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Mina Corp Condemns Atambayev Statement in Moscow

March 21, 2011

DUBAI, UAE, March 21, 2011 /PRNewswire/ — Mina Corp strongly condemns
the statement by Kyrgyz Prime Minister Almazbek Atambayev, made on Friday
March 18
in Moscow during a meeting with Russian Prime Minister, Vladimir
Putin
, saying that the Kyrgyz government intends to seize control from Mina
Corp of all jet fuel supplies to US forces in Kyrgyzstan. This is part of a
continuing illegal campaign to expropriate Mina’s business by the Kyrgyz
authorities that came to power in April 2010.

The pretext for this latest effort to raid the company is the fabrication
cited many times by Kyrgyz officials in recent months that Mina Corp was
“backed” by Maksim Bakiyev, son of the former President of the Kyrgyz
Republic
. The US Congress conducted a thorough eight-month investigation into
this allegation by the Kyrgyz authorities and concluded that there was no
credible evidence to support it.

Commenting on Prime Minister Atambayev’s statement, Dean Peroff of
Amsterdam & Peroff, Mina Corp’s international legal counsel said. “The Prime
Minister is apparently not content with his government’s deal with the US to
install a Kyrgyz/Russian state-owned joint venture that will take over up to
50% of Mina’s contract with the US Department of Defense. Now they want it
all. Mina continues to be the focus of a state-sponsored corporate raid to
force it out of business in Kyrgyzstan. This type of attack makes heavy use
of disinformation and “black PR” to discredit a target company.”

“Prime Minister Atambayev’s latest statement is part of an ongoing
campaign of illegal harassment and threats against Mina Corp,” said William
Burck
of Weil, Gotshal & Manges LLP, Mina Corp’s Washington D.C.-based legal
counsel. “The Kyrgyz government is in breach of its legal commitments to
protect foreign investment from expropriation and refrain from interfering
with US contractors supplying the Manas Transit Center. There are many legal
avenues at the international level and in the US to hold the government
accountable for this abuse of power. Mina Corp intends to vigorously pursue
all of them.”

“The Kyrgyz government tried and failed to mislead the US government into
believing that Maxim Bakiyev was behind Mina Corp,” said Dean Peroff. “Now
the Prime Minister has taken the disinformation campaign from Washington to
Moscow.”

The state-owned joint venture model that Prime Minister Atambayev
outlined to Prime Minister Putin would take over 100% of jet fuel supplies to
the US military at Manas using only Russian sources. “The Kyrgyz government
wants to make the Department of Defense entirely dependent on a Kyrgyz state
company for meeting its jet fuel needs at Manas”, said William Burck. “The US
government has always insisted on diversity of fuel sources so US troops are
not dependent on obtaining fuel from a single country or region. By
threatening to put Mina out of business in Kyrgyzstan, Prime Minister
Atambayev is on a collision course with US policy.”

Note to editors: Mina Corp is part of an international group of companies
headquartered in Dubai with trading operations on several continents. Mina
has been a supplier of jet fuel to US forces at Manas since 2007. The company
was awarded its latest contract to supply jet fuel to the Manas Transit
Center in November 2010 after a full and open competition.

SOURCE Mina Corp


Source: newswire



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