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Emerita Resources (TSXV: EMO) has seen the completion of hearings for the criminal trial on the alleged crimes committed during the awarding of the Aznalcollar tender.
The hearings, which took place in the Third Section of the Provincial Court of Seville, began on March 3 and finally completed on July 15, with the three trial judges overseeing the case now set to prepare their rulings on the allegations. Verdicts are to be delivered in the form of a written resolution, which will then be delivered to the legal counsel of all parties involved.
Given that the trial is large, with a total of 16 defendants, Emerita is currently expecting that this phase of the process will not conclude until sometime this fall, after the completion of the summer shutdown. It should be noted that given the size of the trial, rarely under the Spanish legal system does such a case proceed to this stage unless there is damning evidence to draw a conviction.
WATCH: Aznalcóllar Corruption Case Nears Conclusion | David Gower – Emerita Resources
“Emerita looks forward to the resolution of the trial now that the hearings have been completed. We will not speculate on the outcome of this important, and ongoing legal process, however the Company feels it was strongly represented. We do not believe the testimony from the accused or their supporting witnesses refute previous court rulings that led to the various charges being levied,” commented David Gower, CEO of Emerita Resources.
READ: Emerita Resources Formally Appeals Administrative Ruling On Aznalcóllar Related To 2017 Complaint
The list of defendants notably includes members of the panel responsible for evaluating and awarding the tender, as well as proprietors of Minorbis S.M., whom all face potential financial fines, bars from being employed in the public service, and prison sentences.
Current accusations against the defendants include influence peddling, fraud, prevarication and embezzlement, which are related to the alleged rigging of the Aznalcollar mining public tender.
“In our experience through the extensive appeals leading to the Trial, as well as the Company’s experience in the legal process to obtain its Iberian Belt West project in Spain, the Spanish judiciary have been completely independent and we expect justice will prevail,” continued Gower.
Emerita Resources last traded at $1.41 on the TSX Venture.
FULL DISCLOSURE: Emerita Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Emerita Resources. The author has been compensated to cover Emerita Resources on The Deep Dive, with The Deep Dive having full editorial control. This is not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
