Legal battles inbound with lawyers expenses28 Jul 2024 21:12
We know that finances are running thin at the moment but we must not forget that large amount of capital is needed to pay for the legal services which is expected over a whole week.
There is a pending legal case against the Company for an amount of GBP 5.1 million from a claimant, Demissie Asafa Demissie (the "Claimant"). The Company believes the claim for successful provision of financial advisory services is spurious and without merit. Nonetheless, the amount claimed can only be payable on successful closing of the Tulu Kapi Project finance, which has yet to occur. The Company is making a counter claim and vigorously defending its position. The Company has engaged legal counsel to represent its interests. The company received a Notice of Trial date for the 5th of December 2024 with a trial window set to 5 days. The Company will disclose any material developments related to this case as and when required by applicable laws and regulations.