Arbitration decision on claim of Stans Energy Corp. must be confirmed in the jurisdictions of the respective countries, center for Judicial Representation of the Government of the Kyrgyz Republic reported.
According to the center, the decision does not mean that the Kyrgyz side will automatically pay the arbitration amount. It must still be confirmed in various jurisdictions, that is, by the state judicial authorities of relevant countries.
“The government will certainly take and is already taking appropriate measures to appeal against the arbitration decision, which is always accompanied by lengthy legal proceedings”, the Center for Judicial Representation of the Government of the Kyrgyz Republic reported.
An analysis of the content of the arbitral decision dated August 20 is currently underway to develop a strategy for further action.
At the same time, the center’s argumentation includes the position that the rights to Kutessay II and Kalesay deposits were obtained through corrupt bribery of officials and legalization of funds through accounts of offshore companies, which gives reason to effectively counteract recognition and enforcement of the arbitration decision in any state in which the plaintiffs will try to execute it. (24.kg/Ukrainian metal)