Monument Mining has announced that during a full trial of the matter, it has entered into a settlement with respect to the 5% JV Suit relating to its Selinsing Property and the Kuantan Suit in relation to a claim on the ownership in the 5% JV suit.
The Company’s Chairman, Robert Baldock, said of the settlement, “We always denied that SMSB had any joint venture interest in the Selinsing Gold Mine. However, we considered a settlement of this litigation to be in the best interests of Monument and its shareholders at this time. We look forward to being able to concentrate on the Company's operations having the clarity and certainty that this settlement provides.”
The 5% JV interest claim against certain tenements at the Selinsing Gold Mine had been filed by Selinsing Mining Sdn Bhd (SMSB) in 2012 against Monument and two of its Malaysian subsidiaries. Monument had deposited US$9,441,976 in a custodian bank account pending determination of a full trial pursuant to a court order given in 2014.
The full trial commenced on 22 March 2018 and continued on 23 March 2018 during which a settlement was reached and a Consent Order subsequently recorded in the Shah Alam High Court in Malaysia. The terms of the settlement are, among others:
• SMSB affirms that the Joint Venture Agreement dated 2 July 2007 is not valid and enforceable against Monument and its related subsidiaries;
• SMSB, Kesit Pty Ltd. and Peter Kestel along with their agents, employees and successors will not in any way interfere or lodge any complaints with any local or foreign authorities regarding management and/or the business of Monument or its subsidiaries and agents;
• The parties shall have no further claims against each other or their respective past, current and future directors, officers and employees in Malaysia or outside Malaysia;
• The US$9,441,976 deposited in a custodian bank account will be released to Monument; and
• Monument will pay US$3 million to SMSB in consideration for the settlement