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Monday, April 27, 2015
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Mongolia-Khan Talks Collapse, GoM to Seek Nullification of Arbitration Award
April 27 (Cover Mongolia) Government of Mongolia (GoM) has issued a statement at around 1:30 pm today Ulaanbaatar time announcing the collapse of talks with Khan Resources (CSE:KRI).
The statement says GoM had held settlement talks with Khan on April 21-22, in accordance with the March 2 decision by an international arbitration court, in the effort to reach an “amicable and mutually beneficial” outcome. But Khan, by unilateral decision, cancelled these proceedings on April 22, according the statement.
It continues to say that although the official written arbitration decision has not arrived, and since the situation has come to this point, GoM will take measures to nullify the arbitration decision and other efforts, in order to protect the interests of GoM.
This development comes just as the death of Mr. James Doak last week, Khan Resources chairman, had shocked the investment community.
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