The Conversation (0)
Stans Energy Corp. (TSXV:HRE,OTCQX:HREEF) announced that the Ontario Superior Court of Justice has set the company’s application hearing for its case against the Kyrgyz Republic and Kyrgyzaltyn JSC for June 29, 2015.
Stans Energy Corp. (TSXV:HRE,OTCQX:HREEF) announced that the Ontario Superior Court of Justice has set the company’s application hearing for its case against the Kyrgyz Republic and Kyrgyzaltyn JSC for June 29, 2015.
As quoted in the press release:
The Company’s attorneys, Bennett Jones LLP, have served and filed the Company’s required documents in support of its application for an order of the Court recognizing and enforcing the US$ 118,000,000 award of Moscow Chamber of Commerce and Industry (‘the MCCI’) dated June 30, 2014 (the ‘Award’), pursuant to the International Commercial Arbitration Act.
Stans’ application before the Court seeks an order recognizing and enforcing the Award against the respondents; the Republic and KJSC.
Ontario Court Justices Penny, Newbould (twice), Strathy and Wilton-Siegel, in granting or extending Mareva injunctions against the Republic and KJSC in this and other proceedings, have concluded that KJSC, at the behest of its sole shareholder, the Republic, will dissipate its substantial assets in Ontario (and the only exigable asset known to Stans that the Republic holds outside of that country) to avoid enforcement of arbitration awards. KJSC’s interest appeal in seeking to set aside the Mareva injunction will be heard by the Divisional Court on May 15, 2015.
Click here to read the full Stans Energy Corp. (TSXV:HRE,OTCQX:HREEF) press release.