Monument Mining reports that the appeal filed by the Defendant against the Judgement on Mersing matter granted by Shah Alam High Court was upheld by the Court of Appeal in favour of Monument. Therefore the Shah Alam High Court decision in favour of Monument stands.
The company instituted a legal action at Shah Alam High Court against the Emas Kehidupan Sdn Bhd and its shareholders - Zackry Mohamed Iwaz and Kesit Pty Ltd, a company controlled by Peter Steven Kestel due to non-fulfilment of condition pursuant to an Earn-in Agreement signed in September 2011, claiming for the return of the purchase price paid for the Mersing transaction.
In March 2016, the High Court awarded a judgement against the Defendants and issued orders for the Vendor Group to return the received consideration to Monument in cash and 1.5 million fully paid Monument shares to the company. Subsequent to the judgement Monument has collected cash of RM1,790,299 in full and had the 1.5 million Monument shares returned to treasury.
The Defendants subsequently appealed the judgement to the Court of Appeal and the hearing of the same was fixed on September 15, 2016. That Court of Appeal dismissed the Vendor Group’s appeal with costs and upheld the judgement made by the Shah Alam High Court Judge.
Monument 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.