MMEX Seeks Regulatory Supervision and Investigation of Hunza Coal and Refund of US $5 Million Payments to Black Stone Investments S.A., the Panama Entity of Cely Brothers and Additionally the Refund of US $2 Million Paid to Hunza Coal S.A.S.
DALLAS, TX–(Marketwired – Jun 21, 2013) – MMEX Mining Corporation (OTCQB: MMEX) (“MMEX” or the “Company) announced that its subsidiary, Armadillo Mining Corporation Colombia (“AMCC”), that owns 50% of Hunza Coal S.A.S. (“Hunza”), filed petitions on June 20, 2013 with Colombian Authorities to take regulatory supervision of Hunza; to order an investigation and a refund of payments made to the Celys’ private Panamanian Corporation, Black Stone Investment S.A and also from the payments to Hunza Coal S.A.S.
The share owners of the other 50% of Hunza, Jorge Cely Rodriquez and Jose Manuel Cely Rodriquez, with domicile in both Tunja and Bogota, Colombia, are Hunza board members and Jose Manuel Cely is legal representative and general manager of Hunza. In addition, they both are the principals in Black Stone from documentation provided to MMEX. On the basis of other documentation provided to MMEX they have sought to move the Black Stone funds to other entities.
On May 24, 2013 and again on May 30, 2013, AMCC exercised its rights to remove Jose Manuel Cely as General Manager of Hunza in order to protect the assets of Hunza. AMCC has not been given access to bank accounts, has not received timely financial statements, has not received timely notice of the proceedings of the Tribunal and believes that the Celys’ have been grossly negligent in the relations with the community of Tasco. Jose Manuel Cely has refused to resign as GM and allow AMCC access to the books, records and bank accounts of Hunza.
About MMEX Mining Corporation
MMEX Mining Corporation is publicly traded on the OTC market under the ticker symbol “MMEX” and is headquartered in Dallas, Texas USA. For more information please visit: www.mmexmining.com
