Monument Mining has collected the Shah Alam High Court Judgment award in relation to the Mersing Matter and has added Peter Kestel personally as a defendant in the SMSB Matter at the Kuantan High Court in Malaysia.
In the latter the company is seeking the return of 100% of the shares of Selinsing Mining Sdn Bhd (SMSB) to its wholly-owned subsidiary from Kesit Pty Ltd, an Australian company owned by Peter Kestel. SMSB is the company suing Monument for a 5% JV interest in the Selinsing Gold Project in Malaysia.
Monument collected the 1.5 million fully paid Monument common shares on June 6 and returned them to Treasury. It is in addition to RM1,790,299 in cash (equivalent to C$575,674) collected in March. The collection, therefore has been completed pursuant to the Judgment awarded by the Shah Alam High Court in the Mersing Matter.
On September 12, 2011, the company paid CAD$0.50 million in cash and issued 1.5 million fully paid shares to the Vendor Group as a consideration for a 49% interest in the Mersing Gold Project, subject to the condition that title of the project be transferred by the Vendor Group to Himpunan Suci Sdn Bhd (HSSB), which should be the sole and primary company that owns the project.
Due to the Vendor Group's failure to transfer the Mersing title to HSSB, Monument terminated the Mersing project and commenced legal action. In February 2016, the company obtained a Judgment from the Shah Alam High Court in Malaysia, which ordered the Vendor Group to refund the monies paid and to return the 1.5 million shares by April 10, 2016. The Vendor Group has filed an appeal against the Judgment.
On February 16, 2015, Monument and its wholly-owned subsidiary Able Return Sdn Bhd filed a writ at the Kuantan High Court against Summer Empire Sdn Bhd and Kesit Pty Ltd claiming for the return of the entire 100% of the issued SMSB’s shares to Able pursuant to a condition in the Purchase and Sale Agreement dated July 30, 2007 in the acquisition of the Selinsing project.
In the course of the proceedings, it was found that Summer had been dissolved and thus the suit had been withdrawn against Summer. The company applied to the Kuantan High Court to add Peter Kestel in his personal capacity as a second defendant in the Kuantan High Court. Peter Kestel is now a party to the Kuantan suit.
Summer, was a trustee to hold the entire 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 project. However, the 100% of the SMSB shares were transferred out from Summer to Kesit Pty Ltd SMSB is the party suing Monument for a 5% of JV interest in the Selinsing project.