Stans Energy Comments on Entes Uncitral Arbitration Recognition by Ontario Superior Court of Justice
TORONTO, ON / ACCESSWIRE / February 28, 2017 / Stans Energy Corp. (TSX-V: HRE, OTC: HREEF), (“Stans” or the “Company”) informs its shareholders of a recent favourable decision by the Ontario Superior Court of Justice (the “Court”) to recognize the UNICTRAL Arbitral Award (the “Award”) of Entes Industrial Plans Construction & Erection Contracting Co. Inc. (“Entes”) against the Republic of Kyrgyzstan (the “Republic”).
In Entes v. Kyrgyz Republic, the Court recognized an international arbitral award for more than $22 million, which was granted in favour of Entes in 2015 by UNCITRAL Arbitral Tribunal on November 2016. The court found that to not grant recognition of the Award, the Award “must fundamentally offend the most basic and explicit principles of justice and fairness in Ontario or evidence intolerable ignorance or corruption on the part of the Arbitral Tribunal…. Examples of public policy grounds for refusing to enforce an arbitral award are fraud, corruption, bribery and similar serious cases…” stated Justice Conway in her decision.
Rodney Irwin, Stans CEO and President states, “Stans is eager to commence the merits phase of its’ UNCITRAL Tribunal to pursue a final and binding decision against the Kyrgyz Republic. The comments by the Ontario Court of Justice and other legal experts reassure management of the solid foundation of pursuing damages against the Republic before the UNCITRAL Tribunal. This is especially now evident when it comes to seeking recognition of UNICITRAL awards in Canada.”
In an article published on February 23, 2017, K. McCrystal and C. Chaisson comment, “the [Entes] decision confirms the Canadian courts’ adherence to the mandatory nature of the enforcement provisions in the UNCITRAL Model Law and New York Convention….Without clear evidence of one of the narrow grounds for refusing enforcement under Article 36 of the UNCTRAL Model Law, the Canadian courts will recognize and enforce international arbitral awards as court judgments. This deference to the arbitral process safeguards the finality of a tribunal’s decision and ensures that arbitral creditors can take advantage of the wide range of execution remedies available to judgment creditors.”
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Stans Energy
Stans Energy Corp. is a resource development company focused on advancing rare and specialty metals properties and processing technologies Stans is now transitioning into a supplier of materials and technologies that will assist in satisfying the future energy supply, storage and transmission needs of the world. Previously, the Company acquired, among other things, the right to mine the past producing rare earth mine, Kutessay II, in the Kyrgyz Republic Due to the expropriation actions taken by the Government of the Kyrgyz Republic, the Company is undertaking international arbitration litigation to protect the Company’s rights and recover damages estimated at over US$210,000,000, caused by the Republic.
We seek safe harbour.
Contact Details
Rodney Irwin
Stans Energy Corp
Interim President & CEO
rodney@stansenergy.com
647-426-1865
David Vinokurov
Stans Energy Corp
VP Corporate Development
david@stansenergy.com
647-426-1865
FORWARD LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, use of proceeds from the Offering, the completion of the Offering, the continued advancement of the company’s general business development, research development and the company’s development of mineral exploration projects. When used in this press release, the words “will”, “shall”, “anticipate”, “believe”, “estimate”, “expect”, “intent”, “may”, “project”, “plan”, “should” and similar expressions may identify forward-looking statements. Although Stans Energy Corp. believes that their expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statement. Important factors that could cause actual results to differ from these forward-looking statements include the potential that fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing and other risks disclosed in our filings made with Canadian Securities Regulators.
Nov 16/2016 OSCJ Ruling
SOURCE: Stans Energy Corp.
ReleaseID: 456193
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