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CoAL in legal spat with ex-director

Sep 28 2012 12:47 I-Net Bridge

Company Data

COAL OF AFRICA LIMITED [JSE:CZA]

Last traded 0.67
Change -0.01
% Change -0.01
Cumulative volume 562383
Market cap 702.41m

Last Updated: 29/08/2014 at 03:56. Prices are delayed by 15 minutes. Source: McGregor BFA

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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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