7 December 2011
Metal-Tech Ltd. ("Metal-Tech" or "the Company") Update on arbitration case against the Republic of Uzbekistan
The Company provides an update on its ongoing arbitration
case before a Tribunal of the International Centre for
Settlement of Investment Disputes (the "Tribunal")
against the Republic of Uzbekistan (the
"Respondent").
As stated previously, Metal-Tech filed a Request for
Arbitration against the Republic of Uzbekistan asserting that
country's unlawful treatment of Metal-Tech's 50% investment
in UzMetal-Technology, a joint venture to produce
high-quality molybdenum products. The Request for
Arbitration, filed with the International Centre for
Settlement of Investment Disputes (ICSID) based in
Washington, D.C., asserted Uzbekistan's breach of the Israel-
Uzbekistan Bilateral Investment Treaty, as well as violations
of various standards of treatment under international law and
Uzbek legislation.
The Respondent has requested that the Tribunal defer the
hearing currently scheduled to begin on 23 January 2012. The
Respondent alleges that it has recently become aware of
details concerning a criminal investigation by the Prosecutor
General's Office of several companies and
individuals involved in unlawful activities in which Uzbek
Government officials, Metal-Tech and Uzmetal have been
implicated. The Respondent acknowledges that the full scope
of the investigation (which could take several months to
complete) and the targets are not known at this time.
The Company will not only strongly oppose the
Respondent's application to delay the opening of the
hearing but will also defend itself vigorously against any
such actions if brought.
As part of its request to delay the hearing, the Respondent
alleges that the investigation has uncovered a criminal
enterprise involved in kickback payments to individuals that
included Government officials and individuals affiliated with
Metal-Tech and Uzmetal. The Respondent argues that the
Tribunal hearing should be deferred until it has analysed any
evidence received from the Prosecutor General's Office and
both parties have had an opportunity to make written
submissions.
Metal-Tech first became aware of the allegations when the
Respondent made its request for the hearing to be deferred.
Metal-Tech has not been approached by the Prosecutor
General's Office in relation to such allegations. Metal-Tech
firmly believes that the Respondent is using delaying tactics
and any such allegations may be linked to its bringing of the
arbitration proceedings before the Tribunal.
Further updates will be provided in due course.
Ariel (Aik) Rosenberg
Panmure Gordon +44 20 7459 3600
Aubrey Powell/Hannah Woodley
Charles Leigh-Pemberton
Harry Chathli, Alexis Gore
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Update on arbitration case against the Republic of Uzbekistan 07.12.2011 |