Monument Mining and Able Return Sdn Bhd have filed a writ at the Kuantan High Court against Summer Empire Sdn Bhd and Kesit Pty Ltd claiming 100% of the issued shares of Selinsing Mine Sdn Bhd (SMSB).
Summer is the trustee appointed to hold 100% of the issued shares of SMSB in trust for Able, a wholly-owned subsidiary of Monument through which Monument holds a 100% interest of the Selinsing Gold Mine. However, Summer transferred shares of SMSB to Kesit, an Australian company owned by Peter Steven Kestel and his wife. Peter Steven Kestel is a common director of Summer, Kesit and SMSB.
The writ seeks return of 100% of the issued shares of SMSB to Able, on behalf of Monument, the rightful owner of those shares.
Monument and Able, according to the claim against Summer and Kesit, have applied for a declaration that the transfer of the shares of SMSB by Summer to Kesit or to any third party is null and void, and for an order requiring Summer and Kesit to return 100% of the issued shares of SMSB to Able.
If the suit succeeds, Monument through Able will be the legal as well as the beneficial owner of SMSB and may then determine the future course that SMSB will take.
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, and the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra in the Murchison area of Western Australia.