RE: Translation #9, News segment, 23/06, 5.30m, US$36.0525 Jun 2020 01:48
Pt.2
J1 - Nino, as far as I know, you also talked to the general director of the company. I wonder what their position is on the offer of the Georgian side?
J2 - Nika, of course, when we heard this statement from the Ministry of Economy, we contacted the company "Frontera" and talked to the CEO of the company. As Zaza Mamulaishvili told us, a few days ago the company received a message from the Ministry of Economy that they wanted to make a certain offer to the company, but in the end, the company still learned from the media that the Georgian government would compromise. As Zaza Mamulaishvili tells us, the company continues to operate in Georgia and the decision of the arbitration is not such as to be the basis for termination of this contract. As Zaza Mamulaishvili explains, the company has already returned part of the land. As for the amount to be paid, the Georgian government itself has certain amounts to pay to the company, which refers to the return of overpaid VAT, so it is possible to deduct these funds to some extent. The company hopes that the meeting will take place and the company will continue its activities, as the Georgian side has no right to terminate their contract by the decision of the arbitration.
Zaza - We first heard in the press that they wanted to meet, but it is unclear what the purpose of all this is because in the same address they continued to spread false information about the results of international arbitration, our activities and the contractual obligations under which we work. If they think that they are expropriating our investments, then we will find ourselves in a different reality, but they do not have the right to do so by law and contractually. So it is still unclear what they are asking for because we are still working. We have not stopped working for a minute, although we have reduced the volume / scale of work due to these current events, but we have not stopped. And, legally, they can't stop on 27 either. The main demand they had was that we be fined more than $ 100 million, which the arbitration did not satisfy, and they also wanted to cancel the contract for us, and the arbitration also refused. But what the arbitration has imposed us is to return the areas where we do not extract oil and gas to the agency again, and we did that about a month ago.