Siberian Mining Group Company Limited (HKG:1142) disclosed the progress of Russian Court case.

The Company said that the Group has fully settled the First Claim to the First Claimant; made partial payment of US$250,000 (HK$1.95 million) to the Second Claimant, and pursuant to an amicable agreement reached with the Second Claimant, the balancing amount of US$772,243 (HK$6 million) shall be paid by the Group in two instalments on or before 30 June 2012; and (c) made partial payment of US$150,000 (HK$1.17 million) to the Third Claimant, and pursuant to an amicable agreement reached with the Third Claimant, the balancing amount of US$612,402 (HK$4.777 million) shall be paid by the Group in two instalments on or before 30 June 2012.

Pursuant to the Sale and Purchase Agreement, the fourth stage payment (which is the final payment) of US$1.3 million (HK$10.14 million) is conditional upon the Group's obtaining the confirmation from the relevant taxation authority in Russia.

The Group however received a claim (the Fourth Claim), being filed to the Russian Court on 14 March 2012, from the First Claimant claiming his share of the fourth stage payment amounting to US$673,400 (HK$5.25 million).

Source:chinesestock.org