the ashanti goldfields corporation is a gold mining company based in ghana that was founded by edwin cade .

the ashanti mine , located at obuasi , 56 km south of kumasi , has been producing since 1897 .

the mine is sited on one of the world 's major gold deposits and is one of the ten largest in the world .

in 1994 , the ghana government , the majority shareholder , announced plans to sell 20-25 percent of its interest in agc in a share flotation .

the company was listed on the london and ghana stock exchanges .

it was the largest flotation ever organised by any gold mining company coordinating and advisory team alone numbered over 200 people .

each of the company 's 10,000 employees received five free shares .

in 1996 agc was listed on the new york stock exchange to raise new capital , it was the first african company to appear on wall street .

in 1999 , the company succumbed to an ill-executed gold price hedge led by goldman sachs , which drove it to the brink of bankruptcy .

in 2004 , it merged with anglogold to create the world 's second-largest gold producer , anglogold ashanti company .

anglogold is based in south africa and majority-owned by anglo american group .

ashanti goldfields corporation

ashanti goldfields corporation <EOT> principal competitors : barrick gold corporation ; newmont mining corporation ; placer dome , inc .

1897 : ashanti goldfields corporation , ltd . is incorporated in london and the ashanti mine begins operation .

principal subsidiaries : ashanti goldfields ( ayanfuri ) limited ; ashanti goldfields ( bibiani ) limited ; ghanaian - australian goldfields limited ( 80 % ) ; societe ashanti goldfields de guinee s . a . ( guinea ) ( 85 % ) ; ashanti goldfields tanzania limited ( tanzania ) ; ashanti goldfields zimbabwe limited ( zimbabwe ) ; ashanti treasury services limited ( isle of man ) .

the ashanti goldfields corporation is a gold mining company based in ghana that was founded by edwin cade . the ashanti mine , located at obuasi , 56 km .

1985 : company receives £159 million loan for expansion from the international finance corporation .

accra , ghana : ashanti goldfields company limited , 1997 . barnabas , thondhlana , " investors warm to ashanti , "

exploration , development and mining of gold . merger between anglogold limited and ashanti goldfields company limited on april 26 2004 .

ashanti goldfields corporation limited archives comprising minutes , correspondence , accounts , staff registers and photographs . please note that the white staff agreement registers , 1897 - 2001 ( ms 35350 ) contain sensitive personal information and are closed for 75 years .

the blame for the decline in ghana ' s gold production , officials here say , goes to a series of moves by the post - independence government that discouraged investment and starved the ashanti goldfields corporation of the hard foreign currencies needed to buy new equipment .

ashanti goldfields corporation ltd was incorporated in may 1897 as a company to work the concession acquired by edwin cade in 1895 . a small company , the cote d ' or company , had been established to provide funds for an expedition by cade to ashanti , during which he had signed an agreement with local chiefs and had secured the concession to mine for gold . in 1896 ashanti had been annexed by the british government and negotiations secured agreement whereby the concession to mining , trading and agricultural rights over a square mile area was recognised by the government for 90 years , and the ashanti goldfields corporation ltd was registered .

gold production figures for the company ' s mines since 2004 in ounces . iduapriem , ghana , 125 , 000 , 174 , 000 , 167 , 000 , 167 , 000 , 200 , 000 , 190 , 000 . belonged to ashanti goldfields corporation before the merger .

the siguiri mine is anglogold ashanti’s only operation in the republic of guinea . formerly an asset of ghanaian based ashanti goldfields , it became part of anglogold ashanti in april 2004 when the business combination of ashanti and south african - based anglogold came into effect .

a $ 160 million rehabilitation program for the ashanti goldfields mines is expected to raise production to 500 , 000 ounces by the early 1990 ' s .

ashanti goldfields corporation was formed in 1897 and started operations at obuasi , in ghana ( formerly known as the gold coast ) . it was the birth of an enterprise which , over 100 years produced us $ 10 billion dollars ' worth of gold if it were all valued at today ' s price .

august 1995 , p . 4 . picker , ida , " sam jonah of ashanti goldfields co . : a glittering success story in sub - saharan africa , "

this paper deals with the strategy adopted for expanding production at ashanti goldfields corporation ( ghana ) limited . the history of the performance of the mine in recent times is traced . this includes how the mine survived during an extremely difficult period of the country’s economic development . the mine went through phases of decline , consolidation , recovery and subsequently into a phased expansion programme .

anglogold ashanti , as it conducts business today , was formed on april 26 , 2004 following the business combination of anglogold limited ( anglogold ) with ashanti goldfields company limited ( ashanti ) . anglogold , formerly vaal reefs exploration and mining company limited , was incorporated in south africa in 1944 .

ashanti is also negotiating with the international finance corporation for a three - year , $ 25 million loan to develop gold fields at sansu . the project would yield 100 , 000 ounces a year by 1992 , mr . jonah predicted .

the business combination between anglogold and ashanti goldfields company limited which was originally announced on may 16 , 2003 was completed with effect from monday , april 26 , 2004 , following the confirmation by the high court in ghana .

ashanti goldfields limited is located in gold house , patrice lumumba road , ghana . company is working in mining business activities . visit our company website for more information about us : urltoken if you have any questions , please contact us

anglogold ashanti’s operations in the australasian region , sunrise dam and tropicana , are located in the northeastern goldfields of the state of western australia . the region produced 520 000oz of gold in 2016 , which accounts for 14 % of the group’s total gold production .

obuasi is located in the ashanti region of southern ghana , approximately 80km south . ashanti updates on rapidly deteriorating situation at obuasi gold mine .

this year the southern cross mining company of australia started working an open pit mine in konongo that produces 3 , 000 ounces of gold a month . the company is a joint venture between ghana ' s state gold mining corporation and australia ' s northern queensland mining .

anglo platinum vacancies , anglogold ashanti ghana vacancies , anglo . anglogold ashanti is the third largest gold mining company in the world , measured by .

the operations are located in the ashanti and western regions of ghana , and were . the iduapriem gold mine , wholly owned by anglogold ashanti since .

anglogold ashanti partners rangold to revamp obuasi mines . of a joint venture to redevelop and operate anglogold ashanti ' s obuasi gold mine . . obuasi , located in the ashanti region of ghana 320 kilometres northwest of the capital .

on june 11 , 1897 , cade listed the ashanti goldfields corporation ltd . on the london stock exchange and set up operations at obuasi on december 24 of that same year . the technique of adit mining—wherein a horizontal passage is dug from the earth ' s surface into the mine—proscribed by mining engineer john daw tapped into the most immediately accessible ore in the hills around obuasi and yielded initially impressive results . the obuasi mine yielded 2 , 544 ounces of gold in its first year of operation and 4 , 673 ounces the second year . this early success , coupled with the devastation of the south african gold trade during the boer war ( 1899 - 1902 ) , fed ashanti ' s rapid growth that continued until the uprising of the ashanti people against british rule in 1900 .

by far the largest investments in gold mining in ghana have taken place here at ashanti goldfields , a company owned 55 percent by the ghanaian government and 45 percent by the british multinational giant lonrho p . l . c . the largest employer in ghana after the government , ashanti has 12 , 000 employees , a 100 - square - mile concession and a 1988 production of 305 , 500 ounces .

and a canadian - dutch joint venture plans to raise $ 67 . 5 million to develop 924 , 000 ounces of proven reserves at bogosu . the partners in canadian bogosu resources are sikaman gold resources of canada , billiton international metals of the netherlands , the ghana government and the international finance corporation , an arm of the world bank that lends to private enterprise . ashanti ' s big investments

edikan gold mine . ( " egm " , formerly central ashanti gold project , ayanfuri ) . highlights : 480km² of tenements centred on the ashanti gold belt , 25km 65km from .

june 22 , 2018 - anglogold ashanti says ghana parliament ratifies obuasi agreements ( 126 . 1k )

anglogold ashanti is the third - largest gold mining company in the world , measured by production .

anglogold ashanti has an interest of 85 % in siguiri and the government of guinea 15 % .

for in this game the barbarians are at the gate . no one individual is bigger than ashanti , and as a company and for the sake of shareholders and the people of ghana , ashanti deserves better .

