Vancouver’s East Asia Minerals Corp. (TSX V:EAS) informed its shareholders Friday that it has been named as a defendant in a civil claim filed by PT Atlas Mineral Exploration in the Central Jakarta District Court.
PT Linge Mineral Resources and PT Gayo Mineral Resources have also been named as defendants; Barisan Gold Corp. is named as a co-defendant.
PT Atlas is an Indonesian company that owns a 12% equity interest in each of PT Linge and PT Gayo.
Barisan is the majority shareholder of PT Linge and PT Gayo with an 80% equity interest in each company.
Barisan was spun out of East Asia Minerals to its shareholders of record on July 21
PT Atlas approached PT Gayo and PT Linge in recent months asking that its 12% equity interest in both companies be acquired.
When Barisan and PT Atlas could not agree on reasonable terms, PT Atlas filed the civil claim.
The claim purports to challenge the process by which East Asia Minerals transferred its 80% direct equity interest in PT Gayo and PT Linge to its wholly owned Barisan subsidiary.
East Asia Minerals “strongly believes the claims are clearly without merit and intends on defending against this frivolous lawsuit vigorously.”
East Asia Minerals, Barisan and its subsidiaries intend to file their own claims and seek the maximum damages from PT Atlas under Indonesian law in response to this claim.
The first hearing in this case is expected in two to three months.
Jennifer Harrison
@JHarrisonBIV