DOCSLIB.ORG

Case 1:20-Cv-01795-ABJ Document 1-5 Filed 07/01/20 Page 2 of 280

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Case 1:20-Cv-01795-ABJ Document 1-5 Filed 07/01/20 Page 2 of 280 Case 1:20-cv-01795-ABJ Document 1-5 Filed 07/01/20 Page 2 of 280 PCA CASE NO. 2015-32 IN THE MATTER OF AN ARBITRATION UNDER THE LAW OF THE KYRGYZ REPUBLIC ON INVESTMENTS IN THE KYRGYZ REPUBLIC OF 27 MARCH 2003 AND IN ACCORDANCE WITH THE UNITED NATIONS COMMISSION ON INTERNATIONAL TRADE LAW RULES OF ARBITRATION OF 1976 -between- STANS ENERGY CORP. AND KUTISAY MINING LLC (“Claimants”) -and- THE KYRGYZ REPUBLIC (“Respondent”, and together with the Claimants, the “Parties”) __________________________________________________________ AWARD 20 August 2019 __________________________________________________________ Arbitral Tribunal Professor Karl-Heinz Böckstiegel (President) The Honourable Colin L. Campbell, Q.C. Mr. Stephen Jagusch, Q.C. Registry Permanent Court of Arbitration Secretary Dr. Dirk Pulkowski Case 1:20-cv-01795-ABJ Document 1-5 Filed 07/01/20 Page 3 of 280 PCA Case No. 2015-32 Award TABLE OF CONTENTS INTRODUCTION ........................................................................................................................ 1 A. THE PARTIES ............................................................................................................................. 1 B. THE TRIBUNAL’S TERMINOLOGY AND REASONING ................................................... 1 C. THE ESSENCE OF THE CLAIMANTS’ CASE ...................................................................... 2 D. THE ESSENCE OF THE RESPONDENT’S CASE ................................................................. 5 E. THE SCOPE OF THE PRESENT AWARD ............................................................................. 7 PROCEDURAL HISTORY ........................................................................................................ 8 A. COMMENCEMENT OF THE ARBITRATION...................................................................... 8 B. CONSTITUTION OF THE ARBITRAL TRIBUNAL............................................................. 9 C. WRITTEN AND ORAL PLEADINGS ON JURISDICTION ................................................. 9 D. AWARD ON JURISDICTION ................................................................................................. 14 E. WRITTEN PLEADINGS ON THE MERITS AND ANY REMAINING OBJECTIONS TO JURISDICTION .................................................................................................................. 15 F. HEARING ON THE MERITS AND ANY REMAINING OBJECTIONS TO JURISDICTION......................................................................................................................... 24 THE PARTIES’ REQUESTS ................................................................................................... 29 A. THE CLAIMANTS’ REQUESTS ............................................................................................ 29 B. THE RESPONDENT’S REQUESTS ....................................................................................... 33 SUMMARY OF RELEVANT FACTS..................................................................................... 34 A. RARE EARTH ELEMENTS MARKETS ............................................................................... 34 B. THE KYRGYZ REPUBLIC ..................................................................................................... 37 C. STANS ENERGY’S INVESTMENTS IN THE KYRGYZ REES SECTOR ....................... 38 1. Stans Energy’s Investments in the Kyrgyz Uranium Sector ............................................. 38 2. Acquisition of the Licenses for Kutessay II and Kalesay .................................................. 40 3. Operation Under the License Agreements.......................................................................... 55 a. License Agreements No. 1 ................................................................................................. 55 b. License Agreements No. 2 ................................................................................................. 62 4. Conclusion of the Kutessay II License Agreement No. 3 ................................................... 70 D. THE RESPONDENT’S MEASURES IN RESPECT OF THE LICENSES ......................... 77 1. 26 June 2012 Resolution ....................................................................................................... 77 2. Thirty-days’ Work Suspension Order of the Kutessay II License Agreement No. 3 ...... 81 E. ASIARUD REPORTS AND STANS ENERGY’S DISCLOSURE ........................................ 87 F. JUDICIAL PROCEEDINGS REGARDING THE VALIDITY OF THE GRANTING OF THE LICENSES ........................................................................................................................ 89 1. Proceedings Brought by the Prosecutor General Before the Inter-District Court of Bishkek Asking to Invalidate the 21 December Minutes (No 736-N-09) .......................... 89 2. Proceedings Brought by Baotou Before the Bishkek City Court Asking to Invalidate the SAGMR’s 2009 Decisions ..................................................................................................... 92 G. THE CLAIMANTS’ ARBITRATION BEFORE THE MCCI .............................................. 92 H. FORMAL TERMINATION OF THE LICENSES BY THE SAGMR ................................. 94 ii PCA 278376 Case 1:20-cv-01795-ABJ Document 1-5 Filed 07/01/20 Page 4 of 280 PCA Case No. 2015-32 Award JURISDICTION AND ADMISSIBILITY ............................................................................... 96 A. MATERIAL SCOPE OF JURISDICTION UNDER THE 2003 INVESTMENT LAW ..... 