SINGAPORE (Jan 22): A long-running dispute between the CEO of Alliance Mineral Assets, Tjandra Pramoko, and his one-time business partner, Jonathan Lim Keng Hock, appears to be settled. On Jan 18, AMA announced in a filing that all of Pramoko’s debt to Lim has been fully repaid and a tranche of nearly 46.1 million shares owned by the CEO but seized on court order has been released.

In addition, Pramoko has on Jan 12 sold 19 million AMA shares, representing a 3.4% stake, at an undisclosed price to an unnamed private investor. Based on the filing, Pramoko is left with a 12.1% stake, or 67.1 million shares, and thus is still a substantial AMA shareholder.

Under an agreement made back in 2009, Pramoko took a personal loan of A$7 million from Lim in exchange for half of a mining asset that he was planning to acquire. That turned out to be the Bald Hill project in Western Australia. The project contains lithium, which is seeing a surge in demand because it is used in the batteries that go into electric vehicles.

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