JOHANNESBURG (miningweekly.com) – Central Rand Gold (CRG) on Thursday said its subsidiaries CRG South Africa (CRGSA) and CRG Netherlands Antilles (CRGNV) had been awarded $5.68-million in a dispute with black economic empowerment partner Puno Gold.
The company in an earlier statement said that it was awarded $924 791, but noted that this was a foreign exchange calculation error.
A dispute relating to alleged procedural breaches of a CRGSA shareholders’ agreement, entered into between CRGNV and Puno was lodged in 2011 and centered around the validity and enforceability of a funding call, which requested funds from shareholders for operational use.
The judgment delivered was in favour of CRG, finding that the funding call was made in accordance with the overarching law and the shareholders agreement.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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