Gold Fields Receives Summons From Randgold and Explorationadmin
Friday, August 22nd 2008
Gold Fields Operations Limited, a subsidiary of “Gold Fields” announced today that on 21 August 2008 it had received a summons from Randgold and Exploration Company Limited (“Randgold”) and African Strategic Investment (Holdings) Limited. The summons claims that during the period that WAL was under the control of Brett Kebble, Roger Kebble and others, WAL was allegedly part of a scam whereby JCI Limited unlawfully disposed of shares owned by Randgold in Randgold Resources Limited (“Resources”) and Afrikander Lease Limited, now Uranium One.
WAL’s preliminary assessment is that it has strong defences to these claims and accordingly, WAL’s attorneys have been instructed to vigorously defend the claims.
The claims have been computed in various ways. The highest claims have been computed on the basis of the highest prices of Resources and Uranium One between the dates of the alleged thefts and March 2008 (approximately R11 billion). The alternative claims have been computed on the basis of the actual amounts allegedly received by WAL to fund its operations (approximately R519 million).
It should be noted that the claims lie only against WAL, whose only interest is a 50% stake in the South Deep Mine. This alleged liability is historic and relates to a period of time prior to Gold Fields purchasing the company.