Johannesburg - Coal of Africa [JSE:CZA] on Friday announced
it is taking legal action against former finance director Blair Sergeant‚ and
that it has instituted proceedings in the Federal Court of Australia.
CoAL said it also obtained an order from the federal court
to freeze A$6m worth of Sergeant’s assets.
Sergeant had served as financial director at the coal
exploration and mining firm until his resignation on April 1‚ 2011.
The legal action involved allegations of breaches of duty‚
relating to a specific corporate transaction in which Sergeant was involved in
2009 and 2010‚” the company said.
The company declined to provide further comment until
Sergeant presents a formal response.
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