Update on Chatree Legal Proceedings
10 November 2017
On 13 October 2017, Kingsgate Consolidated Limited (ASX:KCN) (“Kingsgate” or the “Company”) announced that it would be commencing proceedings in the Supreme Court of New South Wales against Zurich Australia Insurance Limited and other named insurers under a US$200 million Political Risk Insurance Policy (the “PRI Claim”).
On 2 November 2017, the Company announced that it would commence international arbitration proceedings against the Kingdom of Thailand (“Thailand” or the “State”) under the Australia Thailand Free Trade Agreement (“TAFTA”) to recover substantial losses resulting from the unlawful expropriation of the Chatree Gold Mine in 2016, and other unlawful measures taken against the Company’s covered investments in Thailand (the “TAFTA Claim”).
Both sets of proceedings have now been commenced.
Kingsgate has established a highly experienced and effective legal team to prosecute both sets of proceedings, and will be closely managing the team to ensure the optimum outcome for shareholders.
The purpose of this release is to introduce you to the team, and to briefly describe the two claims and the processes to be followed in prosecuting each claim.