Abkaz, that's fascinating, I wasn't aware that work on road was so advance by the Chinese. This article https://www.beltandroad.news/2019/12/21/georgia-gives-geopolitical-forecast-for-2020/ mentions Batumi and Poti and comments on Chinese economic influence on the area:
"Yet another actor for balancing out Russian geopolitical pressure will be China, with its economic role in the region. Tbilisi and Beijing in 2020 will strive to build deeper economic relations perhaps through investments and trade.
All trends show that China will continue seeing Georgia, with its Black Sea ports of Batumi and Poti, as a link for its massive ‘Belt & Road’ initiative.
However, it is also important to note that Chinese involvement in the region will surely continue to be limited only to economics. 2020 will still be early to say that the deeper Beijing involves itself in defending its assets around the world, the greater the possibility that China will eventually become a security partner in the South Caucasus."
It makes one wonder if the Chinese will invest in Anaklia as the Georgian Government is looking for a new investor:
https://www.beltandroad.news/2020/01/10/georgian-government-searches-for-new-investor-for-anaklia-port/
The geopolitical importance of Georgia is underscored by the Belt and Road Initiative, see:
https://www.beltandroad.news/2019/10/30/georgia-returns-to-the-old-new-silk-road/
"Thus, from a historical perspective, the modern Silk Road concept emanating from China arguably represents the biggest opportunity Georgia has had since the dissolution of the unified Georgian monarchy in 1490 when major roads criss-crossed the Georgian territory.
In the future, when/if successive Georgian governments continue to carry out large infrastructural projects (roads, railways, sea ports), Tbilisi will be able to use those modern ‘Silk Roads’ to its geopolitical benefit, namely, gain bigger security guarantees from various global and regional powers to uphold its territorial integrity."
The development of the Anaklia Port and subsequent connection to the new 'Silk Road' would be a tremendous boost to the economy and development of Georgia although I imagine that a certain bordering country would not be best pleased. In who's interest is it to undermine Georgia's territorial integrity, energy independence and economic development?
Cheers Looed, I too am not sure if these articles have been posted and apologies if they have. The first deals with the Top Five Priorities for the U.S.–Georgian Relationship in 2020 and the second reviews the letters form US Senators with links to other articles since November 2019:
https://www.heritage.org/global-politics/report/top-five-priorities-the-us-georgian-relationship-2020
https://civil.ge/archives/338910
Bernadotte, very interesting as it refers to the Energy Charter Treaty. According to https://en.wikipedia.org/wiki/Yukos:
The Permanent Court of Arbitration in The Hague ruled unanimously upon awarding compensation of $50 billion for the company's assets, that Yukos was the target of a series of politically motivated attacks by Russian authorities that eventually led to its destruction, and that Russia had expropriated Yukos' assets in breach of the Energy Charter Treaty. The treaty does not prohibit governments seizing or nationalizing commercial assets, but requires investors to be fairly compensated.
Reassuringly, Georgia is a member: https://en.wikipedia.org/wiki/Energy_Charter_Treaty which suggests that if GG expropriated FRR's assets, shareholders may have legitimate grounds for compensation.
Could Frontera have a friend in former Prime Minister of Georgia, Giorgi Kvirikashvili? He met with SN and Zaza four years ago with the main conversation topics were the perspectives of working in Georgia and the next steps of cooperation. During the meeting additional efforts of Georgian Government for the purpose of supporting company's future endeavours in Georgia were discussed.
http://newsday.ge/new/index.php/en/component/k2/item/15593-meeting-of-prime-minister-with-the-executive-director-of-ceo
He has been critical of the detention of Gigi Ugulava and recent political developments in Georgia.
http://georgiatoday.ge/news/19423/Former-PM-Responds-to-Detention-of-Georgian-Opposition-Leader-
http://georgiatoday.ge/news/18212/Former-PM%3A-November-14-Was-another-Step-towards-Govt’s-Delegitimization
https://globalarbitrationreview.com/article/1214525/telecoms-investors-accuse-georgia-of-extortion
https://icsid.worldbank.org/en/Pages/cases/casedetail.aspx?CaseNo=ARB/20/5
Claimant(s):
Covington & Burling, New York, NY, U.S.A.
Respondent(s):
President of Georgia, Tbilisi, Georgia
Prime Minister of Georgia, Tbilisi, Georgia
Ministry of Finance of Georgia, Tbilisi, Georgia
Ministry of Justice of Georgia, Tbilisi, Georgia
Ministry of Foreign Affairs of Georgia, Tbilisi, Georgia
Nice find Jonathan as it appears to have been posted yesterday. From looking at the video it appears to cover the present situation Frontera finds itself in, the USA criticism of Georgia and O&G processing which may or not be in Georgia. It would be very interesting to have a translation of the commentary.
I am reposting these youtube interviews by Zaza Okuashvili as I consider they are very pertinent to the position Frontera is in. They strongly suggest that the Omega Group has been subjected to the same forces, using similar methods in order to appropriate Frontera’s licence and assets. Note he took Omega’s case to the Stockholm Arbitration Tribunal and won but 1500 workers have lost their jobs.
