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JCI, R&E go to arbitration

I-Net Bridge | Wed, 23 Sep 2009 15:59
[miningmx.com] -- There is no end in sight for shareholders of embattled gold mining firms JCI and Randgold & Exploration (R&E), which this week said they would be going to arbitration in an attempt to resolve their longstanding dispute.

JCI said on Wednesday that the dispute between the parties remained unresolved after the settlement agreement agreed to earlier this year lapsed.

The parties originally agreed to a settlement in May but this agreement was resigned after the original agreement lapsed due to non-fulfilment of certain suspensive conditions.

Re-signed last week, the new settlement agreement gave JCI two business days to secure irrevocable undertakings from certain shareholders, which it failed to do.

The re-signed agreement has therefore also lapsed.

"As the settlement agreement has lapsed, the dispute between R&E and JCI remains unresolved. The disputed claims will therefore have to be referred to the appropriate forum for adjudication. If the parties are unable to agree on such a forum it will have to be determined by the court," said JCI in a statement to the JSE.

JCI said the outcome of the dispute depends on the extent of R&E claims, the result of anticipated litigation and possible further negotiations.




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