AVZ Discussion 2022
- Thread starter GazDix
- Start date
I woke the wife up same way
Rediah
Regular
Same here and I did upset the dog too.
Then I realised I dont have a wife nor a dog.
It was embarrassing.
I love it , no matter how fucked up our situation is it will never affect our humor , there are a few countries need to see this ,
Re: DIG Oil (DIG)versus the DRC
This issue is not so different from the DRC's breach of the Dathcom Agreement, lack of due process, failure to follow the mining code, corruptly employing friendly judiciary the prosecute AVZ, making and presenting forged documents, and arbitrary expropriation (without compensation) of AVZ's interests in Manono.
For those interested, here's the timeline of the key events in DIG's ICC arbitration with the DRC government, commencing in 2007 with DIG’s agreement with the DRC government:
F
This issue is not so different from the DRC's breach of the Dathcom Agreement, lack of due process, failure to follow the mining code, corruptly employing friendly judiciary the prosecute AVZ, making and presenting forged documents, and arbitrary expropriation (without compensation) of AVZ's interests in Manono.
For those interested, here's the timeline of the key events in DIG's ICC arbitration with the DRC government, commencing in 2007 with DIG’s agreement with the DRC government:
- 2007 (Dec): DIG signs a Production Sharing Agreement (PSA) with DRC for exploratory blocks in the DRC,
- 2008 (Jan): DIG signs another PSA with DRC,
- 2010: DRC awards a production sharing agreement to another company, violating the 2008 contract with DIG,
- 2016 (Oct): DIG initiates arbitration proceedings against DRC,
- 2018 (Nov): The International Chamber of Commerce arbitration tribunal rules in favor of DIG, awarding $619 million in damages,
- 2019 (Apr): DRC appeals the arbitral award to the Paris Court of Appeal,
- 2020 (Jan): The Paris Court of Appeal dismisses DRC's appeal, upholding the arbitration award,
- 2020 (Apr): DIG initiates proceedings in the U.S. District Court for the District of Columbia to confirm the arbitral award,
- 2021 (Apr): DRC offers to settle for approx $300 million in cash and new oil and mining permits, which it subsequently reneged on,
- 2021 (Sept): The U.S. District Court enters a default judgment against DRC, confirming the arbitral award. The DRC did not bother to contest or even send a representative,
- 2024 (Dec): Reports emerge of a secret $150 million deal between DRC and DIG.
Anyone taking bets on whether the DRC will renege on this too. After-all, it's in their DNA and they've got form.
District court enters default judgment against a foreign sovereign thereby confirming the arbitral award against them
The court considered that none of the grounds for refusing the confirmation and enforcement of an arbitral award under Article V(2) of the New York Convention applied. It then confirmed the arbitral award and entered a corresponding judgment against against a foreign sovereign.www.globalarbitrationnews.com
F
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Mute22
Regular
So only 8 years for a chance at a rumor of partial payment? Cool.Re: DIG Oil (DIG)versus the DRC
This issue is not so different from the DRC's breach of the Dathcom Agreement, lack of due process, failure to follow the mining code, corruptly employing friendly judiciary the prosecute AVZ, making and presenting forged documents, and arbitrary expropriation (without compensation) of AVZ's interests in Manono.
For those interested, here's the timeline of the key events in DIG's ICC arbitration with the DRC government, commencing in 2007 with DIG’s agreement with the DRC government:
Cheers
- 2007 (Dec): DIG signs a Production Sharing Agreement (PSA) with DRC for exploratory blocks in the DRC,
- 2008 (Jan): DIG signs another PSA with DRC,
- 2010: DRC awards a production sharing agreement to another company, violating the 2008 contract with DIG,
- 2016 (Oct): DIG initiates arbitration proceedings against DRC,
- 2018 (Nov): The International Chamber of Commerce arbitration tribunal rules in favor of DIG, awarding $619 million in damages,
- 2019 (April): DRC appeals the arbitral award to the Paris Court of Appeal,
- 2020 (Jan): The Paris Court of Appeal dismisses DRC's appeal, upholding the arbitration award,
- 2020 (Apr): DIG initiates proceedings in the U.S. District Court for the District of Columbia to confirm the arbitral award,
- 2021 (Apr): DRC offers to settle for approx $300 million in cash and new oil and mining permits, which it subsequently reneged on,
- 2021 (Sept): The U.S. District Court enters a default judgment against DRC, confirming the arbitral award. The DRC did not bother to contest or even send a representative,
- 2024 (Dec): Reports emerge of a secret $150 million deal between DRC and DIG.
Anyone taking bets on whether the DRC will renege on this too. After-all, it's in their DNA and they've got form.
District court enters default judgment against a foreign sovereign thereby confirming the arbitral award against them
The court considered that none of the grounds for refusing the confirmation and enforcement of an arbitral award under Article V(2) of the New York Convention applied. It then confirmed the arbitral award and entered a corresponding judgment against against a foreign sovereign.www.globalarbitrationnews.com
F
Remark
Top 20
Yay!
From $US619 million ICC award down to a negotiated $US300 million cash settlement (which they reneged on) then down to a rumored $US150 million settlement.
I'll take bets the inbred fuckers don't try to renege on that too.
Mute22
Regular
We are so fucked. And nobody give me the 'But they want to get this to mine as soon as possible!' rhetoric.
These are not logical people we are dealing with, I think they would rather their people suffer just to spite us for not providing snacks.
Are they forgetting the DRC Government (in particular the MoM) has requested the ICSID resolve this issue .They are on record . Also we are not talking about some half baked oil resource that has ZERO significance on the World Markets . The Dig Oil case is less than Chicken Feed compared with AVZ's . Very important is we expose and drag C--t Celestine kibeya and his Mates to the ICSID . That Filthy low life C--t CELESTINE KIBEYA !! IMO
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Wombat I would like to agree with you but I just don't trust the DRC nor do I trust the Chinese they are both a greedy bunch of pr85ks and will come up with more shit to hold up proceedings but happy to be corrected if I am wrong
pssst...it's a lie, otherwise they would pay their own fees.
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Doesn't matter . They have acknowledged the ICSID decides . It's on record and they are a signatory to the ICC/ICSID . Look, if the DRC want to go 100% Communist China and become a Chinese state then that is their choice . But f--k off with the first class travel telling the World the DRC Gov are not a bunch of Corrupt Criminals C--ts IMO.
No mate you have every right to believe AVZ is F--ked but be happy if you are wrong . There are others like yourself out there that think AVZ is F--ked and hope they are wrong .How's Indo this time of year ?
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lellep
Regular
1. Dig Oil was valued at US$600million, AVZ is valued at billions, far more with a resource uncomparable to anything else on the market.
2. Dig oil had OIL, which at the time was a resource with a global demand on the decline, AVZ has LITHIUM which is on high demand with a price expected to triple before 2030 according to experts (read Morningstar, Morgan Stanley e.tc.
3. Dig oil started their Arbitration approximately 6 years after they ran into issues. AVZ started it far earlier.
4. Dig Oil’s PR (Exploration permit) was REVOKED. AVZ’s PE (Exploitation permit) was CANCELLED.
In conclusion, don’t be too quick to make assumptions based on Dig Oil as their situation in relation to value and resource gave them a different bargaining position than us. Contrary to what some posters here believe, I strongly believe the DRC still want this mined as they are a nation in dire need of cash. Who is going to mine it is a different question. It is in their own interest to see this through smoothly or they will lose HARD.
Also the DRC penalty tracker has now reached over €50 million (€50k/day)
Wet mate but still hot as
BRICK
Regular
like its women......
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