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Thiess mining CEO released on bail

Editorial
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Dr Raman Srikanth, the CEO of Thiess mining operations in India, has been released on bail following an arrest for charges of cheating and criminal breach of trust. 

Srikanth was released on Saturday May 17, after his arrest on Friday May 9 in relation to ongoing civil proceedings filed by Roshni Developers Private Limited in Singapore.

Roshni filed a private petition in a local court alleging that Thiess Minecs has resorted to criminal breach of and cheating by violating an agreement dating back to 2010.

Thiess Pty Ltd chairman Bruce Monro has been named as accused number two in the case, while Thiess Minecs is number one, and Srikanth is number two.

Leighton Holdings and Thiess have declined to comment on the matter as it is currently before the courts.

Leighton Holdings has advised the ASX that the complaint is unfounded.

Leighton Holdings has also advised of another dispute involving Thiess Minecs and a client, NTPC Ltd.

A notice has been issued purporting to terminate the Pakri Barwadih coal mining contract, which was awarded to Thiess Minecs in 2010, and has a current value over the next five years of $267 million.

NTPC has called $18.5 million worth of bank guarantees issued by Thiess Minecs, however Thiess will initiate proceedings to recover those funds.

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