"There is a pending legal case against the Company for an amount of GBP 5.1 million from a claimant, Demissie Asafa Demissie (the "Claimant"). The Company believes the claim for successful provision of financial advisory services is spurious and without merit.
Nonetheless, the amount claimed can only be payable on successful closing of the Tulu Kapi Project finance, which has yet to occur."
Yeah anyone would struggle to explain what kind of financial advisory services were worth that kind money. |
I have as much of an idea about that as do you or anyone else on this board rob, its entirely up to the court to decide on the evidence pleaded by both parties at trial.
We're not privy to the particulars of claim for breach of contract or defence. |
Think you have no idea how things work behind the scenes at government level El pirate but feel free to put forward the reasons the person has any chance to win their case. |
“Having sought legal advice on this matter, [Kefi] is of the opinion that the allegations have no merit and that it is not appropriate to recognise any contingent liability.”
Kefi also has a counterclaim against the individual perusing this action, so has an opportunity to recover its costs. |
Lots of deflection and denial going on here!!! |
With respect you obviously aint got a clue rob, this is going to full trial in the English High Court 4 December with both parties (who will already have expended significant 6 figure legal fees) represented by counsel & expert witnesses. Judgement is legally binding end of story barring appeal.
Its nothing to do with 'taking on the consortium', its very specific litigation to the named defendants alleged liability to the claimant |
The case can drag on forever as cases tend to do especially in Ethiopia it has not exactly been sprinting along has it.
"The one great principle of the English law is, to make business for itself. There is no other principle distinctly, certainly, and consistently maintained through all its narrow turnings."
If the the guy loses doubt he will even appeal it because it will effectively mean taking on the consortium. He has probably only pushed it this far hoping for some settlement to go away which would be a fraction of the amount claimed. |
“X is on it’s [sic] way to being bankrupt” - when it’s owned by the richest man in the world! LOL and double LOL. He’s said himself he didn’t buy it to make money, he has some already!! |
"Twitter is now the leading platform in the world by volume of users and interactions. Leads all media as a source of news. Has the most users its ever had since elon bought it."
...
Elon took the long view. Advertisers will continue steadily to come crawling back meanwhile Musk is in tight with the new president while mainstream media especially the news channels lost the last shreds of its credibility over the coverage of US elections.
Even here its flipped from if you see something on the BBC or Channel four you go on Twitter to actually find out if it true or not while it used to be the other way round.
The government would not be hauling people off too jail for hurty words on Twitter unless they were terrified by its influence.
I think it took big balls for Elon Musk to make a stand as if things had gone the other way and Trump had not got elected... |
The only way the case can drag on is if the losing party appeals to the court of appeal by leave of the high court. This is a full trial following which the court will give legally binding judgement whether Kefi et al are liable to pay £5.1m commission to be triggered by execution of the bank financing agreement (presumably TDB, Eastern and Southern Africa's Trade and Development Bank of which Tadesse the co defendant is CEO & president)
I wouldnt expect judgement to be given before January & should the worst happen, Kefi aint got £5.1m & Harrys wad will stay under the mattress well behind the corporate veil, so its effectively the funding bank on the hook for £5.1m |
Without Musk buying X Trump would have never won the election. You can't put a price on that. He literally saved the western world from a total takeover of the woke mind virus and for that I'm grateful. |
Think there is no rule that only a few people can have the same surname as for daily updates considering there have only been a couple in two years that's a bit of stretch what's likely to happen is the case will drag on till the consortium gets TK over the line.
A consortium that includes the national and local government not that I am suggesting that would in anyway effect the outcome of the case of course. |
Thanks but not really news that the Ethiopians need kefi and international miners for their mining sector or the Ex mining was not really helping its mining sector.
As for the report itself it should work in Kefis favour as the mining ministry will be desperate for a success to deflect criticism and looks like the penny has dropped that the mining sector can provide a lot of revenue if it does not disappear into back pockets which is a game Harry will not play.
Kind of stunned that you have posted up something positive for kefi Jaylett are you feeling alright? |
Whats a "breach of contact"? Not answering letters? |
What no RNS that KEFI is being sued for breach of contact for £5.1m starting 28th November. Have KEFI got that money. Probably why they're selling SA assets. |
Safer Gambling Week is a cross-industry initiative to promote safer gambling in the United Kingdom and Ireland. It will run from 18th - 24th November 2024 |
Thank heavens there is SA to fall back on, eh?
Ooooh. |
Rob you link every news story under the sun related to Ethiopia, did you miss this one?
Total basket case of a sector and country. |
Bid went to .63 for a second there, auto sells smacked it one. |
 "Heads of the Ethiopian Securities Exchange (ESX) eye the listing of more than 90 businesses on their boards as the country’s maiden stock market nears inauguration, sources disclosed to The Reporter.
If the ambitions hold true, the number of initial public offerings (IPOs) would instantly surpass the stocks listed on the Kenyan stock exchange, which the minds behind ESX have used as a reference point in the four years preparing for launch."
"The Exchange has managed to raise 1.6 billion birr in capital, far exceeding the initial target, and despite growing interest to invest in ESX, its executives have suspended reviews of new offers, according to the sources."
"Ethiopian Investment Holdings (EIH) holds a 25 percent stake in the Exchange on behalf of the federal government. State-owned firms Ethio telecom, Ethiopian Shipping and Logistics Services Enterprise (ESLSE), the Ethiopian Insurance Corporation (EIC), and Berhanena Selam Printing Enterprise combined hold another 25 percent stake."
"Financial institutions and SOEs are expected to be the first to list on the ESX when it goes live. Firms wishing to make a public offering are required to comply with transparent institutional governance requirements, International Financial Reporting Standards (IFRS), and safeguards meant to instill confidence in investors."
“There is a population of 120 million but the number of shareholders in the country is only around half a million. That is why we are relying on technologies like money market operators to maximize the reach and accessibility of the capital market,” she said.
She disclosed that both local and foreign investors will be permitted to invest in the capital market.
“We recognize retail investors as core investors in the capital market,” said Hana. |
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