JCI STATEMENT REGARDING COURT RULING ON PAYMENT OF OPTIONS FEE TO DRD
25 February 2005 - Issued by Marulelo Communications
On behalf of JCI Limited
An appeal by JCI Limited against a Johannesburg High Court ruling in October last year, regarding a commercial despite with Durban Roodepoort Deep (DRD), has been overruled.
The appeal court upheld Justice Goldblatt’s ruling that DRD was entitled to option fees payable by JCI and Consolidated African Mining (CAM) in relation to commercial agreements concluded in 2000.
Brett Kebble, chief executive of JCI, said: “At one level we are disappointed by the court’s decision because we were of the opinion that JCI had been cheated out of making money by DRD’s actions.
“Legally it is a complex and difficult matter. The only reason it went to court is because DRD failed to honour verbal agreements that would have entailed JCI making significant profits. Instead these profits were made by Western Areas, a company in which JCI has a significant stake and this fact helps to alleviate our disappointment.”
He added that JCI had made provision for the payment of the option fees.
David Barritt
Marulelo Communications
082 603 3981
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