Emerita Resources (TSXV: EMO) continues to see developments in the court case related to the Aznalcollar property in Spain. The company this morning moved one step closer to obtaining ownership of the property, with a final court falling in alignment with other courts ruling on the matter, making it more favourable for the company.
Specifically, Court No. 3 of Seville issued new indictments related to the initial awarding of the public tender, while also increasing the number of people being charged with crimes in the case. A total of 16, up from 9, individuals have now been charged in connection with the case. Additionally, the charges of Administrative Prevarication, influence peddling, management fraud, and embezzlement due to unfair management have been levied against the accused.
Perhaps most importantly, all levels of the courts are now in alignment with the view that criminal offenses occurred related to the public tender.
Sponsored · Silver47 Exploration Inc.
Also alleged is that the owners of Magtel / Minorbis used a personal relationship with the Secretary of Industry for Andalusia to influence the awarding of the tender in their favour, while the former President of a state owned industrial holding company influenced the General Director of Mines and other members of the panel to resolve the tender in their favour.
“It was obviated that the selection criteria in accordance with the general principles of public procurement should be the most economically advantageous offer, formally stating that the economic proposal of Emerita was 641.5 million, while the of Minorbis-Grupo México was 304.6 million.”
The court case is now proceeding to trial, with the court date currently waiting to be set.
Emerita Resources last traded at $1.35 on the TSX Venture.
FULL DISCLOSURE: Emerita Resources is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Emerita Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
