TSXV: EOX
www.euromaxresources.com
Following this decision, which was delivered to the Company on
The discrepancy in the Government's rationale for its withdrawal of the merger approval is clear: the Government claimed that a period of 25 days was an "unduly long" period for signing the new concession agreement, and yet the timeframe specified in the Minerals Law for concluding a new concession agreement is 60 days. Not only does the Government's rationale directly contradict the prevailing legal framework governing such matters, but the process for signing the new concession agreement was in the control of the Government's
The Company has already filed a letter notifying Government of a dispute under the Swiss-Macedonian bi-lateral investment treaty. Through the filing of this dispute notification, the Company has initiated the process of seeking damages which have arisen from arbitrary and inconsistent decisions made by state institutions. Whilst international arbitration has never been the primary focus of the Company's business in
Euromax will continue to navigate these legal challenges as each arbitrary and conflicting decision from the Government or the courts adds further evidence of mistreatment by state institutions and strengthens the Company's case for international arbitration. The Company remains steadfast in its commitment to upholding its rights and interests, ensuring fair treatment, and seeking a resolution that aligns with principles of justice and equity.
"We are deeply disappointed by the Administrative Court's decision, which once again demonstrates a disregard for the applicable laws and an unwarranted deference to the Higher Administrative Court. It is concerning to witness such a pattern of judicial oversight, especially when international investors' rights are at stake. The persistent disregard for
We cannot stand idly by as our rights are trampled upon, and our investments undermined. We remain steadfast in our resolve to protect our investment and uphold the rule of law, and we will utilize all available legal avenues to hold the Macedonian Government accountable."
Euromax has a major development project in
Forward-Looking Information
This news release contains statements that are forward-looking. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the dates the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward- looking statements. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company, including its annual information form for the year ended
Neither the
SOURCE
© Canada Newswire, source