centamin, page-2

a more precise picture can be viewed here..

http://www.centamin.com/centamin/investors/courtcaseqanda/

Just political mud raking, production continues. Suggestions or interference from a Government body May 10 are highly unlikely to sway a Court, who traditionally worldwide hate being told what to do. They deal in facts, the prevailing law at the time, not Government suggestions or plaintiff innuendos after the event.

I see absolutely nothing of concern for us here, and even it there where, as GIP has mentioned, it has always expected there will be conditions precedent to any Bank finance approval.

Long story short, some snipets,

a) The case was filed by Hamdy El Fakharany, an independent member with the previous parliament. He appears to have an independent political agenda and was in the courts in 2010 over property deals done under the Mubarak regime.

b)Centamin is in possession of the executed original lease documentation which clearly shows that the Minister of Petroleum (the successor to the Minister of Industry at the time when the 160km2 lease was signed) granted the necessary approval. The Company is therefore surprised that this document was neither listed in the documents supplied to the Court, nor requested by the Court itself.
( referring to the decision of the Administrative Court )

c) The recommendations of the State Commissioner’s Office (May 10) are advisory only and importantly Centamin notes that in its ruling on 20 March 2013, in enforcing its decision to suspend the ruling of the Administrative Court, SAC unanimously held that, “on the basis of the copy of the exploitation lease executed by the Minister of Petroleum presented to SAC, the annulment of such lease by the Administrative Court was likely to be cancelled upon the issuance of a judgment on the merits of the case.”
(SAC = Supreme Court )

d) The Minister of Petroleum has lodged an appeal in support of our (Centamin)appeal.


My money is on Centamin.