Agusan Sur-based mining firm exec says rival’s fate now uncertain

ROSARIO, Agusan del Sur — The president of a gold mining company based here said the fate of his detractor who had attempted in the last four months to replace him now hangs in the balance after the latter’s Australian backer, who is managing director of their partner company in his country, has already resigned from his post.

The exits are the result of the efforts by X64 former managing director Ryan Welker and his company Vitrinite, as well as US-based private equity fund Arbiter Partners Capital Management, to oust McGlinn. The companies own about 20 percent of X64 between them, Villanueva said. “We deeply appreciate the support of those shareholders who recognized what we were trying to achieve on their behalf.”

The document turned out to be just an order from a Davao City court for the transfer to another court of Mahusay’s pending case against Villanueva regarding his claims that he is the new president. “The company will continue to prosecute the cases we have already filed as well as defend those filed against us. I am confident we shall be victorious,” Villanueva said in an open letter read to PMC employees during a press conference with local media on Wednesday afternoon.

In a follow-up interview, Villanueva said he was furnished some of the financial and bank documents of X64 and MMPRC, of which X64 owns 80 percent of the shares.

Source: News Formal (newsformal.com)

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