the lonrho years were marked by turmoil . violence between police and miners at the march 1969 strike killed three and wounded 28 , and another strike in 1970 closed the mine for a week . a coup in 1972 once again forced a change in government , and the new administration , led by ignatius archeampong , demanded government " participation " in all mining companies and acquired 55 percent of ashanti shares . the company was ordered to change its name to the ashanti goldfields company and relocate its headquarters to accra from london .

in another american project scheduled to start next year , teberebie goldfields ltd . will invest $ 28 . 5 million in a concession in tarkwa . the company , which is controlled by the pioneer group of boston , hopes to produce 60 , 000 ounces a year by 1990 . ' the gold coast is good '

july 05 , 2018 - anglogold ashanti sees significant step change improvement at sunrise dam ( 352 . 9k )

edwin cade and john daw were members of the first expedition to work the concession and both were important figures in the early development of the corporation , the former as a director until his death in 1903 , the latter as consultant engineer , general manager , and eventually director until 1906 . in 1972 lonrho acquired an interest in the company which became jointly owned by them and the ghanian government until 1996 . in 2000 the company entered into a strategic alliance with anglogold which resulted in merger in 2004 . the new company is called anglogold ashanti and continues to mine in ghana . the corporation had offices at 9 broad street in 1900 ; 6 southampton street 1902 - 1935 ; 10 old jewry 1936 - 1963 ; moor house , london wall 1964 - 1970 ; cheapside house , 138 cheapside from 1971 ; and roman house , wood street from 1996 . in 2004 , the company closed its london offices .

anglogold was formed in june 1998 through the consolidation of the gold interests of anglo american corporation of south africa limited ( aac ) and its associated companies into a single , focused , independent , global gold company . vaal reefs exploration and mining company limited ( vaal reefs ) , the vehicle for the consolidation , changed its name to anglogold limited and increased its authorized share capital , effective march 30 , 1998 .

ashanti ' s mission is to build an african gold mining and exploration company to international standards of excellence , managed predominantly by africans . ashanti aims to pursue growth for the benefit of our shareholders , employees and the nations where we operate .

' ' vital spares and supplies needed to sustain production could not be obtained , ' ' said sam e . jonah , ghanaian managing director of the ashanti goldfields mining operation here , the source of 90 percent of ghana ' s gold . ' ' i vividly recall instances when the only way we could quickly obtain certain vital supplies was to trade on a barter basis with other local mines , ' ' he said at the opening of the new mine shaft here in february .

anglogold ashanti : a leading global gold producer operating in 11 countries and listed on five stock exchanges , including the nyse .

apr 9 , 2017 . mining giant anglogold ashanti is planning to recruit about 2000 workers . a public hearing on the proposed obuasi gold mine redevelopment and . anglogold ashanti ghana in 2014 laid off 4 , 300 of its workers as part of .

the bip process has been branded as anglogold ashanti “one“emphasising the unity of purpose and sense of belonging the bip aims to achieve .

the rich goldfields in the ashanti region of what is now ghana were controlled by the powerful asante ( ashanti ) state as far back as the 17 th century . the british colonization of ghana in 1874 and the ensuing ashanti wars brought a large number of europeans to the area , and soldiers and travelers spread the word about the region ' s legendary gold reserves— " you could pick up gold as you would potatoes , " reported one traveler . widespread interest opened the region for large - scale commercial gold production . in 1890 , joseph e . ellis and chief joseph e . biney , fatwe merchants from africa ' s cape coast , and their accountant joseph p . brown negotiated mining concessions for 100 square miles in the obuasi district . there they opened the ellis mine and introduced modern industrial mining techniques to the area . the ellis mine operated for five years , then the partners sold the concession to edwin arthur smith of the london - based firm smith and cade . with the overthrow of the ashanti king in 1896 , the ashanti protectorate was brought directly under british control , and cade was given approval to mine the region .

ghana . company perspectives : ashanti ' s mission is to build an african gold mining and exploration company to international standards of excellence , managed .

' ' it ' s the first new gold mine in ghana since the 1930 ' s , ' ' said mr . jonah of ashanti .

over a century after its incorporation , ashanti goldfields company limited of accra , ghana , remains one of the largest producers of gold in the world , achieving an annual gold production of 1 . 74 million ounces in 2000 . it is also ghana ' s largest earner of foreign funds and the only mining operation on the new york and london stock exchanges run by black africans . originally operating with a single mine—the obuasi mine in ghana ' s ashanti region that gives the company its name—ashanti has in recent years expanded aggressively throughout africa and now operates seven mines in ghana , zimbabwe , guinea , and tanzania . the company also maintains 25 active exploration projects in six african countries and about 20 outside the continent . ashanti ' s most productive mine is obuasi , which , despite over 100 years of continuous operation , is still one of the top - producing mines in the world and the largest mine in africa outside south africa . conscious of its success on an often volatile and troubled continent , ashanti prides itself in its relationships with local authorities and traditional political and social institutions in the african countries where it operates . the company has assisted local communities with infrastructure projects such as roadways , water and electricity access , and education .

jan 10 , 2009 . the iduapriem gold mine is owned by anglo gold ashanti , the second largest gold mining company worldwide , based in south africa .

during spears ' leadership , the government of ghana underwent rapid changes . in 1957 , the british parliament granted ghana its independence , and kwame nkrumah became the country ' s first prime minister . in 1960 , a new constitution was drafted , and the country became the republic of ghana , with nkrumah as its president . nkrumah proved to be an increasingly dictatorial leader , limiting freedom of action , imprisoning his critics , and finally introducing a one - party system in 1964 . he nationalized five of ghana ' s six producing gold mines ( all but ashanti ) , and granted spears favorable land leases for ashanti in exchange for derisory royalties . nkrumah was deposed by the national liberation council ( nlc ) in 1966 . the nlc soon began to question the contribution of mining operations such as ashanti to the local economy and appeared to threaten the favorable land lease options spears had enjoyed under nkrumah . in response , spears threatened to flood the mines . the ghanaian government then ordered the commissioner of mines and energy to seek new investors for its mining industry , including the ashanti goldfields .

aug 31 , 2016 . two years after anglogold ashanti suspended production at its giant but loss making gold mine in obuasi , central ghana , the boom of .

dec 3 , 2014 . anglogold ashanti , one of the largest companies in the gold mining industry , has chosen veolia to optimize , operate and maintain the water .

anglogold ashanti is the third largest gold mining company in the world , measured by production . it has 17 gold mines in 9 countries , as well as exploration .

ashanti in 1998 had produced 1 . 7 million ounces of gold and this was in recent years predicted to reach high of 2 million ounces of gold when its new geita mine in tanzania came on stream . the fall in the price of gold forced ashanti to reign back its expansion plans . the main reason being ashanti had made acquisition for debt rather than equity . aware of this financial situation , and the potential associated liquidity problems , ashanti had sought to strengthen its finances through a merger with another gold mining group . thus on 5 october , lonmin ( a rump of the former lonhro group ) and ashanti confirmed that they were in merger talks . lonmin at that stage already owned 32 % of ashanti . as to whether this was a merger or a take - over was open to questioning . reports had indicated that the two companies had been in discussion for some time , and lonmin was yet to decide whether to make ashanti a merger offer . fred ohene - kena then minister for mines and energy commenting on the lonmin merger had stated " such a merger will enable agc to become a major entity and have a competitive edge over other mining companies " .

