We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Tibbs,
Thanks for confirming.
Hope you are keeping well in these troubled times and not missing Cornwall, the pints and the pasties (in no particular order), too much.
Best wishes,
Prof
Hi Prof,
The One of the analysts in London has picked up on the development in Cairo – GMP Securities issued the following this morning:
Yes old post 2014/15 from Centamin PR, this s also just for context and general information
Hi Prof,
Sinnerthesaint was involved in company & corporate law, he was one of the "Old Guard" and greatly missed on here , but he he did say that although he was moving on the reason wasn't that there was anything at all wrong with Centamin, he was part of a group and so had to divert his attention to other projects.
Yes it's just for context and information for those that aren't aware of some of the events of past years
Hi Martc,
Thanks for taking the time to answer. That sounds sensible.
Best wishes,
Prof
Prof, regarding your question to Tibbs I believe it is old info as it refers to 2015 targets, could be wrong but that is my understanding and it rang a bell as being old news.
Hi Tibbs,
Is the post ' One of our analysts...' a current post or an old one you are reposting for context?
Thanks for clarifying,
Prof
This was from a much missed member "Sinnerthesaint"
This is potentially very interesting. I remember enquiring what it would mean if AlFakharany were convicted in his earlier (political) case. One of the answers someone then gave me was that it wouldn't affect the CEY/EMRA case because it was unrelated and didn't have something to question his integrity (as an example he wasn't getting convicted for fraud). Now this (with evidence) is exactly THAT. His integrity is on the line... and (morally but efficient in court cases) him accusing someone else of the same (before he has spent his own sentence - i.e. reformed). Morally (perhaps less efficient in court but much more efficient politically) would be hypocrisy.
It potentially affects the CEY court-case in many ways.
1. The possible outcome itself.
2. The continuation of the appeal
3. The possibility of AlFakharany dropping the case
4. The Interior ministry looking into injunctions
5. The length of time for the case to go on
6. The little 'public' support he enjoyed will probably vanish quickly
Original post by Siko
http://www.elfagr.org/1857087
http://www.el-balad.com/1694329?bar=1
http://www.masress.com/youm7/2337002
http://www.marsadmasry.com/news/28790
Public Funds Investigators at the Interior Ministry confirmed that they have arrested Hamdy Alfakharany tonight and they have started questioning him.
He is accused of requesting 5 million Egyptian pounds as a bribery to withdraw a court case he had filed earlier to recover the land of the Nile Cotton company.
The interior ministry technical department managed to record - audio and video - Alfakharany while requesting the bribery. All telephone calls between Alfakharany and the relevant parties were recorded.
Alfakharany was arrested while getting paid the first instalment of the bribery (1,25 millions).
Investigations also showed that Alfakharany committed fraud with the papers of Madinaty case.
One of the analysts in London has picked up on the development in Cairo – GMP Securities issued the following this morning:
Centamin – CEY LN – thorn removed with arrest of main opponent to Sukari
• As operations continue their smooth progress and the company moves towards 500k oz for 2015, enabling the company to recently raise its dividend to a healthy ~3.7%, the story looks in good health.
• But one issue which has continued to hold back the company over recent years has been the blight of the court cases it has faced in Egypt, spear-headed by one particular individual (Hamdy Fakharany). So it is especially comforting to see management’s long-stated view (that this individual was only out for personal gain and they would not bow to his demands) corroborated by the fact that he has been arrested after being caught attempting to bribe a company facing a similar legal situation to CEY.
• He had sought payment from CEY in order for their court troubles to “disappear” which the company had consistently ignored – and that tactic looks like it will now pay off. Clearly it won’t be overnight progress, but as we have long-stated, the court cases facing the company have not been brought by the State, but rather an individual with an agenda. Now that this individual is likely removed, the company is in a solid position to continue unimpeded its strong operational progress.
• Remains my top pick of the growing, established lower cost producers and with a healthy dividend yield on top, it screens extremely well versus all peers.
the 2017 end of year report.
Concession Agreement court case
On 30 October 2012, the Administrative Court in Egypt handed down a judgment in relation to a claim brought by, amongst others, an independent member of a previous parliament, in which he argued for the nullification of the agreement that confers on the group rights
to operate in Egypt. This agreement, the Concession Agreement, was entered into between the Arab Republic of Egypt, the Egyptian Mineral Resources Authority and Centamin’s wholly-owned subsidiary Pharaoh Gold Mines, and was approved by the People’s Assembly as Law 222 of 1994.
In summary that judgment states that, although the Concession Agreement itself remains valid and in force, insufficient evidence had been submitted to Court in order to demonstrate that the 160km2 exploitation lease between PGM and EMRA had received approval from the relevant Minister as required by the terms of the Concession Agreement. Accordingly, the Court found that the exploitation lease in respect of the area of 160km2 was not valid although it stated that there was in existence such a lease in respect of an area of 3km2.
Centamin, however, is in possession of the executed original lease documentation which clearly shows that the 160km2 exploitation lease was approved by the Minister of Petroleum and Mineral Resources. It appears that an executed original document was not supplied to the Court in the first instance.
Upon notification of the judgment the group took various steps to protect its ability to continue to operate the mine at Sukari. These included lodging a formal appeal before the Supreme Administrative Court on 26 November 2012. In addition, in conjunction with the formal appeal the group applied to the Supreme Administrative Court to suspend the initial decision until such time as the court was able to consider and rule on the merits of the appeal. On 20 March 2013 the Court upheld this application thus suspending the initial decision and providing assurance that normal operations would be able to continue whilst the appeal process was under way.
EMRA lodged its own appeal in relation to this matter on 27 November 2012; the day after the Company’s appeal was lodged, supporting the group’s view in this matter. Furthermore, in late December 2012, the Minister of Petroleum lodged a supporting appeal and shortly thereafter publicly indicated that, in his view, the terms of the Concession Agreement were fair and that the exploitation lease was valid.
The Minister of Petroleum also expressed support for the investment and expertise that Centamin brings to the country. The Company believes this demonstrates the government’s commitment to the group’s investment at Sukari and the government’s desire to stimulate further investment in the Egyptian mining industry.
The Supreme Administrative Court has stayed the Concession Agreement appeal until the Supreme Constitutional Court has ruled.
I thought some newer member's may find the following of interest
26-09-2013
The 3km is a complete red herring. The proof of license submitted by CEY at the end of last year is for the whole 160km. This has been acknowledged by the admin court and all of the judges in the supreme court - if this was not so Cey would not have been able to have continued mining, which does as we speak. There is a lot of noise around what the arguments are about, almost all of them wildly inaccurate, this being probably the most farcical of them all.
Cey has and continues to adhere to all of the conditions set in the original rule of law when they were granted the license. If they have transgressed this they would have been shut down a long time ago, let alone having spent close to $1bn on building Sukari.
But that message was from a mizolgit.
Not.
Lol
Spot64.you are right.
The rest the 157km square on new law.
If it comes to that.
No real problem. If government wants more investment.
And they do, especially now.
Bob I was not referring to you ,in my last message.
gllalth.
Just to be clear the court case is not related to the 3km Sukari site, it only affects the 160km outside of the 3km .
So if the worst was to happen and centamin lost the case, which is highly unlikely, nothing much would change.
Centamin would still have the mining rights to its current site which has never been in question which still has 20 yrs+ left and they would then just have to renegotiate the license to expand outside of this.
Daft as this may sound, it might be quicker and easier to just rip up the old licence and start again.
Lets not forget that the court case is Not between Centamin and the Egyptian government but just a private individual whose since been convicted and sent to prison.
Centamin is too valuable to the government to do anything to threaten its operation.