James Bay Resources Celebrates Favorable Court Decision in Claims Against Mak Mera and Wale Sola
James Bay Resources Limited (CSE: JBR) has announced the outcome of the Ontario Superior Court of Justice’s decision in the case against Mak Mera Nigeria Limited (“Mak Mera”) and Wale Sola. Justice Papageorgiou ruled in favor of James Bay on all claims, awarding $405,000 to be repaid by Mak Mera and an additional $200,000 in damages for defamation against Mak Mera and Wale Sola jointly and severally.
The legal dispute stemmed from amounts advanced under a memorandum of understanding (MOU) in March 2011 and a subsequent letter of agreement dated February 1, 2012. The court determined that the $300,000 payment under the MOU was not owed, as James Bay never acquired an interest in OML-11, an oil and gas property in Nigeria.
The $165,000 payment under the letter agreement was contingent on TSX Venture Exchange (TSXV) approval for James Bay’s business change, which did not materialize despite efforts.
Furthermore, the court found a July 2014 letter from Mak Mera defamatory, claiming false public filings and fraud by James Bay. Justice Papageorgiou determined that Mak Mera failed to prove the truth of these allegations and sent the letter with malice, stating it was “extremely misleading.”
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The decision noted that Mak Mera’s actions were motivated by a desire for unwarranted financial gains rather than protecting the integrity of Nigeria’s oil and gas business.
Justice Papageorgiou found James Bay’s President and CEO, Stephen Shefsky, to be a credible witness, while Wale Sola’s credibility was questioned. Despite an impressive CV, the court noted that Wale Sola was not a reliable witness. Mak Mera and Wale Sola have filed a Notice of Appeal to challenge the decision.