2017 07 31 armed police and military personnel to crush illegal miners today . ghana ' s $ 57m shares in anglogold ashanti ; 2017 07 10 asante gold to start .

anglogold ashanti is a global gold mining company with 14 mines and 3 exploration projects in four different regions namely – south africa , continental africa , australasia , and the americas .

our current focus is ghana , west africa where w . kubi adjoins to the south of anglogold ashanti ' s 66 million ounce * obuasi gold mine concessions , one of .

the obuasi gold mine is an open pit and underground gold mine situated near obuasi , in the ashanti region of ghana . it is one of the top 9 largest gold mines .

william hussey , ashanti ' s british general mines manager , said , ' ' the only foreign exchange available was for salaries and operating costs - not for capital costs . ' '

ticker symbol : asl ( new york ) ; asn ( london ) ; agc ( ghana ) ; ashanti ( zimbabwe ) ; aha ( australia ) ; ahd . u ( toronto )

anglogold ashanti’s south african region assets include the mponeng underground gold mine , and two surface operations comprising the mine waste solutions tailings dump - retreatment business and the rock dump reclamation and processing business .

with this fresh infusion of capital , ashanti was ready for an ambitious program of expansion and modernization . in 1986 , the company ' s first ghanaian ceo , sam jonah , was appointed . he embarked on a major overhaul of company operations . while the company ' s headquarters had been in accra for twelve years , much of the planning and budgeting was still carried out by consultants in the london office . jonah transferred these duties to ghana , keeping the staff geographically close to the mine site . communications between management and line workers was improved , wages for mine workers were raised , and the company began the community renewal plan that is now a hallmark of all its operations throughout africa . ashanti purchased new equipment for mining surface oxides and commissioned a heap leach ( a low - cost method of extracting ores ) facility in 1990 , and the company built an oxide treatment plant in 1991 . this project established the obuasi mine as the largest surface mining operation in africa and the mine as a whole became one of the top five in the world . gold production reached record highs , increasing by 25 percent . loans from the international finance corporation ( ifc ) helped the company launch its ashanti mines expansion program , allowing it to take advantage of highly profitable , lower grade underground gold resources .

sep 1 , 2016 . the miners earn up to $ 2600 on a good month . . africa ' s top gold producer , anglogold ashanti , closed shop two years ago and with it went .

after the war , ashanti saw a yearly increase in gold output . significant discoveries in 1937 of gold along the obuasi fissure and other locations gave rise to a time of great optimism at ashanti . the company made plans for major expansions and budgeted for increased output . these plans were cut short by the dawn of world war ii , which had a disastrous effect on the entire african gold mining industry . most mines in the gold coast region were shut down for the duration of the war , but a few profitable operations—including ashanti—were kept open on a " care and maintenance " basis , making do with aging and obsolete equipment .

fortunately , lonrho ( london and rhodesia mining and land company—now lonmin ) already had an interest in acquiring the company , and the government quickly welcomed the takeover . lonrho acquired ashanti in 1968 for £3 million ( us $ 2 . 1 million ) in stock , promising to preserve ashanti as a separate entity . ashanti was delisted from the london stock exchange , and lonrho offered the ghanaian government a 20 percent interest in the company in exchange for a 50 - year extension on its land leases . the government would also have an option to buy another 20 percent of the company for £1 ( us $ . 70 ) per share . in response to the sentiment in ghana that ashanti had not been growing quickly enough to meet the country ' s currency needs , lonrho also promised to increase the mine capacity from 45 , 000 to 80 , 000 tons of ore per month . spears was invited to join the lonrho board . he retained the title of chairman , but , after expressing much dissatisfaction with the increased government involvement with ashanti , resigned in 1971 .

thus , from the point of view of the ashanti board , the rise in the price of gold was to come at a rather unfortunate time . the gold price rise and ashantis ' precarious situation was to result in a serious adverse effect in its stock price . this is because ashanti did not have the liquidty to meet its margin calls and as a result sent a negative view about the firm amongst investors . the rally in gold resulted in a 50per - cent decline in ashanti ' s ' stock value . the stock price was to fall from $ 8 . 50 ( a market capitalization of $ 890 million ) to $ 4 . 62 . the stock continued to plunge to a 12 - month low of $ 3 on 6 october 1999 from an annual peak of $ 10 . 69 in january 1999 . ashanti at this stage had been completely wrong footed and was ripe for a take over . by far the largest quoted company in ghana , ashanti found itself in a financial debacle of enormous proportions after placing bets on the direction of gold prices . ashanti had overstepped the delicate balance of using derivatives as a risk management tool and speculating with shareholders capital . the firm had hedged more than it was ever capable of producing for the duration the hedge deal .

escalating mining costs , an uncertain gold price and the need to expand production in order to assist with ghana’s balance of payments problems ( exacerbated by depressed cocoa prices ) , dictated a major change in direction for ashanti .

it took another governmental shift to turn the company ' s fortunes around . in 1981 , the provisional national defence council , led by jerry rawlings , took control . at first , the new government ' s socialist ideology seemed to spell even more trouble for the ashanti . but by 1983 , the government realized that outside capital would be needed to achieve its goal of rebuilding ghana ' s economy , so the political stance shifted to welcome a more free - market philosophy . its economic recovery program , backed by the international monetary fund ( imf ) , the world bank , and western aid donors aimed to rehabilitate ghana ' s major export earners , and ashanti was one of its major beneficiaries . in 1985 , ashanti was granted a £159 million ( us $ 111 million ) imf loan , and the new minerals and mining law allowed ashanti to keep 45 percent of its export earnings .

a new mine shaft that sinks a half - mile below the ashanti hills here and incentives for foreign investors are part of this nation ' s drive to recapture its one - time glory as africa ' s gold coast .

ashanti with reserves of 23 million ounces was in theory supposed to benefit from this price increase . however , this was not the case . the rise in the gold price put a negative value of $ 450 million on its derivative hedge book “contracts the company has entered into to reduce its exposure to a falling gold price” of a net 11 million ounces . gold market participants questioned why ashanti had hedged such an unusually high proportion of its total reserves . the negative value of $ 450 million on ashantis ' hedge book meant that its 17 hedgebook counterparties ( banks with which ashanti transacted its derivative business ) could call margin deposits of $ 150 million . further increases in the price of gold , could result in even larger deposits being called . if the counter parties where to decline to call margin and allowed the contracts to run to maturity , ashanti could satisfy them with physical gold it had mined .

the continental africa region comprises seven mines , of which six are operational . of these , anglogold ashanti manages four mines . in ghana , the company has two mines , iduapriem and obuasi , with obuasi currently on care and maintenance .

the end of world war ii saw a short surge in the african gold industry ( often referred to as the " jungle boom " ) , but that growth was short - lived . the industry had been cut off from foreign investment since 1942 , and many mines that had opened shortly after the war found that they could not sustain themselves , and quickly closed . ashanti was one of only four operations on the gold coast that remained open during this time and was the largest and most profitable . at this time , ashanti was led by its autocratic chairman general sir edward spears , who lived abroad and visited the company ' s operations only infrequently , treating it , according to ashanti ' s company history , as " a personal fiefdom . "

anglogold ashanti operates guinea ' s biggest gold mine at siguiri in the northeast , where it produced 332 , 000 ounces of gold in 2008 ; crew gold produced 189 , 520 ounces in 2008 ; and semafo produced 51 , 700 ounces in 2008 .

its problems where essentially due to its speculative hedging activity , which i am share holders where not aware of and the resulting cash flow issues . however since it had been completely wrong footed , it was liable for a take - over . john hathaway of tocqville asset management stated ( in a report ) that " as of june 30 ashanti goldfields was hedged 11 million ounces of production 50 percent of its reserves . according to hathaway using " conservative assumption " the value of hedged book was $ 290 million . however , the asset would become worthless " if gold traded at $ 325 ; at $ 330 , the company would begin to face margin calls " . hathaway wrote " the ashanti hedgebook is a bet that the gold market would will remain quiescent and trouble free . ashantis ' sanguine view of the market is not unusual . few in the industry are prepared to hope for a spike in the gold price , especially one which does not retrace " . well as events turned out hathaway was not too far from the truth . as at 8 october 1999 , the ashanti hedgebook partly designed to protect profits resuting from a decline in the price of gold and partly as an alternative source of profits which i hasten to add is not the reason for hedging , had a negative value of $ 570 million at a gold price of $ 325 per ounce . with this negative value of $ 570m , ashantis ' bankers had the right to request cash deposits of $ 270 million as variation margin on the derivative contracts .

anglogold ashanti had mineral resources of 241 . 0 million ounces and ore reserves of 74 . 9 million ounces at 31 december 2008 . of these , guinea accounted for mineral resources of 5 . 94 million ounces and ore reserves of 3 . 25 million ounces .

as part of their " participation " in ashanti ' s operations , the government appointed lloyd a . k . quashie , a geologist and mining expert , to ashanti ' s board of directors as deputy managing director . under his direction , the company began efforts to improve conditions for local workers , and instituted a program to decrease the percentage of " expatriate positions " —positions held by non - africans . the program sent " promising young ghanaians " to universities abroad , with the idea that they would return to work for the company , supplanting the expatriates . one of the first recipients of these educational opportunities was sam e . jonah , who attended exeter ' s camborne school of mines in cornwall , england , and the imperial college of science and technology in london and later became the ceo of ashanti .

