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CuDeco settles case over severance pay with executive chairman/CEO

CuDeco Ltd. settled a case in the Supreme Court of Queensland, Australia, filed by its former executive chairman and CEO, Wayne McCrae, for alleged unpaid termination entitlements.

The company said Nov. 22 that it paid A$500,000 as settlement and A$150,000 in reimbursement of legal costs to McCrae on Nov. 17.

McCrae resigned from the chairman, CEO and director positions after Chinese investors voted down a proposition to issue 36 million shares and 20 million options to Focus Sun Holdings Ltd. to finance the completion of the Rocklands copper mine process plant in Queensland, Australia.