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Minera IRL: Jaime Pinto has been a naughty boy

And now Jaime Pinto is going to pay. Yup, Pinto is indeed the “certain third party” now charged with corruption and from what IKN understands, the case against him is very strong. He goin’ down. Link here.
LIMA, PERU–(Marketwired – Oct. 4, 2017) –
Minera IRL Limited (“Minera IRL” or “the Company”)
(BVLAC:MIRL)(CSE:MIRL)(CSE:MIRL.CN)(CNSX:MIRL) reports that the Superior
Council of Arbitration of the Chamber of Commerce of Lima (“CCL”) has
rejected the arguments submitted by Corporación Financiera de Desarrollo
S.A. (“COFIDE”) in opposition to beginning the Arbitration requested in
June, 2017 by the Company’s subsidiary company, Minera IRL S.A. The
Council has admitted all of Minera IRL claims despite COFIDE’s
objections, and decided that the Arbitration should continue. The formal
announcement of the Arbitration Panel is expected in the coming days.
Minera IRL has
become aware of irregularities at COFIDE that appear to be preventing
COFIDE from honoring its commitments under the Mandate Contract to
structure the US$240m financing package for the development of the
Company’s Ollachea gold project. As a result, the Company has filed,
before the authorities, a criminal complaint of corruption against
certain officers of COFIDE and third parties directly involved with the
alleged events. MIRL has taken this strong step in order to protect the
assets of the Company and all of its stakeholders.
In addition, the
Company understands that COFIDE has filed a lawsuit against some of its
own former officers, alleging violations of internal procedures and,
without any apparent foundation, COFIDE has named the Company as an
additional defendant. It appears that, rather than trying to find a
joint solution to the existing dispute, COFIDE would prefer to harm the
Company’s good name and commercial reputation.
Minera IRL’s
Executive Chairman, Gerardo Perez, stated that “We are pleased with the
CCL Superior Council of Arbitration decision rejecting COFIDE’s
opposition and ordering continuation of the arbitration. We intend to
provide all necessary evidence during the course of the arbitration
process in order for the arbitrators to find in our favor. Likewise, we
reject the complaint and abusive attitude of certain COFIDE officers who
appear intent on destroying our Company’s reputation and commercial
viability through a media campaign that threatens our ability to access
possible means of financing.”
The Arbitration
was requested by the Company last June. COFIDE submitted its opposition
by the end of July. In August, the parties were called by the Superior
Council of Arbitration of the Chamber of Commerce of Lima in order to
present their positions regarding the continuation of the procedure. In
September, by means of Resolution No. 0234-2017-CCL, the Council decided
that “the Arbitration shall continue with the participation of Minera
IRL S.A. and COFIDE regarding all the claims previously submitted by
Minera IRL, so that the Arbitration Panel to be constituted can decide
on any objection to its competence”.
Following said
resolution, the final composition of the Arbitration Panel is expected
to be announced and constituted in the near future.
No
stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained in this news release.
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