96 1. Whether Article 3(1) of the 2003 Investment Law Limits the Tribunal’s Jurisdiction to Claims Under the Substantive Provisions of the 2003 Investment Law .......................... 98 a. The Claimants’ Position..................................................................................................... 99 b. The Respondent’s Position .............................................................................................. 100 c. The Tribunal’s Analysis................................................................................................... 102 2. Whether International Treaties and General International Law Form Part of the Applicable Law Pursuant to Article 2(1) of the 2003 Investment Law .......................... 104 a. The Claimants’ Position................................................................................................... 105 b. The Respondent’s Position .............................................................................................. 108 c. The Tribunal’s Analysis................................................................................................... 111 B. WHETHER STANS ENERGY QUALIFIES AS “INVESTOR” HOLDING AN “INVESTMENT” UNDER THE 2003 INVESTMENT LAW ............................................. 112 1. Whether the 2003 Investment Law Protects Only “Direct Investments” ...................... 114 a. The Respondent’s Position .............................................................................................. 115 b. The Claimants’ Position................................................................................................... 116 2. Whether Stans Energy’s Participation in Kutisay Mining LLC Qualifies as a “Direct Investment” ......................................................................................................................... 117 a. The Respondent’s Position .............................................................................................. 117 b. The Claimants’ Position................................................................................................... 118 3. Whether Stans Energy’s Participation in Stans KG Qualifies As a “Direct Investment” ......................................................................................................................... 119 a. The Respondent’s Position .............................................................................................. 119 b. The Claimants’ Position................................................................................................... 120 4. The Tribunal’s Analysis ..................................................................................................... 121 C. WHETHER KUTISAY MINING LLC QUALIFIES AS AN “INVESTOR” HOLDING AN “INVESTMENT” UNDER THE 2003 INVESTMENT LAW ...................................... 122 1. Whether Kutisay Mining LLC Qualifies as an “Investor” ............................................. 122 a. The Respondent’s Position .............................................................................................. 122 b. The Claimants’ Position................................................................................................... 123 c. The Tribunal’s Analysis................................................................................................... 125 2. Whether Kutisay Mining LLC Qualifies as a “Foreign Investor” ................................. 125 a. The Respondent’s Position .............................................................................................. 125 b. The Claimants’ Position................................................................................................... 127 c. The Tribunal’s Analysis................................................................................................... 128 D. WHETHER THE CLAIMS SHOULD BE DISMISSED BECAUSE THE CLAIMANTS ACQUIRED THEIR INVESTMENTS THROUGH CORRUPTION ................................ 129
Load more

Recommended publications
  • Banking & Finance
    Local Knowledge for Global Business www.gratanet.com Local Knowledge www.gratanet.com for Global Business Banking & Finance GRATA International's Banking & Finance Group is a leading legal counsel in the area of capital markets, project finance and infrastructure projects development, and financial transactions in Central Asia and in Kazakhstan in particular. GRATA's rapidly growing Banking & Finance Group currently comprises over 10 professional lawyers, almost all with second law degrees from the UK, USA, or other leading Western universities. Our aim is to become a leading finance practice in the legal market of Central Asia. This means that GRATA's Banking & Finance Group aims to set the standard for legal support in capital markets, and in general for the finance sector, to monitor the needs of our clients online and to provide them with individualized legal solutions in order to help them carve out a leading market niche. The ability to provide legal services at the best value and our understanding of the local cultures of Central Asia are some of our strengths. We are proud that our clients, some of the largest local and international banks and companies from different industry sectors, have trusted GRATA’s knowledge and expertise for more than 20 years now. Prominent international legal rankings, such as Chambers & Partners, Legal 500, IFLR1000 and Asialaw profiles, regularly acknowledge GRATA’s Banking & Finance team as one of the leading practices in the region. GRATA's Banking & Finance Department has established effective cooperation with financial regulators across Central Asia and the Caucasus and with local and international stock exchanges, investment banks, international law firms, and consultants.
