argonaut begins court action over missing fund

Sydney - Monday - October 20: (RWE Aust Business News) - Argonaut
Resources NL (ASX:ARE) has commenced proceedings in the Supreme Court of
NSW against former employee Sarah-Jane Vaughan, claiming $2,386,455 plus
damages, interest and costs in relation alleged fraudulent
misappropriation by her of Argonaut funds from 2002 to mid-September this
year.
The Court made orders on Friday in relation to the proceedings,
including orders freezing certain of Ms Vaughan's assets, which took
effect on Saturday and have effect up to and including Wednesday October
22 when the proceedings are next before the Court.
Argonaut proposes to seek an extension of the order at that time.
The company said its review as to the extent of the
misappropriation and its impact is continuing, as is Argonauts's
consideration of further avenues for recovery of funds.
Directors said that the company's cash on hand balance as at
September 30 was $9.541 million.