Business
Arbitration Update - Submission of Reply
LONDON, ENGLAND / ACCESSWIRE / November5, 2018 / GabrielResources Ltd. ("Gabriel" or t...
About this update from Gabriel Resources Ltd.
[{"type":"text","content":"Arbitration Update – Submission of ReplyLONDON, ENGLAND / ACCESSWIRE / November5, 2018 / GabrielResources Ltd. (\"Gabriel\" or the \"Company\") announces that it has submitted itsReply and counter-memorial on jurisdiction (\"Reply\") in its arbitration againstRomania under the rules of the International Centre for Settlement ofInvestment Disputes (\"ICSID\") part of the World Bank (\"ICSID Arbitration\").The Reply, Gabriel'ssecond substantive written pleading in the ICSID Arbitration case, sets out a comprehensiverebuttal of the legal and factual contentions raised in the Counter-Memorial filedby Romania on February 22, 2018 (\"Counter-Memorial\") and includes Gabriel'sresponse to Romania's supplemental preliminary objection to the jurisdiction ofthe tribunal (\"Tribunal\") appointed to adjudicate the ICSID Arbitration (\"JurisdictionalChallenge\"). The Reply wasfiled in accordance with established procedural orders (\"Procedural Orders\") ofthe Tribunal, including a recent revision to the calendar that now includes thefollowing amended dates:Comments on submissions by non-disputing parties(if any are admitted by the Tribunal) by January 18, 2019Romania to file its response to the Reply(\"Rejoinder\") and its reply on the Jurisdictional Challenge by May 10, 2019Gabriel to file its rejoinder with regard tothe Jurisdictional Challenge by June 14, 2019A hearing on jurisdiction and the merits of theclaim before the Tribunal from December 2 to 13, 2019.A redactedversion of the Reply will be published on the ICSID website in due coursefollowing the completion of a process prescribed by certain Procedural Orders.Dragos Tanase, Gabriel'sPresident and Chief Executive Officer, stated:\"The Roșia Montană Project met all of the applicablerequirements for the issuance of the key environmental permit, yet ultimately theRomanian Government unlawfully blocked the permitting process. The Reply highlightsthe abundant, contemporaneous evidence establishing Romania'sliability-creating conduct, which its Counter-Memorial fails to rebut, and unequivocallysubstantiates the factual and legal grounds of our claim, detailed in Gabriel'sJune 2017 Memorial that assessed the damages caused by Romania, with accruedinterest, at US$4.4 billion. Given the passage of time since the Memorial, andinterest continuing to accrue on the damages, t...