You're reading: Bangkok Post: Ukraine’s Onix to lose $40 million in Laos unless government intervenes

Onix Ltd, a company registered in Ukraine, may lose $40 million worth of investments through improper conduct on the part of Laos-based Lao Geo Consultant Company and MK-GROUP (company incorporated in Russian Federation) resulting in an unlawful dilution of Onix’ majority stake in Laos-based Dao Lao Co., Ltd., Onix’ press service reported on Thursday.

Onix Ltd, represented by its Director Mrs. Kateryna Kozhushko, acquired 60 percent in Dao Lao Co., Ltd in 2010. It has invested to date a total of $2 million into the company. The proceeds have been spent on geological exploration works in Lao People’s Democratic Republic under a Gold Prospecting and Exploration Agreement in Sanakham District, Vientiane, as signed between Dao Lao Co., Ltd and the Government of Laos. The present conflict prevents Onix Ltd from executing an option to sell its share in Dao Lao Co., Ltd to an investor, which can lead Onix Ltd to lose $40 million. 

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