Zaza Okuashvili won the court case against the Georgian government. 23 Apr 2019 https://www.youtube.com/watch?v=6RiKyd0P8OU
This interview paints a disturbing picture of the political situation in Georgia in which Frontera has to operate:
“Traitor Ivanishvili and Gakharia should be held accountable before the state and the law”. 14 Aug 2019 https://www.youtube.com/watch?v=krOy7-5xiCw
Zaza Okuashvili has also contacts in Washington:
Zaza Okuashvili was awarded in Washington. 23 Apr 2019 https://www.youtube.com/watch?v=0XZmBaaCs_w
There are more interviews which implicate Russia and the Dream Party in the schemes to disrupt the Omega Group: https://www.youtube.com/results?search_query=Zaza+Okuashvili+
Correction, my last post should have read:
Alleged "Traitor Ivanishvili and Gakharia should be held accountable before the state and the law"
This gives insight into what is going on in Georgia:
Traitor Ivanishvili and Gakharia should be held accountable before the state and the law 14 Aug 2019 https://www.youtube.com/watch?v=krOy7-5xiCw
More here: https://www.youtube.com/results?search_query=Zaza+Okuashvili+
Zaza Okuashvili was awarded in Washington 23 Apr 2019 https://www.youtube.com/watch?v=0XZmBaaCs_w
This is of particular interest:
Zaza Okuashvili won the court case against the Georgian government 23 Apr 2019 https://www.youtube.com/watch?v=6RiKyd0P8OU
Zaza Okuashvili talks about Government racketeering against Omega Group 22 Sep 2018 https://www.youtube.com/watch?v=fSbiPXoTKNA
Govt racketeering against Omega Group 20 Sep 2018 https://www.youtube.com/watch?v=1_kfrH8vuw
"Omega" did not cede 75% of the requested shares to the government which kept on racketeering “Omega” in response - In yet another secret conversation, the name of former PM Ivanishvili's close associate resurfaces as a potential middleman, the Rustavi 2 Channel reports
The Governments Scheme to Disrupt the Omega Group 20 Sep 2018 https://www.youtube.com/watch?v=SG_VbvnxZmo
Special statement by Iberia TV and Zaza Okuashvili 7 Sep 2018 https://www.youtube.com/watch?v=OfHIQ2cM39E
Malcy says "On the subject of management the new team are completely focused on reducing the costs of the business, remember what John Bell did with the cost base at Gulfsands. Such things as option awards instead of salaries, employee numbers and director numbers are being reduced and as I understand it non-executive directors are taking on additional workload. Nothing is sacred in cost cutting until the receipt of the farm-out money and probably afterwards."
I would like to know just what the board and management are actually doing to earn their wages (that most private investors dream about) when the company is at a standstill!
CF73, I have not seen any direct reference to Cairn in the either the Complaint or the Amended Complaint so if there has been alleged interference it does not look like it is an issue that will be presented in court. However, whatever caused FRR to delist, the Complaint makes it clear that FRR have information and belief that the Defendants purposefully took steps to cause FRC to be delisted from the AIM.
Ivy, as you say, Zaza did not know why Cairn resigned and it is fair to assume that he sought a new NOMAD so that FRR could remain on AIM. Cairn’s resignation did not by itself cause FRR to delist; it was the inability to appoint a new NOMAD that broke Rule 1 of AIM Rules for Companies. So on reflection, could the “steps” referred to in the Complaint relate to Hope’s activities after Cairn resigned which prevented the appointment of a new NOMAD?
Cheers Zen, yes you are right about the court case date and Nicandros's affidavit and it may not have been appropriate to present it at the hearing on 11/2/2019 following the delisting assuming evidence was available at that time. We do know that Joel Hankin's Exhibit 1 subpoena for discovery specifically requested all documents and communications exchanged between Hope, OMF, or Outrider Management and Cairn Financial Advisers LLP concerning FRC or FIC.
The Initial Complaint, Document 1, (kindly posted by daniel1son on Dropbox) filed on 14/04/2019 page 3 paragraph 17 and Document 6 filed on 24/4/2019 page 5/6 paragraph 19 states:
“Upon information and belief, unbeknownst to FRC and its officers, Defendants purposefully took steps to cause FRC to be delisted from the AIM Market of the London Stock Exchange with the goal of eliminating public capital markets as a potential source for FRC’s operations. Defendants were ultimately successful, and, on January 25, 2019, FRC was officially delisted and its shares were cancelled. As a result, Plaintiffs’ avenues for additional funding were severely limited and its financial prospects were diminished”.
I find this intriguing as from memory I don’t think this accusation was filed in the Caymen Court action. Could the evidence for this come from the discovery and relate to the resignation of Cairn? If so, would shareholders have cause of complaint against Hope and OMF as the delisting of FRR has prevented shareholders from trading, causing financial losses including CGT from having shares moved out of ISAs? Also, if this accusation is true, would delisting benefit Hope if he had shorted FRR?
The hearing was on 18 December, the same date Hope was scheduled to give evidence but this was delayed until 24 December, after the draft ruling on 20 December. Unfortunately we do not know when Joel Hankin issued the Subpoena to Hope, OMF and Outrider Management and how long it took before Hope testified and produced the information requested.
correction: 18 December. It's also worth noting that the draft ruling circulated on 20 December - over 7 weeks ago.
Zen, the Ex Parte application for discovery was granted on 16 November by the District Court so it questionable whether or not there was sufficient time before the Cayman Court hearing on 16 December for evidence to be uncovered that would support FRR's case against Hope.
Cheers StarRage. My post at 12:05 was intended to damp speculation this morning that the documents were deliberately missing because they contained info that was deliberately withheld. My post on ii was to give Devex more detailed info on the Ex Parte applications made in the District Court following his post on the 'Speculation!' discussion as I don't think he was aware of our posts on LSE on 26 December. I agree with you that the missing documents may not provide anything substantive but the documents you generously uncovered have been extremely useful to fill in the gaps of our understanding of what FRR has being doing to pursue the Court proceedings in the Cayman Islands.