CA ruling on Nadecor leadership paves way for $2B gold mine project
Former Ambassador Roberto Romulo. CONTRIBUTED PHOTO/www.nadecor.com.ph
MANILA, Philippines—A $2 billion copper and gold project can now push through following the Court of Appeals’ ruling affirming the leadership composition of the Nationwide Development Corporation (Nadecor).
Former Ambassador Roberto R. Romulo in a statement said the issue on illegitimacy of officers and board of directors of Nadecor is now a non-issue.
Last February, the Court of Appeals reversed the ruling of the Regional Trial Court and upheld the election of Conrado Calalang and his group along with making permanent the injunction against the holdover board.
Nadecor is a Filipino company that holds majority stake in the US$2-billion King-king Copper and Gold Project.
The case stemmed when Corazon Ricafort and her children contested the election of Calalang and the new board saying they were not adequately notified of the meeting and were thus deprived of their right to vote and be voted upon despite holding 42% of the outstanding Nadecor shares.
Article continues after this advertisementCalalang and his group, including Ambassador Romulo, however, refuted the allegations made by Corazon Ricafort citing a registered mail receipt and the presence of her husband Jose, who signed the attendance sheet for and in their behalf.
Article continues after this advertisementHe said with the presence of Jose Ricafort in the August 2011 stockholders meeting, a 94% attendance was in place – more than the required quorum.
Initially, Corazon Ricafort won their case before the Regional Trial Court in Pasig as it nullified the election of officers.
The Calalang group went to the Court of Appeals who ruled in their favor.
Calalang and his group said the move of Ricafort would have seriously jeopardized the memorandum of agreement between Nadecor and St. Augustine Gold and Copper Ltd as well as the investment of Queensberry Mining and Development Corp. who then had already committed to financing the project.
Calalang said with recent court ruling, they are expecting to attract more investors to the project. He sees no more legal impediments for the project and sees no reason for it not to proceed.
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