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El Nino Ventures Wins Final Award on all Costs of the International Commercial Arbitration against Global Consulting Group Ltd.
VANCOUVER , April 2, 2014 /CNW/ - El Nino Ventures Inc. ("ELN" and the "Company") (TS...
About this update from Metalquest Mining Inc
[{"type":"text","content":"\n\n\n\n\n\n\n\nGCP must pay costs to El Nino Ventures in the amount of CDN$ 431,532 \nA declaration was made that George Kavvadias and Global Consulting Group Ltd. (GCP) have no right to participate in the activities of Infinity Resources SPRL (70% owned by ELN) beyond rights of as a minor shareholder. \nGCPmust return all assets of Infinity Resources to the control of El Nino Ventures on behalf of Infinity Resources Sprl, including all mining permits and site, vehicles, equipment, drill core and data. \nPost-award interest is payable on the costs award in the amount of CDN$ 431,532 at a rate of 5% per annum compounded annually from March 21, 2014 until paid\n\n\nVANCOUVER, April 2, 2014 /CNW/ - El Nino Ventures Inc. (\"ELN\" and the \"Company\") (TSX.V: ELN; OTC Pink: ELNOF Frankfurt: E7Q) is pleased to announce that the Company has now received the Final Award from the International Commercial Arbitration between ELN and Global Consulting Group Ltd. (\"GCP\"), a company controlled by George Kavvadias at the time of the initial proceedings. The Company was successful in its submission for its costs of the arbitration and was awarded $431,532. All submissions in opposition to the awards by Mr. Kavvadias and GCP were denied.    \n\nThe arbitrator has overwhelmingly found El Nino's claims to be valid and in making both this final award as well as the previously announced partial award to El Nino, the Arbitrator has declared the following in favour of El Nino: \n\n\nThere is no reason for any significant delay. Arbitration is over. No adjournment is necessary for GCP's lawyer to take instructions to apply for or to oppose ELN's application for costs. There is no provision under the International Arbitration Act for re-opening or reconsideration of an award. \nThe partial Award was clear that Mr. Kavvadias acted improperly in attempting to transfer the mining permits to Mikuba and in the manner of appointing himself as Gerant of Infinity Resources. \nThere was no violation of any order that ELN produce books and records. There was thus no basis for any adverse inference to be drawn. \nA declaration was made that there was no breach of the Joint Venture Agreement or Option Agreement dated May 19, 2007 resulting from the failure of ELN to pay the final installment of US$100,000 and 100,000 shares of ELN to GCP on May 1...