26th March 2019 Yawn TO ALL CREDITORS & SHAREHOLDERSOXUS GOLD PLC (THE COMPANY - IN ADMINISTRATIONSTATEMENTWe refer to the decision of the Paris Court of Appeal (the Court of 31 October 2017.This decision dismisses Uzbekistans appeal against the Court Order of 19 January 2017 which rejected Uzbekistans admissibility objection against the Companys Partial Annulment Application and confirms that Order.The Court also ordered Uzbekistan to pay EUR 8,000 of costs on the basis of Article 700 of the French Code of Civil Procedure.The Court has now set a timetable for submissions on the merits of the Companys Partial Annulment Application and has also set the hearing date for 26 March 2019. The Administrators had hoped to obtain an earlier date for the hearing, but this degree of delay is not unusual in the Court. However, we are pleased that Uzbekistans technical objections to the admissibility of the Companys Partial Annulment Application have been dismissed in their entirety and that the proceedings on the partial annulment of the Award may now proceed.Following the hearing on the merits of the Companys Partial Annulment Application, we would expect a final decision to be issued by the Court in mid to late 2019, which is later than we had been anticipating.We regret that no further information can be given at this stage regarding these proceedings.This statement is dated 15 November 2017 and is given by:Oxus Gold Plc In AdministrationActing by its Administrators as its agents and without personal liability
Re: Richard Vaughan Lindsay Wilkins Thanks for the Hold rec. , had thought I might sell these but I'll hold on for now .
Richard Vaughan Lindsay Wilkins Phoenix Global Mining ;Current and Proposed Board on Admission: Marcus Elliott Sturdee Edwards-Jones, Non-Executive ChairmanDennis Leslie Thomas, Chief Executive OfficerRichard Vaughan Lindsay Wilkins, Chief Financial OfficerRoger William Turner, Chief Technical Officer and Non-Executive DirectorAndre Cohen, Non-Executive Direct
Re: BDO update Going to drag on until 2018 , all is not lost yet . New update folks ..[link]
Re: BDO update Pug, that's right regarding the £20m or a bit more figure. There are very few creditors aside from Calunius and those that exist have small claims.Richard Shead is active in lobbying or liasing with the administrators to try and ensure all parties interests are protected.Nobull is right to say that only 20% of parties seeking an arbitration decision anullment in the French courts succeed. I wouldn't say that translates into Oxus only having a 20% chance of success. It's perhaps wishful thinking on my part, but the fact that the Company had seemingly open-ended time to appeal might reflect that the appeal is being made on very strong grounds. Oddly, the time limit went from the administrators specifying 'end of the month' to seemingly no time limit whatsoever.It will take a long time and an appeal is unlikely to be made before year end although there's a large element of guess work in that due to the scarcity of information.Once this reaches the French courts there should be more transparency and information available. Nobody other than Calunius, the lawyers and administrators knows the grounds for appeal.It may be in Calunius's interests to keep funding the administration because if Oxus went into liquidation the claim might be so good that someone might buy it. Calunius, understandably, will act in their own interests and, as pointed out, we don't know if they are funding matters to get the Uzbeks to cough up their circa £10m or, alternatively, perhaps they have sufficient information and confidence to pursue it for the full distance with potential positive knock-on benefits for shareholders.The part of French Law that appears to allow an appeal and may be applicable to Oxus relates to if a decision is against 'international policy'. Nobody is completely clear on the scope that gives in relation to Oxus's case. This is just guess work and mad eon the basis that none of the other reasons for appeal - due process failures etc - appear to apply.The fact that the arbitrators supported their decision incorrectly by stating that Oxus received a dividend ($60m?) relating to Uzbek operations is inexplicably inept, significant and strange. The idea of arbitration is to keep things away from the national courts and it appears factual errors alone are insufficient justification for appeal. I hope and assume the 'international policy' option (or whatever grounds the lawyers have founded the appeal case on) opens up the opportunity for this issue to be raised. Rejecting the expropriation on false reasoning dressed up as 'fact' is bizarre and, although I could use other potentially libellous words, let's say 'curious'.There was some discussion on getting investigative journalists on the case. Obviously firms specialising in this are expensive, however, there are free options and I intend to contact Private Eye and also any similar magazines in France and the U.S. Perhaps the former Ambassador to Uzbekistan, Craig Murray, might wish to cover the story and have a few contacts. In most instances I don't think any magazine would want to cover a failed arbtration for a small resources company, however, there is an international angle with regards to the U.S. having reason to avoid any instability or political fall-out in Uzbekistan. That combined with the 'curious' errors might make someone want to take a closer look. The human rights issue with Said Ashurov might be of interest to journalists such as Jon Pilger. No harm in trying before adapting a long-term wait and see approach to this.So, in short, it will be a long process and there is an an absence of clear information presently to assess both time and prospects for a return. It's best not to raise expectations but there remains a chance of a return but it's not going to come quickly. I'll be awaiting the start of proceedings in the French courts with keen interest to see the basis of the appeal.
Re: BDO update Some interesting chat on ADFVN, a little glimmer of hope, if we all live long enough.
Re: BDO update Proceedings already initiated to set aside Final Award. Wouldn't be spending money doing that unless there was experienced senior Counsel opinion that there were good prospects of success and a far larger Final Award. Must have been some real irregularities with the initial decision. Who would have thought?
BDO update Possible appeal[link]
LouisJames LouisFollowed your suggestion with HOC. Turned out nice! What else are you looking at?
Fat Lady Starting to wonder why she hasn't sung yet . Life support should have been turned off by now .Why not ?
Re: Award Report leaked As far as I know there are no appeals for UNCITRAL arbitration decisions. They key thing is that the report doesn't highlight any wrong doing on the part of Oxus, thus the majority decisions smells rather bad, as does not appear sound as there clearly was no skeleton in the Oxus cupboard. Doubt there is any further legal recourse. Just a failed legal system, or bribed panelists.
Re: Award Report leaked Thanks John. Report is very interesting, but don't see any grounds for appeal.
Re: Award Report leaked not on the mobile app anymore. But still on the website. FreeBB and "Valirx 18th May 2015 and Beyond" thread.
Re: Award Report leaked JohnWhere is the oxus page on advfn?
Re: Award Report leaked care of alcopop on advfn www.law360.com/articles/782954/uzbekistan-escapes-nearly-all-of-1-3b-claims-by-oxus-goldIf you register with law360 using the link above, then underneath the summary of the arbitral tribunals judgement are direct links to 2 pdf documents on the law360 site ; the full 400 page Final Award and also Lalondes Dissenting Opinion.