Macarthur Minerals Limited (ASX:MIO) (CVE:MMS) (OTCMKTS:MMSDF) has welcomed the dismissal of a claim by the High Court of Australia made by Charles Chan, Victor Chan and Edward Kwok against the company.
The High Court’s refusal to grant the applicants special leave to appeal means that the longstanding proceedings which were initiated in 2016 are now finally at an end.
There is no further avenue of appeal available to the applicants.
“Unanimously determined in our favour”
Executive chairman Cameron McCall said: “These proceedings have been going on for many years and Macarthur and the other respondents to the proceedings are very pleased that the matter has finally and unanimously determined in our favour.
“Macarthur’s persistence in defending these actions has been vindicated.
“Macarthur looks forward to focusing all its attention on the important task ahead of delivering its flagship Lake Giles Iron Project.”
The applicant’s original proceeding was dismissed by the primary judge in the Supreme Court of Queensland and on June 30 the Court of Appeal unanimously dismissed the applicant’s appeal against the original decision, ordering that the applicants pay the respondent’s costs.
In August, the applicants sought special leave from the High Court of Australia to appeal against the decision of the Court of Appeal.
The High Court saw no basis for it to grant such leave.
Macarthur believes this is an excellent result for the company and the other respondents who have consistently maintained that the proceedings were entirely without merit.