Liglass Trading was to transfer $ 37 million after the signing of the agreement on the construction of the Verkhnenarynsky cascade, and not after the approval of the Board of Directors of the Kyrgyz «Electric Stations» JSC. Such a requirement is contained in the investment agreement signed by the parties.
The State Committee for Industry, Energy and Subsoil Use earlier said that the deadline for payment of $ 37 million expires on September 18, 2017. This date is established from the moment of approval of the transaction at the extraordinary meeting of shareholders of Electric Stations.
It was noted that after the shareholders’ meeting, Liglass Trading should contribute $ 37 million to the authorized capital of Verkhnenarynsky HPP CJSC within thirty banking days.
However, at the press conference immediately after the signing of the agreement, other terms were called — 30 days from the date of signing. That is, the term expired on August 22, 2017.
Liglass Trading hasn’t yet transferred the claimed amount. At the same time, disputes about the payment deadline are still being conducted.
Most recently in the database of ministry of justice appeared the text of the government resolution «On approval of the draft investment agreement on cooperation in the implementation of the additional investment project for the construction, commissioning and operation of the Akbulun HPP and Naryn HPP-1 of the Verkhnenaryn cascade of hydroelectric power stations in the Kyrgyz Republic to the project «Construction of small hydroelectric power stations in the Kyrgyz Republic», implemented by the government of the Kyrgyz Republic and the Czech company Liglass Trading CZ, SRO on the basis of a tender conducted in accordance with the order of the Government of Kyrgyzstan on May 15, 2017, № 155-p. The document has been signed by the former Prime Minister Sooronbai Jeenbekov.
The resolution also contains the text of an investment cooperation agreement for the implementation of the additional investment project for the construction, commissioning and operation of the Akbulun HPP and Naryn HPP-1 for the project «Construction of small hydroelectric power stations in the Kyrgyz Republic» implemented by the Kyrgyz government and the Czech company Liglass Trading CZ, SRO for the results of the tender conducted in accordance with the decree of the Government of the Kyrgyz Republic of May 15, 2017 for No. 155-p.
The investment agreement clearly states that cash in the amount of $ 37 million within 30 banking days from the date of signing the investment agreement is directed to a separate target settlement account of Electric Stations JSC to begin the procedure for transferring ownership rights to a stake of 50 percent of Verkhnenarynsky HPS CJSC from Electric Stations JSC to the investor in the established order.
There is also an item on an extraordinary meeting of shareholders. The document says that 25 percent of the total project funding is provided free of charge. This amount includes the very $ 37 million that is planned to be given to RusHydro CJSC for the purchase of a stake in Verkhnenarynsky HPPs.
But the remaining part of 25 percent of the funds donated by the investor is transferred as a contribution to the authorized capital of Verkhnenarynskye HPPs within 30 banking days from the date of the decision on the transfer ownership of a stake of 50 percent of shares from Electric Stations JSC to the investor.