Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
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  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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Oxus Gold PLC (OXS)

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Wednesday 31 August, 2011

Oxus Gold PLC

Commencement of Arbitration Proceedings

RNS Number : 3270N
Oxus Gold PLC
31 August 2011

Oxus Gold plc
Commencement of Arbitration Proceedings

Oxus Gold plc (Company) refers to its announced intent to commence international arbitration proceedings if settlement cannot be reached with the Government of the Republic of Uzbekistan (Uzbek Government) over the shareholder interest of the Company's subsidiary, Oxus Resources Corporation (ORC), in Amantaytau Goldfields A.O. (AGF), the joint-venture vehicle for the Company's mining investment in Uzbekistan.  The Company further refers to its recent declaration of force majeure in respect of its management and services agreement for AGF and under the charter of AGF.

International Arbitration

The Company hereby announces that negotiations with the Uzbek Government have failed, and that the Company has commenced international arbitration proceedings against the Uzbek Government under the Agreement for the Promotion and Protection of Investments dated 24 November 1993 between the United Kingdom and the Republic of Uzbekistan (Agreement). 

Under the Agreement, the Company and the Uzbek Government are required to pursue good faith negotiations, for a period of three months, to attempt to resolve the Company's dispute amicably. While the Company has actively sought to engage in discussions and has requested meetings with the Uzbek Government on various occasions - including a formal invitation to the President of Uzbekistan - the Uzbek Government has not made itself available to discuss the issues with the Company to date.  Regrettably, therefore, the Company is compelled to resort to arbitration for a resolution. 

Among other things, the arbitration asserts that the Uzbek Government treated the Company and its subsidiaries, Oxus Resources Corporation Limited and Marakand Minerals Limited (collectively the Group), unfairly and inequitably, discriminated against the Group, and failed to provide the Group with full protection and security, all in violation of the Uzbek Government's obligations toward foreign investors under the Agreement.  The arbitration requests that damages be awarded in favour of the Company in an amount to be proven and quantified in the proceedings and currently estimated as no less than US$400 million.

The Company further informs that on 21 July 2011 it was served with a claim commenced by the Ministry of Finance of Uzbekistan in the English High Courts to enforce an Uzbek judgment the Ministry of Finance obtained against the Company for the payment of a US$10 million special dividend by the Company. The Company had specifically identified the payment of such special dividend by the Company as one of the several basis upon which it would challenge the Uzbek Government in the arbitration under the Agreement. The Company considers the decision by the Ministry of Finance to commence these legal proceedings in the United Kingdom as an abuse of process which is motivated by a desire to derail the imminent arbitration under the Agreement. The Company is working together with its legal counsel to contest this claim.

Force Majeure Update

The Company recently advised its shareholders that ORC was no longer able to comply with its management obligations towards AGF as a consequence of an onerous and arbitrary audit instituted against AGF by the Uzbek Government.

Since the declaration of force majeure on 18 March 2011, ORC has continuously updated AGF's Uzbek shareholders regarding the force majeure circumstances by delivering notices that: (i) reiterate ORC's desire to negotiate regarding the future of AGF; and (ii) advise them of their duty to mitigate the force majeure circumstances affecting AGF.  There have been no meaningful discussions between the Company and AGF's Uzbek shareholders regarding the future of AGF.

The Uzbek Government continues to exclude Company and ORC from AGF's operations, while denying the Company and ORC access to AGF data. 

The Company is continuing its efforts, with assistance from international legal counsel, to protect the interests of the Company's shareholders.  The Company is pursuing all available remedies to seek appropriate redress and compensation for its losses.  The Company will continue to advise its shareholders of any further material developments concerning AGF as and when they occur.


Oxus Gold plc                                    Tel: +44 (0)20 7907 2000
Richard Shead

Fairfax I.S. PLC
Nominated Adviser and Broker
Ewan Leggat                                       Tel: + 44(0)20 7598 5368

This information is provided by RNS
The company news service from the London Stock Exchange

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