cutifani emphasises that the bip is not a once - off activity : it’s an ongoing journey to ensure the continuing global improvement of anglogold ashanti’s systems and processes . it is intrinsically linked to anglogold ashanti’s mission , vision and values which shape everything that the company does . the business improvement project focuses on five key deliverables : a 70 % reduction in safety incidents ; a 30 % improvement in productivity ; a 60 % reduction in reportable environmental incidents ; a 25 % reduction in operating costs ; and a 15 % return on investment to shareholders .

under feldtmann , ashanti underwent a period where output was slowed to allow for a change in mining techniques . shallow adit mining was discontinued in favor of shaft mining in which a vertical tunnel is dug deep into the ground . to accommodate these new techniques , the company ' s profits were directed into new equipment . feldtmann also developed more efficient methods of treating gold ore once it was mined . the discovery of an exceptionally rich ore deposit in 1908 brought fruit to feldtmann ' s efforts , and ashanti ' s success increased until the advent of world war i forced cutbacks in operations .

in april 2009 the leader of the junta , moussa camara , threatened to close gold mines owned by anglogold ashanti ltd . and crew gold mines ltd . unless they agree to new regulations including the depositing of the metal with the central bank before it is exported . camara subsequently softened his stance .

at this stage the question to ask is why was ashanti so heavily exposed . hedging is not a new financial phenomenon . it was used by the egyptians before christ to manage risk . most commodity buyers and sellers use various forms of financial instruments as part of their financial strategy to protect or enhance their revenues . generally hedging is a means by which producers lock in to the current price of a commodity in respect to future production . thus by selling forward producers can predetermine their revenue over a specific time period . this process of selling short enabled ashanti to realise profits even when the price of gold was falling . ashanti will have to hedge only a certain amount of its reserves since it will be able to physically deliver the gold when the hedging instrument matured . thus although it will sell its gold at the prevailing market price , it would realise a profit on its hedging activity . the net effect will be that ashanti would have realised the returns it had deemed acceptable as part of its financial strategy when it entered into the derivative contracts . any increase or fall in the price of gold should under these circumstances have not been of concern to ashanti since the net effect would be similar . however , ashantis ' hedging strategy was not designed on managing risk . it had crossed the fine line between using derivatives as a risk management tool to using it speculatively . prior hedging activity had provided positive returns to the firm , and it begun to see these as an alternative source of its profits . ashanti was taken positions in the gold derivative markets , which were much larger than actual production for the periods that these positions were open . as to whether it had systems in place which could capture and quantify these risk appropriately as well as the expertise to develops risk models which highlighted the firms worse case scenario is a question only sam jonah and mark keatly his then chief financial officer can answer .

that ashanti after its floatation has performed badly , could be easily explained as being due to the fall in the bullion price . however it has even under performed this benchmark . ashanti after a disastrous management and financial strategy sought to rectify its performance by speculating in gold under the pretext of managing its risk . mr jonah had boasted that his firmed had earned more than $ 600 million dollars from hedging . sam jonah has not only let the shareholders of ashanti down , but also the people of ghana and africa as a whole . he was entrusted with the management of the one of the few african companies listed globally , and he has not only underperformed the bullion price but almost sought to bring the company to its knees through rogue trading . shareholders bought ashantis ' stock because they believed the company was prudent and financially sound . however as events have turned out its seems they would have been better of if they had invested their money in high risk gold futures and options . for the sake of ashanti and to set precedence to weak ineffectual managers in ghana and the rest of the emerging world mr sam jonah and mark keatly must go ! ! . mark keatly has already departed but now we await sam jonah to do the honourable thing . it is not too late .

the impact of the anti - colonial conflict on ashanti was devastating . work was halted , mines became run - down and collapsed due to lack of upkeep . however , the good relations maintained by daw and cade with their local employees ensured the safety of the european staff during the hostilities . after the end of the conflict—despite the arrival of the railway line—ashanti continued to suffer . output did not return to previous levels , leading to shareholder skepticism over daw ' s mining techniques . edwin cade died in 1903 , leading to a further devaluation of shares . in 1905 , an independent assessment of ashanti operations was carried out by chemist w . r . feldtmann and mining engineer j . a . mactear . they criticized daw ' s adit mining approach , declaring that the easily reachable ore was nearly exhausted , and that the hills around obuasi did not contain the rich reefs ( veins of ore ) once believed . daw resigned in 1906 , and feldtmann took over as consulting engineer .

ghana ' s changed attitude toward foreign participation in gold production was highlighted in february at the inauguration ceremony for the new mine shaft in obuasi , about 80 miles north of the atlantic ocean . costing $ 33 . 5 million , the shaft eases access to ore - bearing strata that now account for 40 percent of ashanti ' s production .

of all the developments the ashanti has gone through , what has happened to the shares of the fante merchants chief joseph edward biney , joseph etrueson ellis and their accountant j . p . brown . ? these were very instrumental and pioneers who opened the way for ashantis ' growth . their names must be eternalised and their houses rehabilitated as befit their status .

a well - publicized crisis at the end of the nineties nearly spelled disaster for the company . the price of gold rose dramatically in september of 1999 . the company had outstanding hedge contracts , and the rise in gold price exposed the company to possible margin calls on these contracts . ashanti ' s credit lines were frozen . the freeze resulted in a shortfall of capital , which put in danger the completion of the geita mine in tanzania , slated for opening in 2000 . ashanti successfully resolved these problems , however , by negotiating a period of margin - free trading and a $ 100 million bridge facility to finance completion of the geita mine . geita opened in august of 2000 , three months ahead of schedule , and was the largest gold mine in tanzania .

anglogold ashanti is listed on the following securities exchanges : johannesburg ; new york ( au ) in the form of american depositary shares ( adss ) ; australia ( agg ) in the form of clearing house electronic subregister system depositary interests ( cdis ) ; london ( ang ) ; paris ( va ) ; brussels ( ang ) ; and in ghana in the form of ghanaian depositary shares ( ghdss ) .

recent suggestions by jonah that ashantis stock is under performing because of the governments golden share are baseless and his attributing this to ghana’s attractiveness to foreign investors shows how low this man can stoop to save his own damaged reputation . investors where aware of the governments golden share when they bought the stock at over $ 25 , and so was lonmin when it acquired 32 % of ashanti . furthermore i find it rather strange that the ghana sfo , failed to bring charges against sam jonah since ashantis speculative activity was not within the remit of the firm . if tsatsu tsikata is on trial today for financial impropriety , then so should sam jonah . they are both guilty of misallocating funds through speculative activity , gold derivatives for jonah and crude oil derivatives for tsikata . sam jonah through ashanti , introduced tsatsu tsikata to j aron the commodities arm of goldman sachs .

anglogold ashanti , headquartered in johannesburg , south africa , is a global gold company with a portfolio of long - life , relatively low - cost assets and differing orebody types in key gold producing regions . the company’s 21 operations comprising open - pit and underground mines and surface metallurgical plants are located in ten countries ( argentina , australia , brazil , ghana , guinea , mali , namibia , south africa , tanzania and the united states of america ) , and are supported by extensive exploration activities .

despite the turbulent times , ashanti continued to prosper , reaching a peak production level of 533 , 000 ounces in 1972 . unfortunately , by that time , many ore deposits had been exhausted . this depletion , combined with the loss of foreign exchange and a high tax bill led to another decline through the seventies . the company was unable to expand its interests , invest in new plants , or even replace outdated equipment . annual production fell to 232 , 000 ounces in 1980 . profits continued to fall , and in 1982 , the company experienced the first operating loss in its history .

towards the end of 2008 , ceo mark cutifani announced the launch of the business improvement project ( bip ) , a company - wide change management process to secure the future of the organisation as a global gold producer . the bip is a response to declining production levels , and increasing costs of production - and it signals the need for a change in the current strategy in order for anglogold ashanti to grow and thrive . it will be implemented over the next three to five years , starting with pilot sites and then across the company’s global operations , with the aim of improving productivity .

in 2008 , anglogold ashanti produced 4 . 98 million ounces of gold from its operations - an estimated 7 % of global production - making it the third largest producer in the world . the bulk of its production came from deep - level underground operations ( 40 % ) and surface operations ( 2 % ) in south africa . contributions from other countries were ghana ( 11 % ) , mali ( 8 % ) , australia ( 9 % ) , brazil ( 8 % ) , tanzania ( 6 % ) , usa ( 5 % ) , guinea ( 7 % ) , argentina ( 3 % ) and namibia ( 1 % ) .

