Gemerska Poloma – Arbitration Case
Through its wholly-owned Swiss subsidiary, ZB Capital AG, GESI owns an 80%-interest in a potentially large Arbitration Award resulting from the International Arbitration proceedings of EuroGas Inc. (1), a Salt Lake City, Utah based US public company, against the Slovak Republic, a Full Member of the European Union.
The Gemerska Poloma Talc Mining Rights
EuroGas Inc. (1) is claiming substantial damages under the bilateral investment treaty (BIT) with the Slovak Republic in the amount of up to US$15 bn, which according to EuroGas Inc. (1) was caused by the Slovak Republic’s alleged illegal expropriation of EuroGas Inc. (1)’s previously owned mining rights in the world-renowned Gemerska Poloma talc-soapstone deposit, located in Central Slovakia, one of the largest and purest talc mines in the world.
EuroGas Inc. (1) intends to commence International Arbitration proceedings against the Slovak Republic through the facilities of the ICSID Department of the World Bank in Washington D.C. within the next 2-3 months after having informed the President of the Slovak Republic on July 31, 2019, that EuroGas Inc. (1) has a claim under BIT against the Slovak Republic. In this respect, EuroGas Inc. (1) has officially submitted already its claim against the Slovak Republic by serving the President of the Slovak Republic with the so-called “Trigger Letter”, as required by the World Bank’s ICSID Department.
Through its wholly-owned Swiss subsidiary ZB Capital AG, GESI also owns an 80%-interest in a potentially large Judgement against Austria’s Schmid Industrie Holding GmbH (SIH) and its Austrian banks, from a damage lawsuit to be commenced soon in the US Federal Court by EuroGas Inc.’s (1 & 2) US solicitors Baker McKenzie.
EuroGas Inc. (1 & 2) have recently mandated Baker McKenzie with headquarters in Chicago IL, a large international US law firm, to represent EuroGas Inc. (1) in the upcoming ICSID Arbitration Proceedings against the Slovak Republic, as well as commencing litigation on behalf of EuroGas Inc. (2) in the US Federal Court against Schmid Industries Holding (SIH), an Austrian building material concern and SIH’s Austrian banks. SIH is the unlawful successor of the Gemerska Poloma talc mining rights, which were illegally handed over to SIH by the Slovak Republic, after the Gemerska Poloma mining rights were illegally expropriated by the Slovak Republic from EuroGas Inc. (1) and Rozmin s.r.o., EuroGas Inc.’s Slovak mining subsidiary.