METAL-TECH LIMITED 
By 9 December 2011
Metal-Tech Ltd. ("Metal-Tech" or "the Company") Update on arbitration case against the Republic of Uzbekistan
Further to the announcement on 7 December 2011, Metal-Tech is
pleased to announce that 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") is to
proceed as scheduled on 23 January 2012 following the
Tribunal's decision to reject the Respondent's request to
postpone the hearing.
Metal-Tech is seeking damages because it claims that
Uzbekistan breached its obligations by denying Uzmetal
Technology necessary inputs of molybdenum concentrate in
mid-2006, thereby forcing the joint venture to become idle
for lack of raw materials to process. The damage to
Metal-Tech was exacerbated when Uzbekistan and its
state-owned companies (which owned the other 50 percent of
Uzmetal Technology) later forced the joint venture into
bankruptcy and eventual liquidation.
Aik Rosenberg, Executive Chairman and CEO of the Company,
said: "We are delighted with this decision from the
Tribunal to continue with the hearing as planned. The
Israel-Uzbekistan Bilateral Investment Treaty protects
Israeli investors in Uzbekistan from actions such as those
taken against Metal-Tech. Under that treaty, Metal-Tech has
the right to seek redress from Uzbekistan through binding
arbitration. This was an action we had to undertake having
exhausted all other avenues. We will continue in our efforts
to ensure that the Republic of Uzbekistan answers our claims
in front of the Tribunal without delay."
Ariel (Aik) Rosenberg
Panmure Gordon +44 20 7459 3600
Aubrey Powell/Hannah Woodley
Charles Leigh-Pemberton
Harry Chathli, Alexis Gore
| distribué par | Ce noodl a été diffusé par Metal-Tech Ltd. et initialement mise en ligne sur le site http://www.metal-tech.co.il. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2011-12-10 11:26:33 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
| Documents associés | |
| Update on arbitration case against the Republic of Uzbekistan 09.12.2011 |