ashanti reported a gold production of 1 . 74 million ounces for the year 2000—a record for the company , despite its recent difficulties and the cessation of surface mining operations at obuasi . in 2001 , the company ' s future plans included further expansion in africa , including operations in the ivory coast and the congo . in his remarks at the indaba conference in cape town , south africa , in february 2001 , jonah acknowledged the difficulties of the past and expressed pride in the company ' s recovery . " we were able to keep focus , despite some particularly choppy waters , " he said . " and i am confident we can continue to do so as we train our eyes further out into the future . "

mr . sam jonah the chief executive of ashanti referring to the financial debacle that hit the mining group stated " i am prepared to concede that that we were reckless . we took a bet on the price of gold . we thought that it would go down and we took a position " . this we are sorry to say was not a good enough explanation and more of a display of shear arrogance . the firm went through a mauling only to escape battered and bruised by not only the markets but also the firms bankers led by goldman sachs . had mr . jonah been the chief executive of a japanese listed company , he would have done the honorable thing and handed in his resignation letter in tears ! my intention in is to explain why this should have been his response .

several explanations have been put forward for this state of affairs . it is argued that sam jonah and mark keatly did not understand the nature of the derivative instruments they had entered into . this is an unlikely explanation because it was reported that mr keatly had boasted about having taught the investment bankers all they had to know about derivatives . for someone to make such a statement he must have known a fair bit about the instruments even if not their mechanics . another explanation was that put forward by mr jonah himself that " . this has more to do with our address than our fundamentals , or the strength of our management " . this excuse is not credible because ashanti when agreeing and signing its derivative contracts would have agreed to the margin terms which were based on a credit assessment of the firm by its counterparts .

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in the last week of september 1999 , the price of gold jumped by $ 11 to $ 281 . 10 per ounce in london . this was after 15 european central banks gave a surprise announcement on sunday 26 september 1999 to curtail the sale of gold from their official reserves for five years . this decision had come in response to the sharp fall in the price of gold since the uk treasury had decided in may 1999 to sell 415 tonnes from its reserves . the decision not to sell was welcomed within gold mining circles . a rise in gold ' s price it was argued will help gold mine operators hit hard by the collapse of the bullion price earlier that year . the bullion price as at 29 september 1999 was $ 281 per ounce nearly $ 30 higher than it was in august when it had reached its lowest for 20 years at $ 252 . the price of gold was to surge to a new high amid volatile trading conditions . on 6 october , the price was fixed at $ 362 . 25 per ounce in the morning , before sliding back to $ 325 . 50 at the afternoon fix . this unexpected rise in the price of gold resulted in an increase in the long - term value of most mining companies .

however , ashantis ' balance sheet was excessively stretched . it had over the last 5 years embarked upon a substantial capital expansion program . the firm had sought to turn itself into a pan - african gold producer having acquired mines in ghana , guinea and zimbabwe .

for too long weak management in ghana from the state to heads of institutions have used external factors to cover their inefficiencies . in most circumstances the workers have been made to bare the brunt of the results of ineffective management .

the time has come for the people of ghana to exercise their sovereign rights through their elected government . the government should not allow its desire to promote private business be abused by opportunist like sam jonah who seek to [ our gold dust in its eyes .

gold is our countries highest earner and we should be careful not to loose control of this asset . the ghana government should seek to ensure it keeps a keen eye on the management of these firms . in short the government should not be passive in the event of such financial scandals . the recent example at enron and the role of ken lay has laid bare the fact that corporate big wigs far all their schmoozing are dangerous and should be watched closely .

treat bad breath now ! ! treat mouth odor naturally , click here to read .

july 05 , 2018 - replay : geological and operational update of the sunrise dam mine ( 415 . 7k )

anglogold posts strong full - year operating result and improved guidance for 2018 ( 241 . 8k )

our sustainability strategy is intertwined with people , politics , the planet and the economy .

we acknowledge an increasing complexity in our operating environments , with heightened expectations for business to contribute meaningfully to social , economic and environmental development and protection .

our business values and beliefs guide our behaviour , in order that we make a positive impact . these behaviours and beliefs link our business activities to our social performance .

the company is governed by a unitary board of directors , the composition of which promotes the balance of power and of authority and precludes any one director from dominating decision - making .

good corporate governance is an integral part of the group’s sustainability . adherence to the standards and recommendations set out in the king iii report and other relevant laws and regulations is vital to achieving our strategic priorities .

the americas region has three mining operations – featuring open pit and underground mining – in the americas region . in addition , an active greenfields exploration programme is underway in colombia .

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1906 : w . r . feldtmann becomes consulting engineer and reforms mining techniques .

1966 : the new national liberation council orders search for new investors for company .

june 14 , 2000 , p . 6 . ayensu , edward s . ,

july / august 1997 , p . 28 . bowman , louise , " pits - tops , "

august 14 , 2000 . winfred , arthur , jr . , dennis doverspike , and james e . kuthy , " striking gold through a deep - level organizational intervention in ghana ' s mining industry , "

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legal expenses insurance ( lei ) , also known as legal protection insurance ( lpi ) or simply legal insurance , is a type of insurance which covers policyholders against the potential costs of legal action brought by or against the policyholder .

the concept originated around 1911 as a result of a fatal crash at the famous le mans race during which some spectators lost their lives and others were severely injured .

when the victims or their families claimed damages from the insurers of the organizers , their claims were repudiated .

they then all contributed to a pool which was used to fund collective action against the insurers . they were successful .

this gave rise to the first lei policy being developed in france .

not long after that , a motoring club in germany called the " deutsche automobil schutz " ( das ) increased membership contributions to create a similar pool to pay for the defence of its members charged with traffic related offences .

members of the general public then enquired about joining the scheme .

that is when the idea of an insurance available to the general public became firmly established .

at present , the das of germany is still the largest legal expenses insurer in the world .

it is estimated that they write approximately 50 % of lei business worldwide .

then follows arag , also a german insurer .

it is estimated that they write approximately 30 % of global business .

a conflict of interest presents itself if lei is offered by an insurer that also offers other forms of insurance .

as a result , most lei providers are specialists offering lei only .

internationally , lei is represented by a non-profit association called the international association of legal protection insurers ( riad ) www.riad-online.net .

it operates independently of the general insurance industry .

a listing of its members can be found on their website .

there are two main forms of lei , before-the-event and after-the-event ( " the event " being that event which triggers legal action ) .

" after-the-event " legal expenses insurance is a misnomer , since insurance technically , can only indemnify against future unforeseen events .

most legal insurance plans are before-the-event , and " after the event " is not common and found mainly in the united kingdom , where it is an insignificant percentage of total lei business .

the majority of lei business worldwide , is conducted in europe ( germany and france in particular ) .

in the united states , the general idea of financial assistance with litigation is most often called pre-paid legal services ( ppl or ppls ) .

the reason for this is that many plans are not insurance based .

some are offered by trade unions as a free benefit of union membership .

others are non-profit clubs set up by groups with a common interest , like university students .

some forms of insurance such as professional liability insurance , medical malpractice insurance , professional liability insurance , errors and omissions insurance for consultants , agents and brokers of various sorts , and directors and officers liability insurance for principals and supervisory officers of corporations and other organisations , are often marketed under the banner of lei , but they are in fact liability insurances , a small component of which is to cover the legal expenses of a liability suit .

in reality , the insurer is funding the defense of litigation against itself .

if it were to fail in doing so , there is a risk that their insured might be held liable for damages that they would be liable to pay under the liability insurance .

they are therefore merely protecting their own interests by funding the defence .

legal expenses insurance

legal expenses insurance <EOT> after the event insurance ( ate insurance ) is insurance which covers the legal costs and expenses involved in litigation .

home insurance legal expenses insurance typically covers legal proceedings relating to your home , employment , death or personal injury .

car insurance legal expenses insurance covers events arising from the use or ownership of an insured vehicle .

legal expenses insurance is purchased to fund the costs of legal advice and / or the costs of bringing or defending a court case . legal expenses insurance can be bought :

das uk group has signed a major partnership deal to provide personal legal expenses insurance for legal & general’s home insurance policies .

legal expenses insurance ( lei ) is an insurance policy taken out by individuals and businesses to cover the legal costs associated with certain legal actions .

we’re taking you through what legal expenses insurance is and whether you need the added protection .

you usually get £20m in a car insurance policy and around £2m with a home insurance policy , without the need for additional legal expenses insurance cover .

insurance is sold by square one insurance services and underwritten by pacific specialty insurance company .

