DGAP-News: EuroGas AG: EUROPEAN INVESTMENT-FUND FINANCED BILLION-LAWSUIT OF EUROGAS GROUP AGAINST THE SLOVAK REPUBLIC
(firmenpresse) - DGAP-News: EuroGas AG / Key word(s): Corporate Action/Alliance
EuroGas AG: EUROPEAN INVESTMENT-FUND FINANCED BILLION-LAWSUIT OF
EUROGAS GROUP AGAINST THE SLOVAK REPUBLIC
06.11.2012 / 07:58
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EuroGas Aktiengesellschaft
Zürich / Schweiz
CH-300.3.016.275-3
Handelsregisteramt des Kantons Zürich
ISIN: CH0104931073 - WKN: A0YA16
Zürich, den 6. November 2012
AdHoc - Information
EUROPEAN INVESTMENT-FUND FINANCED BILLION-LAWSUIT OF EUROGAS GROUP AGAINST
THE SLOVAK REPUBLIC
We are pleased to announce that the EuroGas Group (EuroGas) has secured
financing to pursue its previously announced legal action against the
Slovak Republic for damages and interest relating to the illegal 2005
expropriation of the Gemerska Poloma talc mine, located in Roznava, which
belonged to EuroGas 'affiliate, Rozmin s.r.o.
The damage claim that will be presented before the International Centre for
Settlement of Investment Disputes (ICSID) against the Slovak Republic is
being prepared and EuroGas has notified the Slovak Republic of the pending
action. In order to pursue this legal remedy, EuroGas had to obtain a
financing in order to pursue its claim, a process that is expected to
involve significant legal expense.
On September 26, 2012 EuroGas entered into a financing agreement with a
Luxembourg based investment fund (the Fund) that specializes in financing
arbitration proceedings.
After having examined the damage claim proposed by EuroGas and evaluating
its prospects for a successful outcome, the Fund agreed to finance all
legal costs related to the proceeding, confident in the merit of the claim.
The damage claim against the Slovak Republic is based principally on the
definitive ruling of the Slovak Supreme Court, issued on May based 18,
2011, which stated that the repeal of the license was illegal and fraught
with numerous irregularities committed by the Mining Administration of the
Slovak Republic. However, this decision has not been enforced, which has
caused EuroGas to incur in excess of EUR 1,000,000,000 in damages.
The Fund's financial backing of EuroGas will insure that it will have the
means to vigorously pursue its damage claim before the international
arbitration institution ICSID.
Wolfgang Rauball
Präsident des Verwaltungsrats
EuroGas AG
Zürich/Schweiz, Bahnhofstrasse 52
office(at)eurogas-ag.com
www.eurogas-ag.com
End of Corporate News
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Datum: 06.11.2012 - 07:58 Uhr
Sprache: Deutsch
News-ID 199799
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