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Uranium One Inc. announced that the Special Inter-District Economic Court for the City of Astana (Republic of Kazakhstan) on March 26, 2014 issued an order having the effect of invalidating the original transfers in 2004 and 2005 from Kazatomprom to the Company’s Betpak Dala and Kyzylkum joint ventures of the subsoil use contracts for the Akdala, South Inkai and Kharasan fields.
Uranium One Inc. announced that the Special Inter-District Economic Court for the City of Astana (Republic of Kazakhstan) on March 26, 2014 issued an order having the effect of invalidating the original transfers in 2004 and 2005 from Kazatomprom to the Company’s Betpak Dala and Kyzylkum joint ventures of the subsoil use contracts for the Akdala, South Inkai and Kharasan fields.
According to the company’s press release:
While the proceedings before the Court were held behind closed doors and only limited information has been made available, Uranium One understands that the ruling was made orally in proceedings brought by the State Prosecutor of the Saryark District of the City of Astana against Betpak Dala, Kyzylkum and Kazatomprom, among other parties, and relates to events which occurred two to three years before Uranium One acquired its interest in the two joint ventures.
Click here to view the full press release.