    [Show full text]
  • Central Securities Depository JSC
    Central Securities Depository JSC AAAnnnnnnuuuaaalll RRReeepppooorrrttt 222000000666 Almaty 2007 Annual 2006 Report of Central Securities Depository JSC Table of Contents I. SHAREHOLDERS AND CHARTER CAPITAL ............................................................. 3 SHAREHOLDERS ...................................................................................................................... 3 CHARTER CAPITAL.................................................................................................................. 4 II. DEPOSITORY ACTIVITIES............................................................................................ 5 CLIENTS .................................................................................................................................. 5 CLIENT ACCOUNTS AND SUB-ACCOUNTS ................................................................................ 7 NOMINAL HOLDING ................................................................................................................ 7 Summary............................................................................................................................. 7 State Securities ................................................................................................................... 9 Non-State Securities ........................................................................................................... 9 Securities Issued Under Foreign Laws ............................................................................ 10
    [Show full text]
  • Making the Most of Your IPO
    Making the most of your IPO April 2011 Agenda • Why? Where? • The process • The important bit: After 2 In a successful IPO, the underwriter/financial adviser ensures the professional execution of a transaction and helps to align an issuer’s objectives with market expectations and investor perceptions Why float? Underwriter / Financial Adviser Why invest? Corporate Finance Issuer Equity Capital Markets Investor Syndicate Business factors Equity Sales and Trading Company Raise funds Equity Research Convincing equity story Provide acquisition currency, Competent and experienced i.e. shares senior management Broaden shareholder base Establish “market price” Transaction Provide liquidity for existing Share Offer structure (size, ratio etc.) shareholders offering Stock exchange Soft factors Peer performance Increase financial and strategic flexibility Industry attractiveness Enhance public profile and Other advisers: credibility Legal Counsel Support management and Macro and geopolitical outlook Auditor employee incentive schemes Technical Advisers (engineers, geologists, geophysicists etc) Appraiser PR Adviser 3 A variety of stock exchanges and markets offer different advantages for issuers Deutsche Borse* NASDAQ OMX Nordic** MICEX RTS Number of listed companies: 755 Number of listed companies: 774 Number of listed companies: Number of listed companies: 75 250 Aggregate market cap: US$1,519bn Aggregate market cap: Aggregate market cap: US$1,070bn Aggregate market cap: US$1,070bn US$1,053bn KASE London Stock Exchange Number of listed companies: Number of listed companies: 1,416 109 NYSE Euronext (US) Aggregate market cap: Number of listed companies: Aggregate market cap: 2,318 US$6,342bn US$62bn Aggregate market cap: US$14,460bn AIM Number of listed companies: 1,174 Aggregate market cap: US$132bn NASDAQ OMX Number of listed companies: 2,773 Aggregate market cap: US$4,072bn .
    [Show full text]
  • 20 Years at KIMEP: a Remarkable Contribution To
    A Message from the President Dear friends, In its twenty year history, KIMEP has made a remarkable contribution to the development of the Republic of Kazakhstan. This document details this contribution. Some of the highlights include: Culture and Governance the development of a unique student success ‐focused culture based on core values of integrity, transparency, honesty and meticulous care for the well‐being of our students. a democratic governance structure that ensures that all stakeholders, especially students, have their voice heard in all major decisions a vibrant student culture packed with extra‐curricular activities that allows the practical development of leadership and organizational skills Impact on Economy and Society 8,000 graduates leading the development of the Republic in business and government continuing high demand for KIMEP graduates, with over 90% entering employment immediately on or before graduation a key incentive for international businesses to locate in Kazakhstan, particularly in Almaty close partnerships with the business community ensure continuing curriculum relevance and a steady supply of new employees Academic Programs unique programs based on the North American model that develop new knowledge, leadership capacity, critical thinking, analytical reasoning and problem solving skills teaching in English enables our graduates to operate successfully in the international business community KIMEP: Twenty Years of Contributions to Kazakhstan, 1 the only academic institute in Central Asia to receive level
    [Show full text]
  • Local Knowledge for Global Business
    Local Knowledge for Global Business www.gratanet.com Local Knowledge www.gratanet.com for Global Business Finance and Securities GRATA International's Finance & Securities Group is a leading legal counsel in the area of capital markets, project finance and infrastructure projects development and financial transactions in Central Asia and in Kazakhstan in particular. Our aim is to become a leading finance practice in the legal market. This means that GRATA International's Finance & Securities Group aims to set the standard for legal support in capital markets and in general for the finance sector, to online monitor the needs of our clients and to provide them with individualised legal solutions in order to help them carve out a leading market niche. The ability to provide legal services which offer value for money and our understanding of the local cultures of Central Asia are some of our strengths. We are proud that our clients, the largest local and international banks and companies from different industry sectors, have trusted GRATA International’s knowledge and expertise for more than 20 years now.. GRATA’s Finance & Securities Department has established effective cooperation with financial regulators, as well as with local and international stock exchanges, investment banks, international law firms and consultants, which allows us to provide clients with the best-in-class solutions for their needs. Our services: Aircraft, Maritime and Railcar Finance & Leasing; Bank and Corporate Lending; Banking & Insurance Disputes; Bond Offerings; Derivatives; Financial Services Regulation; Foreign Direct Investments; Mergers & Acquisitions; Debt Restructuring & Insolvency; Initial and Secondary Public Offerings; Insurance; Islamic Finance; Project Finance & PPP; Securitisation.
