Emerita Resources (TSXV: EMO) this morning provided the market with an update on the status of its Aznalcollar project in Spain. The company has seen the court case in relation to the tender dispute for the property advance to the sentencing phase.
The sentencing is related to fourteen individuals that put forth a competing bid that were found to have taken illegal measures to have the tender awarded initially. The individuals have been charged with the crime of prevarication, the lowest form of corruption under the law, with certain individuals being charged with more serious crimes including embezzlement due to unfair administration of the process, influence peddling, prevarication and fraud.
The significance of this however, is that the investigation into the matter is closed, which means additional evidence or appeals will no longer delay the legal process, bringing Emerita one step closer to being awarded the property. If found guilty, under Spanish law if there is a commission of crime in awarding a public tender the bid must be disqualified.
Emerita remains as the only qualified bidder in the tender if a single person is found to be guilty, and as a result is expected to be awarded the property once the legal proceedings are closed.
“We are entering the final stage of this legal odyssey. The years of investigations have been concluded, the crimes are serious, the judge is expected to set a trial date in the near future and based on the evidence and numerous decisions by the Spanish courts to date we are confident that the accused will be found guilty of one or more crimes.”
Joaquin Merino, P.Geo., President of Emerita
Emerita Resources last traded at $1.33 on the TSX Venture.
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