Monument Mining announces that a trial for the 5% joint venture claim against it which was originally scheduled on July 28 to July 31, 2015, was taken off the trial list by the Shah Alam High Court pending disposal of the application for a stay of proceeding filed by Monument, Able Return Sdn Bhd (ARSB) and Selinsing Gold Mine Manager Sdn Bhd (SGMM).
In addition the company acknowledges that the former partners of Arci Enterprises have filed a claim against Selinsing Mining Sdn Bhd (SMSB), the Plaintiff in the 5% JV Suit. Monument and its wholly-owned Malaysian subsidiaries ARSB and SGMM have also been named as a defendant in the suit by Arci.
The Stay of Proceeding Application filed by Monument is fixed on August, 12, 2015.
One of the grounds for Monument’s application for a stay of proceedings is due to the ongoing Kuantan High Court suit, wherein Monument and ARSB are seeking for the return of 100% of the issued shares of SMSB from Kesit Pty Ltd the present 100% shareholder of SMSB.
Kesit is a private Australian company owned by Peter Kestel and his wife. Kesit’s recent application to transfer the Kuantan matter out to the Kuala Lumpur High Court was dismissed by the Kuantan High Court on July 8.
In regards to the Arci Suit, Hong Teck, Yee Fook Choy, Yee Choong Khoon and Yong Choong Yim (as the administrator of the estate of Yong Kat Keong), in their capacities as former partners of Arci, have filed a suit against TRA Mining (Malaysia) Sdn Bhd, SMSB, Monument and its subsidiaries ARSB and SGMM in the Shah Alam High Court, Malaysia Peter Steven Kestel is the director in both TRA and SMSB.
The Arci Suit alleges, among other things, that Arci continued to hold title to MC 1/113, one of the mining leases that Monument acquired from SMSB (holder of the sub-lease of MC 1/113) in June, 2007 and that ownership of such lease gives Arci rights to the profits generated under the claimed mining lease. In fact, the mining lease claimed by Arci was forfeited by Pahang State Government in 2008; subsequently a new mining lease was directly granted to ARSB, long before commencement of the gold production.
It is the latest in a series of litigation between Arci, a group of local miners, SMSB and TRA, which has been ongoing in Malaysia since approximately 1998. Monument denies that it or Able has any liability with respect to the Arci Claim and intends to vigorously defend this claim.
Monument is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. It is also 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.