ST PETER PORT, Guernsey, September 10, 2014 /PRNewswire/ --
BSGR, the international diversified mining company, announces that on 8 September 2014 the International Centre for Settlement of Investment Disputes in Washington D.C. ("ICSID") notified BSGR and the Republic of Guinea that BSGR's Request for Arbitration had been registered at ICSID.
ICSID's registration of the Request for Arbitration formally starts the proceedings between BSGR and the Republic of Guinea and is the next significant step in the restitution of BSGR's mining titles that were rescinded by the Government of Guinea on the 24 April 2014. ICSID has invited both parties to nominate respective arbitrators ahead of establishing the three-member Tribunal that will adjudicate the dispute.
The action will for the first time allow BSGR to address in an impartial court the allegations of wrongdoing that have been brought against the Company by the Government of Guinea. BSGR believes these allegations to be founded on false evidence and looks forward to demonstrating this through the ICSID arbitration process.
BSGR has suffered significant economic and reputational harm as a result of these allegations and the expropriation of its assets. The company is confident that by going to ICSID and proving the evidence to be false, it will be able finally to defend its record in Guinea and to protect its significant investment in the country which will benefit the people of Guinea.
More information and a copy of the ICSID filling can be found on the BSGR website http://bsgresources.com/media/bsgr-files-arbitration-claim-against-guinea/
SOURCE BSG Resources