Prairie Mining Ltd (LSE:PDZ) | RNS | Prairie Mining Ltd - June 2021 Quarterly Report proactiveinvestors.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from proactiveinvestors.com.au Daily Mail and Mail on Sunday newspapers.
Introduction
In the ongoing dispute between Ecuador and US energy multinational Chevron Corporation, The Hague District Court was again called upon to consider whether an award issued pursuant to the US-Ecuador bilateral investment treaty could be set aside. In 2006 and 2013 Ecuador had also attempted to set aside US-Ecuador investment treaty awards. Both proceedings were conducted up to the Supreme Court and resulted in the awards being upheld.(1)
At first glance, the award rendered is quite remarkable as the tribunal did not award any damages. Instead, it ordered Ecuador to immediately suspend the enforceability of a fraudulent national judgment. An award of remedies other than monetary damages, although permitted, is unusual in investment arbitration, to the extent that questions have arisen as to whether it is actually possible.
Introduction
France is an arbitration-friendly jurisdiction with a positive attitude towards enforcement of international arbitral awards. The enactment of Decree 2011-48 of 13 January 2011, which reformed French arbitration law, reinforced this positive approach.
One of the major innovations of Decree 2011-48 was Article 1526 of the Civil Procedure Code (CPC). Pursuant to said article, a motion to set aside an international arbitral award or an appeal against an order granting such award s enforcement (
exequatur) no longer leads to an automatic stay of execution of the international arbitral award.
However, this innovation is accompanied by an important safeguard: if the international award s enforcement is likely to severely harm the rights of one of the parties, the first president of the court of appeal ruling in expedite proceedings or the pre-trial judge overseeing the case, once appointed, may stay or amend the award s enforcement (Article 1526(2)).(1)
Prairie Mining Limited (Prairie or the Company) is pleased to present its Quarterly Report for the period ending 31 December 2020.
· International arbitration claims (Claim) against the Republic of Poland under both the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty (Treaties) ongoing with the proceedings having now been constituted and a quantum expert being appointed by the Company during the quarter.
➢ Prairie alleges that the Republic of Poland has breached its obligations under the Treaties through its actions to block the development of the Company s Jan Karski and Debiensko mines in Poland.
➢ The Republic of Poland s actions have deprived Prairie of the entire value of its investments in Poland.