LONDON (Alliance News) - Polo Resources Ltd Thursday said a sole arbitrator has been appointed by the International Court of Arbitration of the International Chamber of Commerce to determine a dispute between its investee company Celamin Holdings NL and its joint venture partner Tunisian Mining Services and Chaketma Phosphates SA.
According to Polo this dispute related to the "fraudulent transfer" to Tunisian Mining Services of Celamin's 51% stake in Chaketma Phosphates.
The sole arbitrator has granted Celamin certain emergency and later interim orders preserving the status quo until the dispute is finally determined, Polo said, however Tunisian Mining Services has not complied with these orders, and an application for their reversal has been rejected.
These orders are to prevent the sale of Chaketma Phosphates' shares and assets, and ensuring a continuing disclosure of information to Celamin in relation to Chaketma Phosphates' activity and the Chaketma permit in Tunisia. Penalties have been ordered, and will apply if Tunisian Mining Services continues not to comply with the measures.
Both Tunisian Mining Services and Chaketma Phopshates have challenged the jurisdiction of the International Chamber of Commerce, Polo said.
Whilst Celamin understands that the Chaketma permit has been renewed but as this process was managed by Tunisian Mining Services, and as Tunisian Mining Services has not provided details required by the interim orders, Celamin is not aware of the terms of the renewal.
Polo Resources has a 33.2% stake in Celamin.
Shares in Polo Resources were down 5.0% at 3.39 pence Thursday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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