MMX 0.00% 4.7¢ murchison metals ltd

grimaldi not testifing

  1. 127 Posts.
    I found this article and having gone to court and listened to a few of the witensses, Iam suprised that Grimaldi wont be taking the stand and trying to refute some of CHM's evidence.

    What does this mean for MMX? Since Grimaldi was Murchison up until late 2004, how does MMX now defend these allegations given that the current board were not around at that time?

    David v Goliath Battle (Daily Telegraph)
    By NICK GARDNER

    THE David v Goliath court battle between tiny Chameleon Mining and giant Murchison Metals has taken an unexpected
    turn with former Murchison director and Sydney Swans backer
    Phillip Grimaldi declining to take the stand to face questions.

    Mr Grimaldi, who had to pay $36million to the Australian Tax Office in JUly for his part in a tax-avoidance scheme, was a Murchison director at the time it is alleged that Murchison used Chameleon assets to buy mining sites at Jack Hills and Weld Range, now worth an estimated $2.5billion. The sides entered mediation last year, but talks ground to a halt and the case went to court last month. Fantastic as the claims may seem, the tiny miner could be in line for a payout worth hundreds of millions of
    dollars. While preparing for the case last year, Chameleon's Anthony Karam said:

    "We have astonished our lawyers with the amount of evidence
    that we have."

    The case will continue tomorrow.
 
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