BALAMARA COMMENCES CLAIM FOR DAMAGES AGAINST POLAND
Balamara is pleased to announce that the claim for damages which was initiated against the Republic of Poland on 3rd August 2021 in relation to the Nowa Ruda Project has been subject to a further Notice of Dispute filed on 17th September 2024 with respect to the Sawin Project.
This provides the Polish Government with a period of six months to respond, or to settle the matter without the need to proceed to litigation.
The Balamara claim will be heard before an international tribunal and will be brought under the Australia-Poland Bilateral Investment Treaty signed in 1991.
The Notice of Dispute covers the Nowa Ruda and Sawin projects and incorporates the earlier Notice for Nowa Ruda alone which was served in August 2021.
Balamara Chairman Derek Lenartowicz said, “While any litigation is expected to take at least three years to complete, we believe this claim should result in a substantial award which will be to the benefit of all shareholders. The Company is committed to distributing any award to the shareholders as a dividend.”
He added, “Although I am delighted that the Company has been able to achieve this significant milestone, this sense of achievement is tempered by the fact that the Company’s claim could have proceeded from this point in August 2021.”
VULPES v BALAMARA
Balamara will be making a further announcement about the most recent claims by Vulpes in its current application to windup the Company on just and equitable grounds while also claiming further oppression. This action is being strongly opposed by the Company and is expected to go to trial in Sydney in October 2024. (The earlier February oppression case in the NSW Supreme Court was dismissed by consent between the parties.)