaw.com/cases/781
I can only assume thst an appeal process is stalling the publication. But surely we have some rights to disclosure?
I assume we're still in the dark
I would expect an up to 6 month suspension, then de-listing, if I'm the meantime the company can't prove themselves as s going concern.
Certainly the most balanced and informed poster on this bb. If the panel don't publish their report then we may never know the villain of this piece. But the split decision makes me think that the panel is to blame. Certainly they are responsible for a judgement that seems to fly in the face of common sense. The return of invested capital was my worst case expectation here. Which would have been circa £100m
I really can;t see why this shouldn't be made public now
I did think that the Uzbeks blocked the Chinese Consortium deal that would fund AGF Phase 2, but maybe I was wrong? Doesn't appear to be much of a paper trail on what really happened. And he Uzbeks have acted as if Oxus were in breach of contract by not meeting milestone commitments. Again I can;t recall what the Uzbek claims were, and I'm not sure that they were ever made public Although I think that the fact that the PoG was rising like crazy at the time was the real reasons that the Uzbeks shut us down
I did think that the Uzbeks blocked the Chinese consortium deal, but maybe they didn't? Doesn't seem to be much of a paper trail on what really happened their. And the Uzbeks have acted as if Oxus were in breach of contract for failing to meet milestone commitments. Again I can't recall what their claims were, and I'm not sure that they were ever made public
Is the point of dissent the tell? The fact that the dissent seems to have been on the issue of whether Oxus were to blame for not meeting the relevant AGF milestone commitments, then maybe it's as simple as that. The big unknown is why the Chinese consortium deal was not approved, and whether the Uzbeks had a hand in that. We may never know the answer to that. Oddly I can't recall this point ever being really debated on the bb's
as the lawyers were on no-win-no-fee basis. This might mean that Calinius get a windfall without spending a dime, other than paying for trial related expenses.
Not any more :( Our £100m investment in AGF, and the $44m loan still owed to us by AGF, have apparently been dismissed in favour of one of the most corrupt and cruel regimes in the world. I wonder what the situation is regarding the outstanding loan plus interest . I don't think the arbitration panel were instructed to consider that point. That's a sum owed by AGF. Impairment accounting has reduced that figure in our accounts, but this loan repayment has been outstanding since 2012
The ruling should be out tomorrow, now that the regulatory disclosure has been done. Bit of light reading over xmas.
there is very little ground for appeal on a UNCITRAL decision. So I wouldn't hold your breath. Hopefully the panel will have decency to publish the full decision on the UNCITRAL site now, so that we can understand what went wrong here. The companies RNS's post final hearings have always been positive, and I'm sure that they must have seen all the evidence that was presented to the panel. So something is very odd here, and finally we may come to understand why the Uzbeks didn't settle early.
Lawyers on a no-win-no-fee basis . So there aren't any legal costs, and I'm not sure there is any debt now. So its far from clear. What about that dam ATLAS Drill Rig that they stole, that we've been paying fees on for all these years?
Maybe available tomorrow on the UNCITRAL site? It will be interesting to see if bribes or other illegal actions on Oxus's part explain why our claims have been dismissed. There must be an explanation as to how they got to this unexpected outcome. This is my second International Arbitration epic fail in 2 years, and currently my feeling is that international courts completely fail to deliver any justice whatsoever. In the other case for Rurelec vs the State of Bolivia, Rurelec paid for and built electrical power plants. Then based on a Nationalisation agenda. the government stormed the power plants with soldiers carrying guns and waving Bolivian flags, which they had the gall to broadcast live on national television. One year later the power plants that Rurelec investors paid for were delivering 33% of Bolivia's electrical power supply. The eventual award didn't even cover their legal costs, and it all but ruined a good company. Not sure which case is worse, but the International Courts in their academic ivory towers do seem to make very odd rulings. I do hope that they are not corrupt, but Sef Blatters next job may be in arbitration :)
Bad law: I haven't seen any documentation as yet, but you seem alone in reading a $100m award + restitution. Are you wrong or is it everyone else? I do hope that your right :)
Xmas eve or New Year's Eve. These lawyers have a twisted sense of humour. Interesting points expoused here recently by Vlad. Did Yukos really cause all this confusion and delay? It never occurred to me, but I hope so, the precedent for a strong award is there now in case law
The city seems to be in a post Xmas party stupor. Time to drop the hammer on the big decision, and scare the mm's sh**less.
Not sure that the UNCITRAL or BIT legal texts include a Santa "clause". :)