Business
Court Dismisses All Claims Against Kefi Minerals
Court Dismisses All Claims Against Kefi Minerals.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nRNS Number : 6418X KEFI Minerals plc 28 November 2017 \n\n28 November 2017\nKEFI Minerals plc\n(\"KEFI\" or the \"Company\")\nCOURT DISMISSES ALL CLAIMS AGAINST KEFI\nKEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, is pleased to announce that a court ruling by the Federal Supreme Court of Ethiopia (the \"Court\") eliminates KEFI's potential liability regarding an inherited claim for damages. This follows a judgement earlier this year that reduced the Company's liability from US$12 million to US$0.6 million as announced on 2 May 2017.\nAs previously announced and reported in the Company's statutory accounts, the original claim for damages of US$12 million (approximately ETB240 million) had been lodged against KEFI in 2014. The claim was based on the impact of exploration field activities conducted between 1998 and 2006, a period which pre-dated KEFI's involvement in the Tulu Kapi Gold Project.\nThese exploration activities comprised the construction of drill pads and access tracks. No objections had been made until 2014 when certain parties from outside the Tulu Kapi district raised the matter and initiated court action against KEFI.\nThe Oromia Regional Supreme Court earlier this year rejected 95% of these claims as having no legal basis and reduced KEFI's potential liability to US$0.6 million.\nKEFI's appeal to the Court with regards to the remaining US$0.6 million has now succeeded and the Company is no longer liable for any damages.\nIf another appeal is raised, which remains a possibility, KEFI would defend its position on the basis that it remains firmly of the belief, on legal advice and as previously reported, that it has no contingent or actual liability.\nMarket Abuse Regulation (MAR) Disclosure\nCertain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.\n \n\n\n\n\nENQUIRIES\nKEFI Minerals plc\n\n\n \n\n\n\n\nHarry Anagnostaras-Adams (Executive Chairman)\n\n\n+357 99457843\n\n\n\n\nJohn Leach (Finance Director)\n\n\n+357 99208130\n\n\n\n\n \n\n\n \n\n\n\n\nSP Angel Corporate Finance LLP (Nominated Adviser)\n\n\n \n\n\n\n\nEwan Le...