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Gold/Mining/Energy : Kazakhstan minerals KMC.U -TSE -- Ignore unavailable to you. Want to Upgrade?

To: virginijus poshkus who wrote (32)	6/21/1998 11:58:00 PM
From: jack marshall	Read Replies (1) \| Respond to of 112

Cme across this on Yahoo. LONDON and NEW YORK, June 15 /PRNewswire/ -- A long-running legal battle between UK-based metals trader and producer, Trans-World Group, and its Kazak partner, Kazakstan Mineral Resources Corporation (KMRC) has taken an unusual turn as both sides battle to control ferro-alloy, alumina and iron ore production facilities in Kazakstan. Trans-World Group, which has recently won a court ruling in Rotterdam and last week appealed to have the matter of their dispute with KMRC referred to the International Chamber of Commerce in Paris, has issued a statement today saying, ''In an application to the Supreme Court of Kazakstan, KMRC appears to be asking for nothing less than that the companies concerned should be split in such a way that the assets would belong to KMRC and the liabilities, including the registered bank debt, should remain with Trans-World.'' Lovell White Durrant, legal counsel for Trans-World, has stated, ''KMRC is seeking to enlist the assistance of Kazakstan Courts in an attempt to defraud Trans-World and the bank which lent the money of their rights and assets. There must be considerable concern that Kazakstan Courts have been misled or at least have not been fully informed of the actual position. We are in little doubt that no court anywhere would allow themselves to be used to assist KMRC to effectively appropriate assets which do not belong to them and which is in complete disregard to the rights of the lending bank and the Trans-World Group.'' Trans-World is one of a number of western companies which have invested heavily in reviving ailing industries in the CIS, only to encounter major problems once plants are back in profit. Trans-World Group is a world leader in metals processing, marketing and trading. Its businesses include the production and distribution of aluminum, ferro-alloys, steel, other base metals, fertilisers and petrochemicals. It also is involved in shipping and cargo handling, engineering and infrastructure and finance. The Group is privately held and its businesses are financed internally and through bank credits. In 1997, its revenues were in excess of $6 billion. Assholes aren't they.