S. Africa's DRD sues former CFO over S. Sumatra gold mine scam
Tuesday, April 1 2003 - 03:07 AM WIB
South African miner Durban Roodeport Deep, Ltd announced on Monday that the company had taken two more of legal proceeding in its ongoing recovery of funds misappropriated from the group during 2000 financial year by its CFO and head of Australasian operations Charles Mostert on the acquisition of Rawas gold mine in South Sumatra.
The company said in a press release Monday it would try to recover more than A$1 million of losses stemming from payments Mostert authorized in connection with the acquisition of the Rawas gold mine, which the company now believes is worthless.
The company expected further proceedings in the near future in relation to the Rawas deal in both South Africa and Australia.
DRD acquired Rawas gold mine through transaction with Australian miner Laverton Gold and its subsidiary PT Barisan Tropical Mining in July and October 1999. The Rawas mine ceased production in March 2000 and was written off by the company that year.(alex)