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Dramatische Wende im milliardenschweren Arbitration-Streit EuroGas – Slowakische Republik
Slovakia Likely to Face another Arbitration Due to Gemer Talc Deposit
BRATISLAVA, January 10 (SITA) – Slovakia will probably face another arbitration proceedings against the company EuroGas. Although in August, the Finance Ministry boasted the won arbitration against this company worth hundreds of millions of euros due to withdrawal of a license for talc mining in Gemerska Poloma, EuroGas can now sue the state again owing to a U-turn in EuroGas‘ bankruptcy proceedings, which has been canceled even despite the Finance Ministry’s efforts to enter it.
Moreover, according to EuroGas managing board chairman Wolfgang Rauball, the US authorities labeled the actions of the Slovak finance department as speculative, aimed exclusively at gaining an advantage in arbitration proceedings. The Finance Ministry was to buy for 6,000 USD controversial claims towards EuroGas allegedly worth several hundred thousand dollars in mid-August 2016, a plan signed by the Finance Minister Peter Kazimir. Subsequently, Slovakia represented by the Finance Ministry was to demand cancellation of the settlement agreement between the US bankruptcy office and EuroGas.
But in November last year, according to Rauball, the US Bankruptcy Appellate Panel dismissed the appeal of Slovakia, arguing that the Slovak Republic is not a participant in these procedures. According to Rauball, this verdict may lead even to bigger arbitrations against Slovakia. „The speculative and extremely dubious purchase of claims in August 2016 by the Slovak Finance Minister Peter Kazimir has now opened new and much bigger possibilities for EuroGas to sue the Slovak Republic at much larger scope than it has been so far,“ said the EuroGas chief.
SITA newswire has asked the Finance Ministry for its stance.
The decision of the ICSID arbitration tribunal regarding mining rights to Gemerska Poloma talc deposit in favor of Slovakia was handed down on August 18, 2017. The Ministry of Finance, which represents Slovakia in this arbitration proceedings, stated then that the tribunal in its decision accepted the jurisdiction objections raised by the Slovak Republic. The plaintiffs, Eurogas and Belmont Resources, claim that the Slovak Republic unlawfully deprived them of the talc deposit in Gemerska Poloma in 2005. In addition to administrative and court proceedings, the applicants have also initiated international investment arbitration.
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