looed25 Aug 2022 07:41
Frontera Resources Georgia Corporation should be ordered to pay the equivalent of 5,800,000 ( five million eight hundred thousand ) US dollars in GEL in favor of the plaintiff " Green Capital " LLC .
" Green Capital " LLC ( S / N 402052372) will be assigned to " Frontera Resources Georgia Corporation " from August 27, 1997, until August 27 , 2022 , Dedoplisqnaro , Sighegnaro , according to the agreement on the share distribution of products and the study of the processing plant of June 24 , 1997 . Exclusive right to conduct oil and gas operations in the territory of Sagarejo , Gurjaani , Marneuli and Gardabani ( geological area on the plan - 5060 ( five thousand sixty ) sq.m. ) .
" Green Capital " LLC will be recognized and registered as a party to the " Agreement on Share Distribution of Products and Study of the Refinery " dated June 24 , 1997 .
LLC " Frontera Eastern Georgia " ( S / N 204905674) as the owner of a 50% share instead of " Frontera Resources Georgia Corporation " should be recorded and registered in the public register " Green Capital " LLC ( S / N 402052372).
The aforementioned decision entered into legal force on the same day, and on April 1, 2021, an enforcement document was issued according to which:
On April 20, 2021, a joint application of JSC "Georgian Oil and Gas Corporation" and LSC "State Agency of Oil and Gas" was presented to the court, requesting the annulment of the decision of March 31, 2021, which was granted by the court on April 27, 2021. In addition, the court, by its ruling of April 26, 2021, applied the following security measures:
1.1 The restructured 50% share of "Green Capital" LLC in the charter capital of "Frontera Eastern Georgia" LLC was seized, and "Green Capital" LLC was prohibited from selling/disposing of it and/or encumbering it in any form.
1.2 "Green Capital" LLC (including Frontera Eastern Georgia LLC, its designated persons), the Georgia branch of "Frontera Resources Georgia Corporation" and "Frontera Eastern Georgia" LLC are prohibited from directly and/or through subsidiaries and/or third parties, Sale/disposal of extracted oil and gas and real and movable property intended for oil and gas operations and owned by "Frontera" "branch" and "Frontera Eastern Georgia" LLC at the time of the "March 31 decision" and the title and seizure of the indicated oil and gas and other property.
1.3 The enforcement of the writ of execution dated April 1, 2021, issued on the basis of the decision of March 31, 2021, was suspended. As mentioned, Green Capital, as well as Frontera, were banned from selling oil and gas.
We would like to remind you that the lawyers of "Green Capital" LLC appealed the said decision to the Tbilisi Court of Appeal, however, the Court of Appeal also made an unprecedented decision and refused to satisfy our complaint and left in force the vague and illegal decision of April 26, 2021 and the writ of execution issued on its basis.