NuCoal to keep fires burning on compensation
ASX-listed NuCoal Resources (ASX:NCR) has come out swinging after the Supreme Court of NSW rejected its appeal of an ICAC finding last year – saying it would continue to seek to leverage “international treaty obligations” to seek compensation.
In July 2013, ICAC found evidence of corruption in the granting of the Mount Penny exploration license to Doyle’s Creek Mining (DCM) in late 2008.
DCM was acquired in 2010 by NCR.
In its judgement, ICAC recommended that the exploration license, now held by NCR, should be revoked with the body recommending the NSW Parliament move to compensate any party affected by the ICAC finding.
However, in January last year the parliament passed legislation revoking the license from NCR without any compensation.
Subsequently, NCR appealed the original ICAC decision to the NSW Supreme Court, arguing that the body did not fully engage with its supplied evidence.
However, Justice Stephen Rothman rejected the case saying that ICAC had fully engaged with the evidence.
Today, NCR told the market that the judgement was not a reflection on its innocence in the case, something which the court agreed with.
However, NCR flagged its intention to pursue the case for compensation further, focusing on compensation for its US investors by leveraging “international treaty obligations.
“NuCoal will continue to press for compensation for its US investors under Australia’s international treaty obligations,” it said in a statement.
Finfeed.com is seeking further clarification.
Short-term positions in small, early stage ASX companies,
with high potential and near term price catalysts.
Focusing on resource exploration, early-stage tech, and biotech.
Exceptional opportunities across a broad range of
early-stage growth sectors with strong management.
Seeking 1,000% plus returns across medium to long-term holds.
Longer-term positions in a variety of sectors.
Seeking strong management where traction is established and have entered into a growth phase.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.