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Kingsgate Consolidated to Defend Legal Proceedings Initiated by Political Risk Insurers; Shares Down 3%

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Kingsgate Consolidated (ASX:KCN) said it intends to defend legal proceedings initiated by its Political Risk Insurers against the company and its Kingsgate Capital unit in the New South Wales Supreme Court on Sept. 17, according to a Monday filing with the Australian bourse.

The insurers allege that the company and its subsidiary violated a settlement agreement by failing to make payments due under the agreement and/or taking decisions relating to the Thailand-Australia Free Trade Agreement Arbitration without their consent, the filing said.

The company said the current primary claim is for up to $58.5 million and AU$750,000, but the insurers have asserted various other alternative claims, per the filing.

Shares fell 3% in morning trade Monday.

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