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JOHANNESBURG (miningweekly.com) – The Financial Services Board (FSB) has rejected black-empowered Puno Gold Investments’ complaint against Central Rand Gold (CRG) that it had issued false information to investors, while Puno’s appeal into an earlier South Gauteng High Court decision was pending.
Last week, Puno brought a second application against the junior gold-miner, applying for leave to appeal the South Gauteng High Court’s earlier decision to dismiss Puno’s interdict with costs.
On November 5, the court dismissed the urgent interdict, sought by Puno, to halt trial mining by CRG’s South African subsidiary, CRGSA, at the Consolidated Main Reef, Langlaagte, City Deep and Crown Mines tenements.
CRG subsidiary Central Rand Gold Netherlands Antilles (CRGNV), in February, said that it would exercise a call option to buy Puno’s 26% stake in CRGSA, after Puno failed to fulfil the funding obligations stipulated in the shareholders agreement.
Puno instituted an urgent application with the South Gauteng High Court in Johannesburg in April, to interdict CRGSA and CRGNV from proceeding with the exercise of the call option, pending the final determination by arbitration, or a court order, of the volatility and enforceability of the funding call by CRGSA and the call option furnished by Puno in favour of CRGNV in respect of its shares in CRGSA.
CRG planned to oppose the appeal.
Puno had lodged a complaint with the FSB earlier this year, after which an investigation was launched in June.
