RE: "Oh what a tangled web"9 Nov 2021 11:15
Could it get any worse-IT JUST DID- I have just found this !Arc Minerals has commenced proceedings in the English High Court against Terra Metals (MM) for a declaration that Terra has breached the warranties contained in an agreement between the two parties relating to the sale of shares in Zambian mining company Zamsort Limited (“Zamsort”) by Terra to Arc. The warranties in question related to the existence of any liability between Zamsort and Terra or its connected persons. In March 2021 Terra and a number of its connected persons brought spurious proceedings against Zamsort in the Zambian courts, making a number of claims against Zamsort, in breach of the warranties given by Terra. Terra’s solicitors in London have admitted that the warranties given by Terra were obviously and plainly incorrect but argue that Terra gave the warranties without the benefit of legal advice. Arc, on advice from its own legal advisors, does not consider this is a viable defence and expects to succeed in its claim against Terra and be awarded damages and legal costs. and just to top it off “MM‘s defence is “no legal advice sought on the biggest transaction he’s ever done ” You really couldn't make it up !