" legal expenses insurance bought with or alongside your home insurance can provide valuable cover , " said urltoken ' s ben wilson .

legal expenses insurance ( lei ) is a type of insurance that protects the legal rights of policyholders against legal action brought against them or by them . this type of insurance is typically sold when you buy car or home insurance policies .

more expensive than legal expenses insurance , it ' s run by solicitors and covers a specific claim .

legal expense insurance offers the most universal and affordable option for canadians who may require legal representation . legal expense insurance enables customers to budget for catastrophic legal costs .

motor legal protection from best price fs is underwritten by lpg . legal protection group is a managing general agency that specialises in legal expenses insurance and assistance products .

legal expenses insurance is almost entirely sold as an add - on with car insurance and home insurance policies - but there are differences between how the two types of policy work .

head of broker darren weekes talks about what the insurance industry can do to solve the issue of bad products in the legal expenses insurance industry .

the table below shows the costs and levels of cover for legal expenses insurance bought as an add - on with home and car insurance policies .

the cost of adding legal expenses cover to your car insurance policy is generally around £20 to £25 a year .

like legal expenses insurance added to household policies , an insurer other than the motor insurer will usually underwrite or administer the uninsured loss - recovery insurance .

legal expenses insurance is an insurance product which ensures qualified representation of legal interests of the insurant in exchange for relatively low insurance premium payments , without risking financial difficulties on his or her part . several options of this form of insurance are offered :

legal expenses insurance is most valuable for situations where you ' re pursuing legal actions to reclaim losses that weren ' t recoverable through your main insurance - such as the excesses you have to pay on an insurance claim .

legal expenses insurance is often offered as an add - on to car and home insurance policies . use our tables to discover how cost and cover varies .

legal expenses insurance can be taken out on a before the event basis , which is a traditional way of purchasing insurance . this provides you with financial protection in case a legal dispute happens .

regulation information legal expenses insurance is subject to the prudential regulation authority ( pra ) , financial conduct authority ( fca ) regulation , the rules of the financial ombudsman service and the insurance companies ( legal protection insurance ) regulations 1990 .

legal issues around driving are typically excluded and instead covered by motoring insurance products rather than your house insurance - read more about legal assistance and car insurance in our guide .

do you need to include legal expenses cover when you take out home insurance ? take a look at our guide before deciding .

legal expenses cover is a type of insurance you can buy alongside your car insurance to cover yourself against the potential costs of legal action either brought by you or against you as a road user . circumstances that could result in legal costs include :

covers commercial vehicle related legal expenses - so you can keep your vehicles and drivers on the road .

alternatively , legal expenses insurance can be taken out after the event , where financial protection is needed against the risk of losing a legal action . this protects you from being liable for the other sides legal fees .

consumers are often offered the option of legal expenses / uninsured loss recovery insurance , when taking out a motor insurance policy . this insurance is designed to fund the cost of taking legal action , to recover the uninsured losses , against the party that caused the accident .

this section of our website describes how we approach complaints involving legal expenses insurance . this is a complex area combining legal and insurance issues - so it is often necessary for the language used in this section to reflect these complexities .

see of how canadians have been empowered by a das legal expense insurance policy .

mlei is usually sold for £25 - 30 as an extra to your motor insurance . it is also known as legal assistance plan , legal protection , drivers’ legal protection , legal assistance , motor legal cover or uninsured loss recovery .

legal expenses insurance is usually sold as an add - on to car or house insurance , generally for a small extra premium ( around £25 is common ) . occasionally it ' s included free .

there are two basic types of legal - expenses insurance . they are called ' before - the - event ' and ' after - the - event ' insurance and they work in different ways .

as a policy add - on to our home insurance , legal expenses cover can protect you against the cost of taking legal action should a situation arise where it’s needed . when you take out our home insurance , you can choose to add legal expenses cover to your policy . this provides up to £100 , 000 per claim for the cost of negotiating or pursuing your legal rights against a wide variety of legal issues .

das offers standalone policies to individuals , businesses , and groups . a das policy provides financial protection against costly legal expenses , allowing clients to defend or pursue any legal matter to the fullest and giving them unlimited access to legal advice . bte insurance covers legal costs for disputes that arise within the period of insurance .

one of the main issues with legal expenses cover is that there are no guarantees your claim will be accepted .

towergate insurance has partnered with abbey legal protection to launch a commercial legal protection policy aimed at the transport and logistics industry .

before the event ( bte ) legal expenses is an insurance policy which customers purchase to cover legal costs associated with different legal scenarios , such as disputes relating to employment or the purchase of goods and services to personal injury and medical negligence .

for more information on these areas , visit the legal expenses page on the financial ombudsman service ' s website . †

adrienne o’sullivan , ceo of das ireland , the country’s leading legal expenses insurer , has become the first woman to receive the insurance institute of dublin’s annual president’s award .

when you’re shopping for car insurance , make sure your final quote does not include legal expenses ( or any other add - on ) unless you actually want it .

two common exclusions from legal expenses insurance are matrimonial disputes - meaning that you ' re unlikely to be covered for the cost of a divorce - and libel cases .

as our table below shows , legal expenses insurance often costs under £30 a year - so is pretty cheap when considering the tens of thousands of pounds it could potentially pay out for legal advice and representation .

if you’ve added legal expenses cover to your policy and would like to seek confidential legal advice , please contact das legal expenses insurance company ltd on 0800 731 3548 . if we agree to an action or claim , we ' ll appoint a law firm , an accountant or another suitably qualified expert who will act on your behalf .

article 3 requires insurers to ensure that legal expenses are separated from other classes of insurance they underwrite - so as to spread the risk and avoid internal conflicts of interest .

das uk group , the uk’s leading legal expenses insurer , has launched four new corporate websites to enhance its online presence .

das uk group has become the world’s first legal expenses insurer to launch an innovative new alexa skill for the amazon echo .

the cost of legal proceedings can be huge . so taking out legal expenses cover would prove a very worthwhile move if you needed to take legal action for any reason , for example following a car accident .

when it comes to the final stages of buying a home or car insurance policy , you may be asked whether you want to include “add - ons” like legal expenses insurance , hire car or home emergency cover to your policy . your first reaction is likely to be to decline these and move on to get the lowest price possible but if you ever need to take legal action against a third party , legal expenses insurance could offer protection .

following a review of motor legal expenses insurance ( mlei ) , we are telling firms to improve how they explain legal cover in policies so that drivers know exactly what they are paying for . here we explain more .

although it is possible to buy " stand alone " legal expenses insurance , most policies are added to household buildings and contents policies as an optional ( sometimes free ) extra .

when we deal with complaints involving legal expenses insurance , our role is to assess the insurer ' s handling of the claim in the light of the policy terms . we will not consider the quality of the legal advice .

see of how business owners like you have been empowered by a das legal expense insurance policy .

from claiming against a negligent driver to helping resolve an employment dispute , legal expenses insurance - often referred to as ' lei ' - offers a lot for a relatively small price .

in addition to legal expense coverage , all das policyholders have unlimited access to legal advice .

for a small increase in the cost of your home insurance , you can receive £100 , 000 of legal expenses cover . this add - on is designed to protect you if you’re faced with paying for legal action or advice .

legal expenses insurance is often overlooked by consumers at the time they require it , but , as rebecca conway , arc legal , explained to modern claims , its profile could be raised with the implementation of reforms to personal injury .

legal expenses insurance is not designed to pay the policyholder the actual damages that they are trying to recover through the court action . nor does it cover someone ' s liability to pay damages to others . there is separate insurance for that .

significant numbers of uk consumers are failing to take the most basic online precautions according to new research from das uk group , the uk’s leading legal expenses insurer , and hsb engineering insurance .

help is at hand . legal protection insurance is available to cover your legal expenses in many situations . with this insurance , you have access to a legal advice helpline , where you can phone for information on any type of problem , be it divorce issues , child support , employment contracts , strata rights , wills and estates . anything . then , if you decide to pursue a case , the insurance covers your legal costs .

