Proceedings Commenced by Political Risk Insurers

Key points

• Kingsgate's Political Risk Insurers initiated legal proceedings on 17 September 2026
• The claim seeks up to US$58.5 million and A$750,000
• Kingsgate denies the claims and intends to defend the proceedings

Full summary

Kingsgate Consolidated Limited (ASX: KCN) has announced that its Political Risk Insurers have commenced legal proceedings against the Company and Kingsgate Capital Pty Ltd in the Supreme Court of New South Wales on 17 September 2026. The dispute, previously disclosed, involves allegations of breach of a Settlement Agreement by failing to make payments and decisions without insurer consent. The primary claim amounts to up to US$58.5 million and A$750,000, with additional unquantified claims. The company denies these allegations and intends to vigorously defend the proceedings. The company will continue to monitor the situation and provide updates as necessary.

Outlook

Kingsgate plans to defend the proceedings vigorously and will keep the market informed of any material developments.