    [Show full text]
  • REPORT of the National Bank of the Republic of Kazakhstan for 2016
    REPORT of the National Bank of the Republic of Kazakhstan for 2016 Almaty, 2017 2 Contents Address of the Governor of the National Bank of the Republic of Kazakhstan ....... 3 Summary of the Annual Performance ....................................................................... 5 Section 1. Economic Development ........................................................................... 6 1.1. Development of the Global Economy............................................................. 6 1.2. Real Sector of the Economy ........................................................................... 7 1.3. Inflation and Inflationary Processes ................................................................ 9 1.4. Government Fiscal Policy ............................................................................. 11 1.5. Balance of Payments and External Debt ....................................................... 14 Section 2. Monetary Policy and Safeguarding Financial Stability ......................... 16 2.1. Monetary Policy ............................................................................................ 16 2.2. Exchange Rate Policy and the Foreign Exchange Market ............................ 18 2.3. Safeguarding Financial Stability ................................................................... 20 Section 3. Financial System: Status, Regulation and Supervision ......................... 23 3.1. Banking Sector .............................................................................................. 23 3.2. Insurance
    [Show full text]
  • The Central Asia Fellowship Papers No
    THE CENTRALThe ASIA FCentralELLOWSHIP PAPERS Asia Fellowship NPo. 1a, Octoberpers 2013 No. 1, October 2013 Regional Cooperation in Central Asia: Nurturing from the Ground Up Aitolkyn Kourmanova Aitolkyn Kourmanova is the head of the private consultancy Central Asia Strategic Management Group based in Almaty, Kazakhstan. She specializes in economic and regional issues, risk consult- ing, as well as media and knowledge projects. She was a Hubert Humphrey Fellow in 2011-12, and head of the Central Asia Institute for Economic Strategies from 2007 to 2011, where she launched a popular economic magazine, Vox Populi, and edited a quarterly academic business magazine, Economic Strategies – Central Asia. Aitolkyn holds a bachelor’s degree in international relations and earned her Executive Master of Business Administration degree from École des Hautes Études Commerciales de Paris (HEC Paris). She was a Central Asia Fellow from April to August 2013. THE CENTRAL ASIA FELLOWSHIP PAPERS NO. 1, October 2013 The countries of Central Asia have long been maintain and increase trade dynamics,”1 indi- unable and unwilling to develop regional co- cated a renewed—even if only theoretical— operation. Unwillingness to engage with com- interest of Central Asian elites in regional peting neighbors, inability to address emerg- cooperation. But even more important than ing conflicts around water and land resources, inter-state declarations are grassroots dy- borders or ethnic minorities, and a resulting namics, which will likely drive a more genuine failure to produce any kind of sustainable and powerful demand for regional coopera- regional cooperation platform, should be re- tion. garded primarily as a leadership failure.
