Russian Supreme Court denies Stans appeal
Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the “Company”), reports that the Supreme Court of the Russian Federation has declined to hear the Company’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.
Enforcement and Recognition Proceedings before the Ontario Court of Justice
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. An update on these proceedings will be issued shortly.