Atok, Intex settle dispute

MANILA, Philippines - Listed miner Atok-Big Wedge Co. Inc. chiered by Roberto V. Ongpin and Norwegian miner Intex Resources AS have agreed to settle their differences over a failed equity sale agreement involving a Mindoro nickel project.

In a regulatory filing yesterday, Atok announced that it has “finalized  and completed its agreement with Intex Resources to amicably settle the dispute regarding the Mindoro nickel project.”

On Sept. 10, the firms agreed on principle to terminate cases pending against each other before courts. The agreement in principle was subjected to the approvals of the companies’ boards.

In 2010, Atok sued Intex AS for reneging on a deal to sell 100 percent of its stake in a 9, 720-hectare nickel project in Mindoro to Atok.

The deal was forged between Ongpin and Intex Resources ASA CEO Erlend Grimstad.

Intex Resources ASA is the parent firm of Intex AS.

 In its complaint filed before the Makati Regional Trial Court against Intex, Atok said when the time came to sign the deal, Intex refused to sign.

Atok then asked the court to compel Intex to sell its stake for $10 million in cash and 300 new Atok  shares valued at $450 million. 

In a decision dated Sept.9, the Court of Appeals (CA) granted Intex’ petition to dismiss Atok’s complaint on technicalities.  

The CA ruled that Makati Regional Trial Court Branch 142 has no jurisdiction to recognize Atok’s complaint versus Intex because the summons were not properly served to the defendants according to the rules of court.

The appellate court ruled that Intex had no resident agent in the country to receive the summons.