Business
El Nino Wins International Commercial Arbitration Against George Kavvadias and his Company Global Consulting Group Ltd.
VANCOUVER , Jan. 6, 2014 /CNW/ - El Nino Ventures Inc. ("ELN" and the "Company") (TSXV: ...
About this update from Metalquest Mining Inc
[{"type":"text","content":"\n\n\nVANCOUVER, Jan. 6, 2014 /CNW/ - El Nino Ventures Inc. (\"ELN\" and the\n \"Company\") (TSXV: ELN) (OTCPINK: ELNOF) (Frankfurt: E7Q) is pleased to\n announce that the Company has been successful in winning its\n arbitration proceedings against both George Kavvadias and Global\n Consulting Group Ltd. (\"GCP\"), a company controlled by George\n Kavvadias. The arbitrator has overwhelmingly found El Nino's claims to\n be valid and in making his award to El Nino, the Arbitrator has\n declared the following in favour of El Nino:\n\n\n\n\n\n\n\n\n\nGeorges Kavvadias and GCP must return all assets of Infinity Resources\n SPRL (Infinity is 70% owned by El Nino Ventures) to the control of the\n El Nino which include but is not limited to the mining permits and\n site, vehicles, equipment, drill core, data and all records financial\n or otherwise.\n\n\nGeorges Kavvadias and GCP have no right to participate in the activities\n of Infinity Resources Sprl beyond the rights as a minority shareholder.\n\n\nThe request by Georges Kavvadias for the DRC Mining Exploration Permits\n 5214/5215/5216/5217 to be transferred into Mikuba Mining is denied.\n\n\nThe DRC Mining Exploration Permits (Kasala); 5214/5215/5216 and 5217 are\n the property of Infinity Resources Sprl.\n\n\nGCP shall forthwith deliver and endorse 20% of its shares in Infinity\n Resources Sprl over to Hassan Sabra (original holder of the Kasala\n permits).\n\n\nEl Nino did not breach either of the Joint Venture Agreement or the\n Option Agreement from a failure to pay the final instalments of\n USD$100,000 and 100,000 shares to fully earn its 70% interest in the\n Kasala claims or by not paying exploration and development costs in the\n amount of USD$296,626.70 up to May 18, 2010 as claimed by Mr. Kavvadias\n and GCP.\n\n\nGCP must pay El Nino Ventures Inc. damages in the amount of\n USD$101,850.32.\n\n\nEl Nino may set off the USD$100,000 final instalment under the Joint\n Venture Agreement and Option Agreement.\n\n\n\n\n\n\n\n\n\n\nHarry Barr President and Chairman commenting on the results of the\n arbitration stated that, \"Although the arbitration took an exceedingly long time to complete, the\n results justified management's relentless efforts to bring Mr.\n Kavvadias/GCP to accountability and retain the assets on behalf of the\n shareholders in its 70% owned joint venture...