we work with you to create a customized legal expense insurance program that meets your members unique needs .

policies can take on the legal expenses involved in pursuing uninsured losses - recruiting solicitors , barristers and / or expert witnesses , for example .

legal expenses policies often give the insurer the freedom to choose which solicitors to appoint for advice and assistance at the start of the legal claim , unless there is a conflict of interest .

professional indemnity insurance , often referred to as professional liability insurance or pi insurance , covers legal costs and expenses incurred in your defence , as well as any damages or costs that may be awarded , if you are alleged to have provided inadequate advice , services or designs that cause your client to lose money .

das uk holdings limited ( das uk group ) has been helping businesses and individuals get access to justice for over 40 years . our businesses include a legal expenses insurance company and a law firm .

before - the - event insurance pays your costs only if your insurance company thinks you have a good chance of winning your case . the insurance will usually pay for :

legal expenses policies often give the insurer the freedom to choose which solicitors to appoint for advice and assistance up to the time where legal proceedings start - unless there is a conflict of interest .

the claimant’s employer applied to uwv to make him redundant and the claimant asked his legal expenses insurer to cover the cost of his chosen legal representative for that process . his request was refused .

das is canada’s leader in legal expense insurance . they have products for both individuals and for commercial businesses .

as well as paying for you to take legal action , this type of legal - expenses insurance may also cover costs in some cases brought against you . however , don ' t presume it will cover the costs . check with your insurer first .

your car insurance might – but only if you’d taken out legal expenses cover as an add - on to your policy . but should you pay extra to add this to your annual car insurance policy ? let’s take a closer look at the reasons for and against…

das canada is a full - service legal expense insurer . we empower individual , business and group clients when they are faced with unexpected legal issues . we do this by offering two types of legal expense insurance : before - the - event ( bte ) insurance , and after - the - event ( ate ) insurance .

legal expenses cover can also be taken out as an add - on to a home insurance policy , in which case it typically covers legal proceedings relating to your home , your employment , your death or personal injury and the supply of goods or services .

legal expenses insurance doesn ' t operate in the same way as a dispute would if you instructed your own lawyer . simply contacting your insurer won ' t guarantee you get a lawyer to pursue your case .

legal protection insurance is very new to canada , although it’s been in europe for many years . as a result , it’s not found in most traditional home insurance policies .

however , firms have not always made it clear that customers were only covered for all legal expenses if they were not at fault for the accident .

arc legal assistance are a leading provider of legal expenses insurance and assistance services in the uk and republic of ireland , managing in the region of 15m legal expenses insurance policies . working with insurers , intermediaries , financial institutions and affinity groups , arc legal’s focus is upon delivering ‘best in market’ bespoke solutions . as a qualified lawyer , rebecca has worked both in private practice and within a number of legal expenses insurance organisations . rebecca began her career at arc legal as claims manager and was one of the five original members of the business , working alongside the founding directors from 2005 . since then , she has played a pivotal role in shaping and delivering arc’s claims function and is now head of claims and operations . her responsibilities include the management of arc legal’s claims team , auditing of partner solicitors and implementation and overview of claims operations .

but you should always check first whether the insurance will cover any problem you want to take legal action over .

the best car insurance isn ' t always the cheapest . our expert analysis rates the best and worst car insurance policies - and tells you which car insurance companies give . . .

around 25 million households already have legal expenses insurance , according to figures from the office for national statistics – although there’s a question as to how many actually know they have the cover , having inadvertently gained insurance as an add - on or as a benefit of employment .

legal expense protection insurance is sold by square one insurance services inc . and underwritten by das legal protection insurance company ltd ( das canada ) . das canada is part of the das group , the global leader in the legal expense protection insurance market . the group is based in germany and is a subsidiary of ergo , itself part of the munich re group – one of the world’s leading reinsurers .

the table across illustrates the lowest yearly motor legal protection premiums available , comparing our legal protection against other leading providers . comparison is based on £100 , 000 of legal expenses , but there may be some variations in exact cover . read what is motor legal protection for an explanation of the range of benefits available .

the claimant wanted his own chosen lawyer to present his objection to ciz . the claimant’s legal expenses insurer refused to cover the cost of his chosen lawyer .

legal expenses cover can also be used to recover any excess you have to pay as a result of a crash in which you were not at fault .

legal expenses cover is designed to protect you against the costs of being sued or having to make a claim against someone else in a range of circumstances .

this is the final episode of our 3 - part series , where legal expense insurance ( lei ) solves penny and david ' s legal problems . thanks for watching !

if you want to use insurance to cover your legal costs , there are several conditions that you need to remember .

of course , for a price , it may be possible to purchase legal expenses cover for most known causes of legal action or defence . generally , however , most household - related policies will cover the pursuit or defence of legal proceedings arising from the policyholder ' s :

those rights are governed by the insurance companies ( legal expenses insurance ) regulations 1990 . the essential point , particularly from an insured’s point of view , is that the regulations guarantee an insured’s right to choose their own legal representative once there are proceedings ( regulation 6 ) . an insurer cannot consequently require an insured to use a particular law firm .

informed views and advice on topical issues and core items on your business legal agenda from our abbey legal experts .

arc legal assistance has partnered with open + direct to provide its northern ireland customers with family legal protection products .

however , the law ( regulation 6 of the insurance companies ( legal expenses insurance ) regulations 1990 [ si 1159 ] ) allows policyholders to choose their own solicitors to act for them in any “inquiry or proceedings” : “where under a legal expenses insurance contract recourse is had to a lawyer ( or other person having such qualifications as may be necessary ) to defend , represent or serve the interests of the insured in any inquiry or proceedings , the insured shall be free to choose that lawyer ( or other person ) . ”

when we look at complaints about legal expenses insurance , we consider whether the insurer fulfilled its obligations reasonably - and dealt fairly with the claim . this involves looking at whether the insurer acted on the advice of appropriately qualified advisers .

still unsure how we can help ? have a read of how motor legal protection fits into the car insurance claims process .

the cost of taking legal action can be prohibitive . if you ' d struggle financially to claim compensation following an accident , unfair dismissal from work or a dispute with a tradesman , legal expenses insurance can help you cover the costs of hiring a solicitor to take such a claim to court .

motor legal protection covers the legal costs involved in reclaiming your uninsured losses after an accident that was not your fault .

" however , legal expenses policies generally give you access to a free legal helpline through which you can get advice about all types of disputes - when you take the high cost of legal fees into account , access to this helpline alone may be worth the cost of the policy . "

legal expense insurance ( lei ) counteracts this by providing canadians an affordable way to access the justice system . for a fixed annual premium , policyholders are protected from costly legal expenses . lei eliminates the stress and uncertainty of being able to afford a lawyer . it empowers policyholders to pursue or defend their rights by giving them unlimited access to general legal advice .

the cover is purchased to protect the customer against an unforeseen legal event , unlike after the event insurance which is purchased to cover certain legal costs following an event which has already occurred .

bte legal expenses insurance is usually purchased by individuals and businesses as an add - on to another product such as a personal household , motor or a commercial policy . this can also be purchased through a membership , affinity or benefit package .

with a das policy , your legal expenses are covered , including disbursements , court costs , witness fees , and adverse costs if a judge orders you to pay the other party’s legal fees . in addition , a das legal expense insurance policy gives you unlimited access to general legal advice for any legal question . all you have to do is pick up the phone , even if the issue is not covered by your policy . many legal situations can be prevented or diffused when legal advice is given in the early stages , but 63 % of canadians say that cost prevents them from meeting with a lawyer to discuss a legal situation . 5 give yourself peace of mind and the power to take action by removing financial barriers to justice with a das policy . our legal expense insurance policies offer coverage for a variety of common legal events , such as :

most legal expenses policies contain a clause requiring the policyholder to inform the insurer as soon as they become aware of an event that may give rise to legal proceedings . a breach of this clause could result in the insurer refusing cover .

if you already have home - contents insurance ( for your flat or house ) you can buy legal - expenses insurance as an ' add - on ' . it should cost you between £10 and £50 a year . your policy with the add - on will usually cover you for the following types of case .

our new 3 - part video series follows penny and david , showing how legal expense insurance ( lei ) can help small business owners navigate the legal hurdles that any canadian business could face .

