VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 24, 2018) - Monument Mining Limited (TSX VENTURE:MMY) (FRANKFURT:D7Q1) "Monument" or the "Company" reports that its appeals against the Striking Out Orders in relation to the Kuantan Suit has been heard by the Court of Appeal; consequently, the Kuantan Suit has now been reinstated.
At closing of acquisition of the Selinsing Gold Project in June 2007, 100% of Selinsing Mining Sdn. Bhd. (the SMSB") shares were held in Trust for Monument's subsidiary Able Return Sdn. Bhd. ("ARSB") upon conditions set forth in the Sale and Purchase Agreement dated May 31, 2007. However, those shares were wrongfully transferred to Kesit, an Australian company wholly owned by Peter Steven Kestel ("Kestel") and his wife. Kestel was added as a party in the Kuantan Suit in his personal capacity for his role in the entire process which saw transfer of the SMSB's shares.
Monument and ARSB filed a suit in the Kuantan High Court, Pahang Malaysia against Kesit Pty. Ltd. ("Kesit") and Kestel for the return of the 100% of the issued shares of SMSB (the Plaintiff in the 5% JV Claim) to ARSB.
The claim by Monument and ARSB was Struck Out on June 8, 2017 by the Kuantan High Court based on Kesit's and Kestel's application, respectively. Monument and ARSB appealed against the striking out decisions and on January 16, 2018, the Court of Appeal granted Monument's appeals and ordered the following:
- The Kuantan High Court Suit is reinstated;
- Proceedings in Kuantan High Court Suit to be transferred to Shah Alam High Court to be heard together with JV5% Suit by the same judge and in such manner as directed by the Shah Alam High Court except for the following matters:
| 2.1 | Evidence is to be taken for JV5% Suit first followed by Kuantan Suit; | ||||
| 2.2. | A single judgment is to be issued for both JV 5% Suit and Kuantan Suit after the trials for both suits have been concluded. | ||||
| 2.3. | The proceedings in the JV5% Suit be scheduled for Case Management at 2.30pm on February 5, 2018. |
About Monument
Monument Mining Limited (TSX VENTURE:MMY)(FRANKFURT:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is advancing several exploration and development projects including the Mengapur Polymetallic Project, in Pahang State of Malaysia, and the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra in the Murchison area of Western Australia. The Company employs approximately 190 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.
