Monument Mining announces that its appeal filed at Court of Appeal in Putrajaya on July 23 2014 against the interim injunctive relief was heard on September 30, 2014 and was dismissed.
As a consequence, an amount of US$9.4 million is ordered be deposited by the company within 14 days from the date of decision of the Court of Appeal into a joint account to be maintained by legal counsels of the respective parties to the lawsuit, pending the hearing and determination from the coming full trial.
The company has therefore instructed its legal counsel to immediately file the motion for leave to appeal at Federal Court in due course.
On October 10, 2012, the Plaintiff, Selinsing Mine Sdn Bhd, a company wholly-owned by Kesit Pty Ltd, an Australian private limited company owned and controlled by Peter Steven Kestel and his wife, filed a Writ and Statement of Claim against Monument and its wholly-owned subsidiaries, Selinsing Gold Mine Manager Sdn Bhd and Able Return Sdn Bhd.
The Plaintiff in the suit claimed, among other things, a 5% 'Joint Venture interest' in the profit of the gold production from one of the tenements of Monument’s Selinsing Gold Mine. The Plaintiff was the previous sub-lease holder and operator that sold the Selinsing mine to Monument and its subsidiaries free and clear of any encumbrances.
The transaction was closed on June 25, 2007 and the Plaintiff has been paid in full. The claim against Monument and its subsidiaries was not made until 2012 in relation to the Plaintiff’s purported Joint Venture interest. Monument denies that the Plaintiff has any joint venture interest in the Selinsing Gold Mine and intends to continue to vigorously defend this claim.