The Federal Court of Appeals in Washington, D.C., has scheduled a hearing in a long-running dispute between the government of Kazakstan and World Wide Minerals.
World Wide filed a US$1-billion lawsuit against the government of Kazakstan after an agreement to acquire a foothold in the nation’s uranium industry failed to come to fruition.
Chairman Paul Carroll says the government of Kazakstan “induced” World Wide to invest millions of dollars in its uranium industry but that, because of an alleged secret deal with another company, it did not honour its agreement. “When this was disclosed to us afterwards,” he stated, “Kazakstan merely terminated our agreement and threw us out without any compensation.”
The government of Kazakstan sought to have the case dismissed, but its arguments were previously rejected by the court. The new hearing is scheduled for Nov. 8, 2001.
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