Update on Proceedings
Kentor Gold Limited (“the Company or “Kentor”) advises the status of two proceedings involving the Company in the Kyrgyz Republic.
In the case between the General Prosecutor and Invest-Centre Talas LLC (ICT), the Supreme Court of the Kyrgyz Republic has considered the appeal by the former minority participants in the Andash Mining Company (AMC). The former participants were appealing the finding of the Talas Inter-district court that invalidated the holdings of Aurum Mining Company plc (Aurum) and ICT in AMC.
The Supreme Court did not adopt a decision on the appeal but instead has ruled that the case should be retired in the Chui Inter-district court at a date yet to be determined. The Supreme Court will not publish its findings for 10-15 days at which time the rationale for the ruling will be known.
This case has no impact on Kentor’s 80& holding in AMC.
In a separate case brought by ICT against Kentor, alleging improper conduct by Kentor, the case has been left without consideration. This has resulted for the failure of ICT to appear at the hearing on 2 occasions despite having been served the proper notification. Kentor considers the fact that the court case was left without consideration to be a favourable development.
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