Supreme Court of Ontario (Canada) didn’t satisfy the four lawsuits for the recovery of the shares of KyrgyzAltyn JSC in Centerra Gold Company, the press-service of JSC reported.
According to it, the Ontario Superior Court heard the case on the combined statements of claim of the Turkish Sistem Muhendislik Insaat Sanayi ve Ticaret Anonim Sirketi, Entes Industrial Plants Construction & Erection Constructing Co. Inc., Canadian company Stans Energy and Latvian citizen Valery Belokon on the recognition of the KR beneficiary shares of KyrgyzAltyn in Centerra Gold company and its recovery in the plaintiffs’ property on account of execution of arbitral awards against the KR. Ontario Superior Court, chaired by Judge Conway following consideration of the arguments of the parties made a decision to dismiss the claims of the four plaintiffs.
According to the procedural law of Canada, the parties have the right to appeal the judicial act.
In April 2011, Sistem Muhendislik Insaat Sanayi ve Ticaret Anonim Sirketi turned to Canadian court for the recovery of the shares of KyrgyzAltyn JSC in Centerra, basing on the arbitration decision on the case, connected with Ak-Keme hotel.
In October 2014, February and October 2015, Entes Industrial Plants Construction & Erection Constructing Co. Inc., Stans Energy and Valery Belokon turned to the Ontario Court with a similar lawsuit.
Kyrgyzaltyn noted that the interests of JSC in court proceedings were presented by Baker & McKenzie LLP law firm. (24.kg/Business World Magazine)
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