Viking confident of court win from Akoase litigation
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Viking Mines (ASX:VKA) is confident that longstanding litigation over the unpaid proceeds from the sale of the Akoase gold project in Ghana will go its way.
This comes after its legal team presented evidence to the Ghanaian High Court (Commerical Division), which has advised that a judgement will be made on 28 July 2021.
“We are nearing a significant milestone with the Ghanaian court adjourning to give judgement on our longstanding litigation over the unpaid proceeds from the sale of the Akoase gold project,” managing director Julian Woodcock said.
“This has been a long process, but I am confident that the Ghanaian legal system will uphold the contract of sale we entered into in good faith and confirm what is rightfully owed.”
Viking has been pursuing unpaid proceeds of the sale of the Akoase gold project since late 2018.
The company had executed a sale contract for the project in June 2015 for total proceeds of US$10m ($13.13m) of which US$8m was to be paid in cash in two tranches while the remaining US$2m will come from royalties from production.
While Viking was previously paid the first US$5m in sales proceeds, the remaining US$3m that was due to be paid by 31 December 2017 has not been received to date.
This led the company to file and serve proceedings against Akoase Resources Limited, BXC Company Ghana Limited and Cheng Yi in October 2018.
Since then, the matter has been proceeding through the court process in Ghana with the most recent hearing held on 14 June 2021 before the High Court adjourned to 28 July when the judgement is expected to be made.
This article was developed in collaboration with Viking Mines, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.