Civil proceeding in the High Court of Sierra Leone between Transcend International Resource Ltd, and Sierra Rutile Limited continued yesterday Monday 9 July before Justice Edwards.
The matter in the court was for the High Court to vacate it original interim injunction to allow salaries to be paid to the defendants (Sierra Rutile Ltd) workers for which both the plaintiff and the defendants were in court to discuss.
Earlier the court had said that they will only revoke the interim injunction if the defendant is willing to give a bank guarantee to the tune of $1,000000 each for both actions CC62/18 2018 T. No 4 and CC 55/18 2018 T. No 3 as against Friday 6 July 2018.
That, counsel for the defendant undertakes that if the accounts and asset are unfrozen immediately as of today’s date that the aforesaid bank guarantee will be in place as against close of business of Friday 6 July 2018.
That the said interim injunction will be vacated, pending hearing and determination of this part heard Application.
Basita Michael, lawyer for the Plaintiff/Applicant in the matter between Transcend International Resources Ltd and Sierra Rutile Limited objected to the US $ 2,000,000 bank guarantee presented by the Defendant/Respondent.
According to the Plaintiff they objected that the Bank Guarantee should be in Dollars not in Leones because of the unstable exchange rate in the country.
This, the Plaintiff argued that the amount and the equivalent in Leone will have gone up or down, noting that they can only accept a Bank Guarantee at the equivalent of the Dollar.
Roland Wright, lawyer representing the Defendant argued that rent and all payment are to be made in Leones as that was the order from the government.
Justice D. B. Edwards-JA stated that the Bank Guarantee stands for a short period and that if the time elapses, what the defendant asked for will not be granted and that he will give his judgment. The matter was adjourned to Wednesday 11 July.
It could also be recalled that Transcend has instituted a criminal action against Sierra Rutile/Illuka on claims that a mini dredge plant with a sub-massive pump machine and pontoon attached, was reportedly in the custody of management of Sierra Rutile/ILLUKA management, but as at time of handing over of same to Transcend (being rightful owners), it was discovered that parts attached to, especially the sub-massive pump machine were reportedly noticeably missing.
As such, Rob Hattingh, chief executive officer of Sierra Rutile/Illuka, Shane, chief operations officer and Obafemi Williams, liaison officers have been invited by the Criminal Investigations Department (CID) for questioning.