    [Show full text]
  • CONSENSUS FORECAST Kazakhstan • July 2015
    CONSENSUS FORECAST Kazakhstan • July 2015 KAZAKHSTAN 2 CALENDAR 16 NOTES 18 PUBLICATION DATE 7 July 2015 FORECASTS COLLECTED 30 June - 6 July 2015 INFORMATION AVAILABLE Up to and including 6 July 2015 NEXT EDITION 4 August 2015 Contributors ARNE POHLMAN OLGA COSCODAN ANGELA BOUZANIS Chief Economist Economist Economist ARMANDO CICCARELLI CARL KELLY ROBERT HILL Head of Research Economist Economist RICARDO ACEVES TERESA KERSTING ERIC DENIS Senior Economist Economist Economist RICARD TORNÉ DIRINA MANÇELLARI MIRIAM DOWD Senior Economist Economist Editor FOCUSECONOMICS Kazakhstan July 2015 Kazakhstan Kazakhstan Outlook deteriorates Lackluster GDP growth in Q1 resulted from a slowdown in the agricultural and services sectors. Conversely, the industrial sector, buttressed by an increase in both the manufacturing and construction sectors, showed a notable improvement in Q1. Although the recession in Russia deepened in Q2, more recent data suggest that the Kazakh economy was more resilient at the outset of Q2. The short-term economic outlook, however, remains weak. The worsening of the crisis in Russia, together with LONG-TERM TRENDS | 3-year averages elevated perception of political risk and uncertainty over monetary and exchange rate policies, are likely to dampen bank lending and investment 2011-13 2014-16 2017-19 Population (million): 16.9 17.7 18.5 in the second half of the year. GDP (USD bn): 205 210 246 GDP per capita (USD): 12,126 11,858 13,267 GDP growth (%): 6.2 2.9 4.5 The government’s plan aimed at improving the country’s business and Fiscal Balance (% of GDP): -2.3 -2.7 -1.8 investment climate is expected to ramp up economic growth in the long Public Debt (% of GDP) 12.3 16.2 21.3 Inflation (%): 6.0 6.5 5.9 run.
    [Show full text]
  • Banking Finance.Pdf
    BANKING & FINANCE GRATA Law Firm's Banking & Finance Department is a leading legal counsel in the area of capital markets, project finance and infrastructure projects development and financial transactions in Central Asia and in Kazakhstan in particular. Rapidly growing, GRATA's Banking & Finance Department currently comprises over 10 local lawyers, almost all with second law degrees from the UK, USA or other leading western universities, the majority being based in Almaty (Kazakhstan) and others based in our Baku (Azerbaijan), It has particular Bishkek (Kyrgyzstan), Tashkent (Uzbekistan) and Ulaanbaatar strength in banking ” (Mongolia) offices. and finance, especial- ly project finance and Our aim is to become a leading finance practice in the legal market of Central Asia. This means that GRATA's Banking corporate finance. & Finance Group aims to set the standard for legal support ” in capital markets and in general for the finance sector, to Chambers Asia Pacific, 2013 online monitor the needs of our clients and to provide them with individualized legal solutions in order to help them carve out a leading market niche. The ability to provide legal services which offer value for money and our understanding of the local cultures of Central Asia are some of our strengths. We are proud that our clients, the largest local and international banks and companies from different industry sectors, have trusted GRATA's knowledge and expertise for more than 20 years now. GRATA's Banking & Finance Department has established effective cooperation with the financial regulators across Central Asia and the Caucasus and also with local and international stock exchanges, investment banks, international law firms and consultants, which allows us to provide our clients with the best-in-class solutions for their needs.
    [Show full text]
  • Eurasia Stnry.Pages
    8 July 2009 This is bne's Central Asian and Caucasus daily newsletter, a list of the top stories in region for the day. You can receive the list as a plain text or html email or as a pdf file. Manage your delivery options here: http://businessneweurope.eu/users/subs.php Eurasia TOP STORY 1. Uzbekistan: Initec wins €450m power plant modernisation contract 2. AFN undertakes stress test and calculates potential provisioning levels for Kazakh banks 3. Kazakhstan: Financial police not investigating Alliance’s Yertayev Eurasia Kazakhstan 4. Former BTA executive arrested in Moscow 5. Homebuyers protest construction delays in Almaty 6. JBIC and VEB to finance Aktobe metallurgic plant 7. Kazkommertsbank repays JPY25bn (US$264m) Eurobond on schedule 8. KazMunaiGas EP maintains its BB+ S&P rating On the website today 9. BRICKS & MORTAR: Kazakh banks hope for more funds from mortgage programme 10. Survey finds economic outlook for emerging Europe improves 11. The crisis for Central Europe's pension funds Eurasia Other Central Asia 12. Kyrgyzstan: Bakiyev signs off new Manas deal Eurasia Caucasus 13. Azerbaijan and European Union reach aviation deal 14. International currency reserves of Georgia decrease to USD 1 504 539 000 in June 15. Large salt plant to be opened in Azerbaijan this year 16. VTB Bank extends subordinate loan payment to VTB Bank Georgia by 5 years --************************************************************ Eurasia TOP STORY --************************************************************ 1. Uzbekistan: Initec wins €450m power plant modernisation contract bne July 8, 2009 Spanish energy company Initec has been appointed by Uzbekenergo to modernise the Navoi thermoelectric power station, UzDaily reports. The €460m project will include the construction of a combined-cycle plant at the Navoi power station, with capacity of 477 megawatts.
