Russian Supreme Court Denies Stans Energy’s Appeal
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The Supreme Court of the Russian Federation has declined to hear Stans Energy Corp.’s appeal regarding the annulment of the ruling of the Moscow City Arbitrazh Court dated May 25, 2015 and the decision of the Moscow Regional Arbitrazh Court dated July 27, 2015.
These rulings set aside the award of the International Arbitration Court at the Moscow Chamber of Commerce and Industry dated June 30, 2014 (the MCCI award) through which Stans was awarded US$118,000,000 in damages.
All proceedings within the Russian Federation legal system have been exhausted.
Notwithstanding recent and past developments within the Russian Federation, Stans’ lawyers, Torys LLP, are expected to have a hearing in Q1 or Q2 of 2016 to seek recognition and enforcement of the US$118,000,000 award of the MCCI. Timing will depend on Ontario Court of Justice availability and other factors.
The UNCITRAL arbitration was commenced on May 13, 2015, when Stans delivered a notice of arbitration to the Kyrgyz Republic. The tribunal has been formed and the first procedural order issued.
About Stans Energy
Stans Energy Corp. is a resource development company focused on advancing rare earth and specialty metals properties focusing on areas of Central Asia and Russia. Stans acquired, among other things, the right to mine the past producing rare earth mine, Kutessay II, in the Kyrgyz Republic in 2009 and the right to mine Beryllium at Kalesay. Steps subsequently taken by the government of the Kyrgyz Republic wrongfully to deprive the company of those mining rights have required Stans to take the actions described above to protect the company’s rights and recover damages caused by the Republic’s wrongful actions.
To stop by Stans Energy’s website, CLICK HERE
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