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     1027  0 Kommentare Lao Holdings N.V. Files Legal Actions Related To Expropriation And Planned Sale Of Savan Vegas Casino Against The Lao Government And San Marco Capital Partners, LLC

    WASHINGTON, May 6, 2016 /PRNewswire/ -- Lao Holdings N.V., the parent company of Sanum Investments Limited, has filed three legal actions in the past week against the Lao Government for violating the 2014 settlement agreement reached by both parties, stipulating the sale of the Savan Vegas Hotel and Casino, and other assets, for maximum value to the benefit of all parties. These actions have been taken in direct response to the expropriation and planned sale of Sanum's gaming and hotel complex located in Savannkhet, Laos.

    "All of the actions taken by the Lao Government over the past two years have been a blatant attempt not only to avoid, but systematically obliterate its legal obligation to work with us in good faith," said Jody Jordahl, President of Sanum Investments. "If the Government had followed the terms of our agreement, we would not be taking these actions."

    The first action, filed on April 26, 2016, asks an international arbitral tribunal first constituted in 2012 to revive an arbitration to hear Lao Holdings' claims that the Government of the Lao People's Democratic Republic (the "Lao Government") breached its obligations under a Bilateral Investment Treaty known as the Agreement on Encouragement and Reciprocal Protection of Investments Between the Lao People's Democratic Republic and the Kingdom of the Netherlands (the "Netherlands-Laos BIT"). While Laos has incorrectly claimed that the Settlement vests it with authority to sell Savan Vegas and other Gaming Assets on behalf of Sanum and the Government, if the arbitration is revived, even this veil of legitimacy would disappear.

    This arbitration had been suspended pending the performance of a 2014 settlement agreement between Sanum, Lao Holdings and the Lao Government. The second action, filed on May 2, 2016, asks a new international arbitral tribunal to determine whether Lao Government actions undertaken since the settlement was concluded in 2014 breach the Netherlands-Laos BIT. The third action, also filed on May 2, 2016, was filed in United States District Court for the District of Delaware against San Marco Capital Partners, LLC, as well as its sole owner and employee Kelly Gass, alleging claims against San Marco and Ms. Gass arising from their alleged mismanagement of the operation and planned sale of Savan Vegas.

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    Lao Holdings N.V. Files Legal Actions Related To Expropriation And Planned Sale Of Savan Vegas Casino Against The Lao Government And San Marco Capital Partners, LLC WASHINGTON, May 6, 2016 /PRNewswire/ - Lao Holdings N.V., the parent company of Sanum Investments Limited, has filed three legal actions in the past week against the Lao Government for violating the 2014 settlement agreement reached by both parties, …