    [Show full text]
  • Kyrgyz Republic's Experience with Investment Treaties and Arbitration Cases
    Kyrgyz Republic’s experience with investment treaties and arbitration cases This publication has been made possible with support of CEE Bankwatch Network. This report has been produced with the financial assistance of the European Union. The content of this report is the sole responsibility of its authors and can under no circumstances be regarded as reflecting the position of the European Union. AUTHORS: Roeline Knottnerus and Ryskeldi Satke DESIGN: Brigitte Vos COVER PICTURE: Horst Machguth, Kumtor mine Published by Transnational Institute Amsterdam – www.tni.org July 2017 Contents of the report may be quoted or reproduced for non-commercial purposes, provided that the source of information is properly cited. TNI would appreciate receiving a copy or link of the text in which this document is used or cited. Please note that for some images the copyright may lie elsewhere and copyright conditions of those images should be based on the copyright terms of the original source. www.tni.org/copyright t ACKNOWLEDGEMENTS We would like to thank Fidanka McGrath and Pietje Vervest for their valuable contributions. 2 | Kyrgyz Republic’s experience with investment treaties and arbitration cases Introduction The Kyrgyz Republic currently faces investment claims in the proximity of 1 billion USD, arising out of investment dispute settlement cases. If these have to be paid out, this will have a serious impact on the public budget of a country where 32% of the population lives below the poverty line. Big cases have arisen out of the mining sector. Worldwide, investors in the mining and extractives industry are among the most frequent users of the investor-to- state dispute settlement system (ISDS).
    [Show full text]
  • August 23, 2012
    August 23, 2012 This is bne's Eurasia daily newsletter, a list of the top stories from the country. You can receive the list as a plain text or html email or as a pdf file. Manage your delivery options here: http://businessneweurope.eu/users/subs.php Eurasia TOP STORY 1. Kyrgyzstan’s ruling coalition collapses 2. Army fires on demonstrators in east Tajikistan 3. Gulnora Karimova rumoured to be behind MTS’s problems in Uzbekistan 4. Kazakhstan to support Kyrgyzstan’s Customs Union accession Eurasia Kazakhstan 5. Fitch Assigns Development Bank of Kazakhstan's Islamic Finance Programme, Notes Final 'BBB-' Rating 6. Four Dead in Kazakhstan Helicopter Crash 7. Halyk Bank - dividend policy on heels of state exit 8. MIE below expectations in 1H as Emir Oil development behind schedule Eurasia Other Central Asia 9. Kentor Gold raises US$20.5m in rights issue 10. Kyrgyzstan to conduct environmental audit of Kentor’s Andash project 11. Manas Petroleum sells half of its Petromanas stake 12. Turkmenistan: Dragon Oil – Relatively safe and boring, which is why we like it Eurasia Caucasus 13. Azerbaijan-based banks ranking for assets 14. Azerbaijan-based banks ranking for loan portfolio 15. Construction works in Azerbaijan rise 33% 16. OSCE warns South Ossetia against demolishing Georgian villages 17. Poverty increases in Armenia - Minister Other frontier markets 18. Mongolia News Update – Wednesday, August 22, 2012 19. Oyu Tolgoi ESIA published after long wait --************************************************************ Eurasia TOP STORY --************************************************************ 1. Kyrgyzstan’s ruling coalition collapses bne August 23, 2012 Kyrgyzstan’s ruling coalition collapsed on August 22 after two of its four members pulled out in a revolt triggered by the corruption scandal surrounding a racehorse alleged to have been given to Prime Minister Omurbek Babanov as a bribe.
    [Show full text]