Stans Energy Requests $118 Million from Kyrgyz Republic

Stans Energy Corp. (TSXV:HRE,OTCQX:HREEF) announced that it has sent a letter to Djoomart K. Otorbaev, prime minister of the Kyrgyz Republic, requesting payment of US$118,206,056.80.

Earlier this month, the Arbitration Court at the Moscow Chamber of Commerce and Industry ruled in favor of Stans to recover a total of US$118 million from the Kyrgyz Republic’s government. David Vinokurov, vice president of corporate development at Stans, told Rare Earth Investing News that the decision gave Stans the power to either get back its license for its Kutessay II heavy rare earths project or collect $118 million.

As quoted in the press release:

According to Article 56 of the Arbitration Rules of the Arbitration Court at the Moscow Chamber of Commerce and Industry (the ‘Tribunal’);  ‘the award of the Tribunal shall enter into force on the date of making the award.  The award of the Tribunal shall be final and binding on the parties and is not subject to appeal. Parties are under an obligation to voluntarily execute the award of the Tribunal.’

Therefore, the award of the Tribunal entered into force on June 30, 2014. This date shall be final and binding for execution by the Kyrgyz Republic. Should the Kyrgyz Republic not respond to the request for payment, the Company will begin seeking redress through other avenues.

Click here to read the full Stans Energy Corp. (TSXV:HRE,OTCQX:HREEF) press release.