Tag Archives: law

Uzbekistan sells state firms

FEB. 17 2016 (The Conway Bulletin) – Uzbekistan’s government published a list of 89 state-owned companies that it said will sell at least 15% of their shares to foreign investors this year. Last December, the government approved a law that aimed to attract foreign investors. The long list of companies open for investment includes cotton industry giant O’zbekyengilsanoat, telecoms operator Uzbektelekom and Uzbekistan’s postal service.

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(News report from Issue No. 268, published on Feb. 19 2016)

 

Tajik court jails 13 for IS flag

FEB. 18 2016 (The Conway Bulletin) – Court in Tajikistan sentenced 13 men to between 10 and 25 years in jail for allegedly hoisting an IS flag over a building in the provincial town of Nurek, media reported. The authorities in Tajikistan have sentenced similar numbers of men on similar charges previously. It has said that radical Islam is growing in the region but human rights groups have accused the Tajik government of simply wanting to clamp down on dissenters.

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(News report from Issue No. 268, published on Feb. 19 2016)

 

Stans Energy files lawsuit against Kyrgyzstan

FEB. 16 2016 (The Conway Bulletin) – Canadian miner Stans Energy had filed a $220m law suit at the International Court of Arbitration for what it said was the illegal confiscation of rights it held to mine the Kutessay-2 rare earth elements (REE) field and Kalesay beryllium field in Kyrgyzstan. The Kyrgyz authorities have previously said that it confiscated Stans Energy’s rights over the fields in 2011 because it had broken its contract to develop the sites.

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(News report from Issue No. 268, published on Feb. 19 2016)

 

Georgia drops religion bill

FEB. 15 2016 (The Conway Bulletin) – Georgia’s parliament unexpectedly dropped a bill that would have made insulting religion a crime. The bill’s sponsor, an MP for the ruling Georgian Dream coalition, withdrew the bill after it ran into a barrage of controversy for effectively clamping down on free speech. The suspicion was that Georgian Dream was using the bill to try and shore up support amongst supporters of Georgia’s Orthodox Church ahead of a parliamentary election later this year.

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(News report from Issue No. 268, published on Feb. 19 2016)

Georgian tax changes to knock $400m off government budget

FEB. 12 2016 (The Conway Bulletin) – Georgia’s finance minister, Nodar Khaduri, said 400m lari ($160m) will be cut from the 2016 budget if parliament agrees to a new corporation tax that the government has said will stimulate economic growth.

The Georgian Dream coalition has staked a large amount of political capital on its proposed reforms which will only tax profit that is not re- invested. Government officials have said the idea is to try to encourage more economic activity. All profit is currently taxed.

“These reforms, both income tax and VAT, will reduce this year’s targeted revenues by about 400m lari,” Mr Khaduri, told media.

The government is also tinkering with VAT so that the import of so- called fix assets is VAT free.

$400m represents roughly 5% of the government’s expected total revenue for 2016.

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(News report from Issue No. 268, published on Feb. 19 2016)

 

Georgian activist challenges gay marriage law

FEB. 10 2016 (The Conway Bulletin) – Giorgi Tatishvili, a Georgian gay rights activist, has filed a lawsuit challenging a law in Georgia which states that marriage can only be between a man and a woman, the Eurasianet website reported. Georgia is a staunchly conservative country and the Orthodox Church plays a major role in society. Mr Tatishvili’s lawsuit provides a potential litmus test for Georgian society over whether it wants to relax its strong traditional viewpoints.

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(News report from Issue No. 267, published on Feb. 12 2016)

 

Azerbaijan’s President dismisses tax code

FEB. 10 2016 (The Conway Bulletin) – Azerbaijani President Ilham Aliyev refused to sign into law a bill that would have imposed a 20% tax on all foreign currency investments, media reported, an apparent U-turn on a much-heralded government strategy unveiled last month to head off a worsening currency crisis. Azerbaijan’s currency lost around half its value in 2015 and the Central Bank has been under pressure to stop businesses cashing out of manat into other currencies. By refusing to sign the bill, though, Mr Aliyev is effectively saying that law- makers and the Central Bank have to re-think their policies.

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(News report from Issue No. 267, published on Feb. 12 2016)

 

Kyrgyzstan imposes fines for USD

FEB. 3 2016 (The Conway Bulletin) – Kyrgyzstan’s anti-monopoly said it would start to impose fines against shops, companies and people selling products in US dollars rather than the local som currency. The new rules appear designed to boost the use and the strength of the Kyrgyz som. The som has lost around a third of its value.

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(News report from Issue No. 266, published on Feb. 5 2016)

 

Stand Energy files claims against Kyrgyzstan

FEB. 2 2016 (The Conway Bulletin) — Canadian mining company Stans Energy said it filed a claim for damages in the UN arbitration court against the Kyrgyz government. The company says Kyrgyzstan wrongfully terminated its licences to operate the Kutessay II and Kalesay mines in 2012. Stans claims to have invested $128m in the gold mines and will also seek a $91m compensation for interests. The UN court will deliberate in mid-March.

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(News report from Issue No. 266, published on Feb. 5 2016)

Kyrgyz gov to sue Centerra

FEB. 3 2016 (The Conway Bulletin) — Kyrgyz PM Temir Sariyev said the government is considering suing Centerra Gold over its plans to issue a fresh batch of shares. According to Mr Sariyev, state owned company Kyrgyzaltyn, which owns a 32.7% stake in Centerra, has signed a contract with a law firm to prepare a case. In 2015, Centerra decided to issue new shares. The Kyrgyz government has complained this would dilute its share.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 266, published on Feb. 5 2016)