World Wide Minerals, Ltd. Commences Legal Action Against
Kazakhstan
PR Newswire - May 13, 1998 10:46
WASHINGTON, May 13 /PRNewswire/ -- World Wide Minerals, Ltd. of Toronto, Canada and Nuclear Fuel
Resources of Denver, Colorado announced today that they have filed a legal action against the Government of
Kazakhstan in the Federal District Court in Washington, D.C. The complaint which was filed earlier today asks for
damages in the amount of 220 Million USD.
At the request of the Government of Kazakhstan (GOK), World Wide made substantial investments to mine
uranium for export purposes in Stepnogorsk, Kazakhstan. Under the contract with World Wide, the Government
of Kazakhstan promised access to its southern mines and export licenses for uranium sales. Both were denied and
as a result of not honoring obligations under its contract, the GOK has effectively expropriated World Wide's
original investment and also caused it to lose many millions more in expected earnings.
There have been repeated diplomatic attempts to resolve matters by U.S. and Canadian government officials, as
well as representatives of World Wide, including its chairman and CEO, Paul Carroll.
In the process, a number of promises have been made but none have been implemented by the GOK. Apparently,
the GOK reconsidered its decision to privatize the uranium industry. However, that does not justify the evasion of
legal obligations to World Wide or its subsidiary companies. Paul Carroll, CEO and Chairman of World Wide said,
"they have left us with no alternative but to bring legal action and we have done that today."
SOURCE World Wide Minerals, Ltd.
/CONTACT: Victoria Craig or Bob Richard, 202-333-8777, for World Wide
Minerals/ |
