Garrison International Fight With Director Continues with Hearing Last Week in Mongolia
Legal skirmishing continues to heat up between Garrison International Ltd (GAU.V) and a director on the board of the junior mining company's directors, with Garrison this weekend saying the two sides participated in Sept. 21 court hearing seeking to determine ownership of the company's gold exploration properties in Mongolia.
Garrison Director Georges Cohen is alleged in late January to taken mining and exploration licenses as well as the company stamp out of the Garrison Asia LLC office in Ulaan Baatar and used the stamp to transfer ownership of the subsidiary away from Garrison, contending the company had defaulted on a $300,000 loan. Cohen later filed suit in Quebec and Mongolia, seeking $17.3 million in damages, but has since offered to drop those cases in exchange for $2 million in cash. Garrison shares have fallen 60% since the dispute started.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
Garrison Director Georges Cohen is alleged in late January to taken mining and exploration licenses as well as the company stamp out of the Garrison Asia LLC office in Ulaan Baatar and used the stamp to transfer ownership of the subsidiary away from Garrison, contending the company had defaulted on a $300,000 loan. Cohen later filed suit in Quebec and Mongolia, seeking $17.3 million in damages, but has since offered to drop those cases in exchange for $2 million in cash. Garrison shares have fallen 60% since the dispute started.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
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