Business
Legal win
Legal win.
About this update from Cerillion Plc
[{"type":"text","content":"\n Celtic Resources Holdings PLC\n15 December 2005\n\n\n Celtic Resources Holdings Plc\n (\"Celtic\" or \"the Company\")\n \n Celtic wins case against Arduina\n \nCeltic is pleased to announce that the London Court of International Arbitration\n(\"LCIA\") has made an award dated 12th December 2005 in the Company's favour, in\nthe case of Arduina Holdings and Celtic Resources Holdings Plc. The Company was\nthe respondent in arbitration proceedings brought by Arduina Holdings BV\n(\"Arduina\") in the LCIA.\n\nArduina was claiming compensation for alleged misrepresentations by the Company\nand a lost opportunity to acquire shares in the Company. The claims arose from\nan unsuccessful association between the parties in November 2002 during which\nArduina failed to arrange, under the terms agreed, for the acquisition and\ntransfer to the Company of the 50 per cent. of SVMC which the Company did not\nown. Arduina alleged that the Company in turn failed to perform its obligations\nunder the agreement to encourage the transfer. The Company vigorously denied the\nallegations contending that, because the conditions precedent were not\nsatisfied, all agreements between the parties were null and void and of no legal\neffect.\n\nThe LCIA has found in Celtic's favour on every issue in the arbitration\nproceedings and Celtic now intends to pursue its right to recover the costs of\nthe proceedings.\n\nCommenting on the Award, Celtic Chairman, Peter Hannen, said, \"Celtic has always\nmaintained that this was a case without merit. The Award not only confirms that\nview, but completely vindicates the evidence given by our witnesses.\"\n\n\nFor further information please contact:\n\nKevin Foo / Kate Dexter Smith Leesa Peters / Laurence Read\nCeltic Resources Holdings Plc Conduit PR\nTel: + 44 (0)20 7921 8800 Tel: +44 (0)7812 159 885/Tel: +44(0)20 7429 6666\[email protected] [email protected]\n\nFrank Moxon / Nick Morgan\nWilliams de Broe Plc\nTel: +44 (0)20 7588 7511\n\n\n www.celticresources.com\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n QZLFFELBLFBZ\n ","length":2325,"tagName":"div"}]