APGMI Successfully Serves Claim Against Ex-directors

Jan 05, 2016, 04:05 ET from Asia Pacific Gold Mining Investment Ltd (APGMI)

LONDON, January 5, 2016 /PRNewswire/ --

Asia Pacific Gold Mining Investment Ltd (APGMI) announced today (Monday 4th January 2016) that it has now completed the process of serving a legal claim against a number of ex-directors

Michael Cunningham and also David Mapley were dismissed from the company on 20th February 2015 at an EGM held in St John, Canada. The board of APGMI then engaged a respected London based legal firm with specialist commercial law expertise, to commence proceedings against the pair.

The claim that has been served states that Mr Cunningham and Mr Mapley mishandled or were negligent in their negotiation of an important contract with an Ethiopian mining company, and have subsequently refused to provide necessary paperwork as legally required.

More specifically the claim outlines that Michael Cunningham and/or David Mapley (from the time he became a Director) breached fiduciary and common law, equitable and statutory duties, and the Duty of Care by failing to act with any reasonable care, skill and diligence while undertaking due diligence and/or proceeding with investment on the basis of the information they received while serving as Directors of APGMI.

APGMI's claim states that as a direct result of the above breaches, it has suffered loss and damage to its finances, reputation and business operations.

As such, pending disclosure and expert evidence, APGMI is seeking damages and/or equitable compensation to the nature and extent of its losses, as well as an order for delivery of all property and documents belonging to APGMI.

Mr Cunningham and Mr Mapley have 21 working days from the time of the claim being served to submit an appeal via a UK Court.

An APGMI spokesperson said:

"I would like to reassure our shareholders that by taking this action we are following an effective legal route in order to get the company on track and receive compensation for the damage caused by our ex-directors."

Notes to announcement: 

  • Asia Pacific Gold Mining Investment Ltd (Asia Pacific GMI Ltd) was formed to pursue business opportunities relating to gold and other valuable mineral resources. The company was pursuing opportunities in Africa.
  • APGMI is incorporated in New Brunswick, Canada, the new board is working with the company secretary to ensure strict compliance with the province's Company law
  • APGMI does not use nor has ever used social media and its official website is http://www.asiapacificgmi.com. Any social media or other sites are not endorsed and may represent breaches of copyright.

For further information please contact EdenCancan:

Nick Fulford on nick.fulford@edencancan.com / +44(0)203-745-6960

Sarah Nagy on sarah.nagy@edencancan.com  / +44(0)203-745-6960

SOURCE Asia Pacific Gold Mining Investment Ltd (APGMI)