“Khan Resources” Company won its case

The Nuclear Energy Agency cancelled mining license of Khan Resources, a Canadian invested uranium exploration company, based on the finding that the company was conducting fraud act with announcement of uranium mining license holder at TSX (Toronto Stock Exchange), using the nation’s name for raising fund.

Therefore, the company filed against the Nuclear Energy Agency of Mongolia at the Administrative Affairs Court. The court was summoned on July 20 2010 and discussed the case. The Administrative Affairs Court annulled the Nuclear Energy Agency resolution and decides to revoke the ownership of Khan Resources.

But, the Nuclear Energy Agency doesn’t want to give up its decision and file for the higher court. The Agency said that Khan Resource conducts illegal action and it doesn’t own uranium mining and exploration licenses. According to the agency, Khan Resources licenses were cancelled before that.

Also the Agency sent an official letter of request to TSX (Toronto Stock Exchange) to suspend its trade at the Stock Exchange. But the agency hasn’t received any response yet.