IDC (ASX) Court Proceedings

Originally posted by jack456 ↑

I have previously mentioned that the directors and management have continually overlooked obvious problems that they could have and should have managed. There has always been a certain arrogance with the management of IDC and a lack of openness of certain facts.

But anyway here we go again.
A group of landowners headed by KDC have commenced legal proceedings (OS606/2014 ) in the PNG National Court in Port Moresby against the Mining Department, Mineral Resources Authourity and Minister for Mining.

For those who don't remember. KDC (Kare Puga Development Corporation) have been the recognised landowner company from around the time the first licence was issued and in fact have had joint venture agreements with all the previous tenement holders until the 6th Aug 2009. That is when the previous tenement holder Madison Enterprises was in liquidation by their creditors. Court appointed Liquidator James Kruse on the 6th Aug 2009 terminated the joint venture agreement with KDC under section 319 of the companies act. So the question of whether they have any legal standing is yet to be determined but I am sure that IDC will bring in the big guns and assure all the stakeholders and financiers that 'she'll be right mate'. But this court action may get some traction as it appears the previous owner of Summit Development Ltd - Union Pacific Investments Pty Ltd which joint ventured with Kingsgate Consolidated and Indochine Mining Ltd did in fact recognise KDC and entered into an agreement on 4 Dec 2009, offering KDC a 30% free carried interest in Mt Kare's EL 1093. In fact the former director of Indochine Mining, David Evans helped negotiate this agreement on the 2nd Dec 2009 and followed up their support for KDC with a series of damaging correspondence.
So even if it is not this court action by KDC and others that is of concern, it is the other direct information and documented actions by the IDC board that will be revealed which will do the damage. Again it is the lack of good governance by the IDC board that allowed a situation to occur that will effect the future of IDC.

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You seem to have omitted Buffalo Gold herein,,,my understanding is THEY bought the lease/tenement from Madison??scanno

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Court Proceedings, page-4

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Court Proceedings, page-4

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