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 - Seite 3

Starting in 2007, Sanum and Lao Holdings invested heavily in Laos, building and developing valuable gaming assets. In August 2012, facing expropriatory taxes, withheld or reneged concessions, the seizure of assets and other acts of governmental malfeasance, Lao Holdings began proceedings against the Lao Government before the ICSID Tribunal.

On the eve of the merits hearing, in June 2014, the parties reached a settlement agreement that imposed obligations upon the Lao Government. Under the agreement, the Lao Government promised to facilitate the sale of Sanum and Lao Holdings' gaming assets to a third party, and to negotiate an agreement for the development of commercial property elsewhere in Laos. The settlement agreement provided that the ICSID arbitration would be suspended pending successful implementation of the settlement's terms. It also provided for reinstatement of the proceedings in the event of a material breach by the Lao Government.

Sanum and Lao Holdings will continue to evaluate the situation and take actions as required to protect their interests.

More detail on the cases can be seen at: https://www.dropbox.com/sh/nhu3dahrs43gu67/AABVYXhuTsylLBHJk3eIfS2wa?dl=0

CONTACT:
Sanum Investments
John Sario
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KARV Communications
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