as always policies vary and you should check your terms and conditions , but look out for limits that are placed on the amount of legal expenses that will be paid out .

this website is the place for information in canada about legal expense insurance , with resources and links to help you get the best help available . this website has no affiliation with any corporate entity using the term legal expense insurance as all or part of its name .

in our opinion , that sort of unfettered freedom would apply only where an insurer had not otherwise given undertakings to separate legal expenses from other classes of insurance business - under options ( a ) or ( b ) of article 3 ( 2 ) .

we are a market - leading company for legal expenses insurance and litigation funding . we have built our reputation on working in close partnership with our clients , providing the products they need and ensuring that our level of service is unrivalled within the industry .

this decision – the first one we know of on the issue – gives important guidance on the interplay between liability insurers’ rights to manage the defence of a civil claim under a liability policy and the rights of an insured under the regulations governing legal expenses insurance .

we ' re proud that our business provides access to justice and legal services for thousands of people who could not otherwise easily afford it . uk brokers consider us to be the market leader for legal insurance .

importantly , a different insurer to the household insurer will usually underwrite the legal expenses section of the policy . this is to try to avoid a conflict of interest and to spread the risk .

with our legal protection insurance you can discuss any personal legal matter ( including legal tax advice ) from 8 am until midnight , seven days a week . when you’re dealing with an emergency situation , help is only a phone call away and it’s available 24 hours a day .

when you ' re buying car and home insurance , you ' ll often be offered legal expenses cover as well . use our expert guide to find out what it is , how much it costs , whether it ' s a good idea and what alternatives you have .

what would allow you to have greater access to the legal system ? lower legal fees was the number one response , followed by access to free telephone legal advice , shorter average court case time , more mediation / arbitration , and better educational resources about the legal system .

michael trebilcock , a university of toronto law professor , authored a 2008 report on ontario ' s legal aid program that called for the " promotion of private insurance markets for legal expense coverage . " more recently , he co - authored a paper calling for a comprehensive public legal - expense insurance scheme - an idea that has not gained a lot of traction .

finally , if you ' re considering using your legal expenses policy for a minor issue , check your terms and conditions to see whether it will have an impact on your no - claims bonus .

the cost and complexity of the canadian legal system cause many individuals and business owners to walk away from legal issues . at das , we want you to feel empowered to defend or pursue your legal rights . that’s why we’ve designed a variety of products that offer you financial protection and access to legal resources when faced with a legal dispute .

when you compare the cost of legal protection insurance with the hourly cost of legal representation , you’ll see what a great deal it is . at square one , plans start at only $ 2 . 50 per month .

plus , it usually entitles you to access to a free legal helpline , which could be a valuable source of advice on legal matters .

the eu directive 87 / 344 made it clear that the only circumstances in which a policyholder would have the right to choose their own legal representative at the start of an insurance claim would be if the insurer had not given undertakings to separate legal expenses from its other classes of business : old ( art 3 ( 2 ) ( c ) ) .

) . ninety - five percent of children ever had insurance before , most commonly medicaid ( almost ¾ of children ) , followed by chip , private insurance , and mexico’s public health insurance . the mean months without health insurance was 14 , ranging from 1 month to 12 years , with a median of six months uninsured .

strictly speaking , in this example , the " event " is the negligent act which pre - dates the insurance . but even in cases where the policyholder did not have legal expenses cover at the time of the negligent act , we may decide that the insurer should accept the claim .

consumers sometimes complain to us about maladministration and delays by their insurer and / or its solicitors - in relation to legal expenses insurance . when we decide these cases , we take account of the fact that legal action can be a lengthy , complex process - and that the parties are restricted , to a large extent , by the timetables dictated by the courts .

this is why it is important that policyholders should notify their insurer about a potential claim as soon as reasonably possible . the courts have clarified that solicitors should advise their clients to check whether they have " before the event " legal expenses insurance , before entering into costly private - fee arrangements .

the court of justice of european union judgment in eschig v uniqa sachversicherung ag ( c - 199 / 08 ) was a case about class actions which cited the separation of business requirements under article 3 ( 2 ) ( c ) of the legal expenses insurance directive 87 / 344 / eec .

mr . messemer said that legal - protection insurance has changed the speed with which many disputes are settled in countries such as germany : " when you have a dispute with somebody , like a repair shop , even saying ' you should think again because i have legal protection insurance ' really makes people think . "

kevin le messurier - girling , president of sterlon underwriting managers ltd . , which provides legal insurance for professionals and businesses , but not for individual consumers , said the idea of selling legal - expense insurance to consumers in canada isn ' t new . he was in charge of british - based legal protection group when its launch of a similar product line for canadian customers in 1990 flopped .

c ) to afford complete freedom of choice from the date of the insurance claim .

call the which ? money helpline for guidance on everything from tax to travel insurance .

policies will not offer cover for disputes that arose before the insurance was taken out .

das cuts off customers who it believes are suing people just because they have insurance .

if the main insurer also underwrites the legal expenses cover , it will usually delegate the actual administration of this cover to a claims - handling agent , so as to be able to continue to spread the risk .

box legal are one of the foremost after the event insurance providers in the country . we have over 14 years of experience in the ate insurance industry and have arranged over 400 , 000 after the event insurance policies for over 250 firms in this time . we specialise in arranging after the event insurance products that are tailored to solicitor’s needs . all of the after the event insurance policies we arrange can be cancelled at any time and reporting requirements are minimal . if you’re looking for reliable , cost effective after the event insurance , backed up with outstanding service , you’ve come to the right place . the links below provide access to details of the ate insurance products and services we can arrange , as well as some of our most popular after the event insurance advice pages .

das uk group , the uk’s leading legal expenses insurer , has launched a new suite of commercial products that will be available on the company’s new quote and buy web portal – das connect – which goes live today .

if you compare home insurance through gocompare . com , your results page will allow you to filter the table so that you only see policies that include legal assistance .

would you like to learn more about this product , or do you wish to take out this insurance ? make an appointment with our insurance adviser who will be happy to help you select the most suitable insurance product . this meeting represents no obligation on your part .

in the cases we see , the terms of a legal expenses policy do not generally guarantee any particular firm of solicitors , any specific location or any minimum size of firm . all they promise is a panel firm of solicitors prior to legal proceedings being necessary . after legal proceedings have become necessary - and to comply with statutory regulations - the policyholder can choose their own solicitor .

motor - related legal expenses policies cover only causes of action that arise from the use or ownership of the insured vehicle - in other words , bringing ( or defending ) negligence actions against ( or by ) third parties .

finding the best home insurance policy can be tricky . we ' ve taken a look at over 30 providers to help you get the right cover on your buildings and contents insurance .

© 2018 das legal expenses insurance company limited is authorised by the prudential regulation authority and regulated by the financial conduct authority ( frn202106 ) and the prudential regulation authority | das law limited is authorised and regulated by the solicitors regulation authority ( registered number 423113 ) . das is not responsible for the content of external websites .

your motor insurance policy will provide legal protection if you are sued having accidentally caused injury or damage to another vehicle while driving . however , this standard protection will not help you pursue your own legal rights against another driver if they caused the accident .

for example - an accountant completes a client ' s tax return negligently , but the client does not discover this until several years later , when a demand for unpaid tax is made . the client thinks that legal action against their accountant will be covered by the legal expenses policy they had subsequently taken out .

a before - the - event policy is mainly sold together with other insurance ( for example , car insurance to cover car - related disputes , or house insurance ) . it cannot generally be bought once a problem exists . in effect , if you have this kind of insurance to cover your costs , you would not need to enter into a conditional - fee agreement .

what would you do if you had a legal dispute with a contractor , neighbour or tenant ? would you contact a lawyer ? would you have the financial resources to cover the costs of securing advice and going to court ? legal protection insurance is designed to provide you with access to legal advice , assistance and cost coverage for just this situation and for many other common legal disputes . continue reading to learn more .

the whole notion of legal insurance for consumers is , with some exceptions , a foreign concept in canada , despite its popularity in europe and the u . s . legal protection insurance is included in some canadian auto workers ' and other unions ' contracts , and the provision of similar insurance coverage in quebec is co - ordinated by the profession ' s governing body , le barreau du québec . but otherwise , it is largely unknown here .

where such undertakings are given ( which is the option taken by all uk legal expenses insurers ) , freedom to choose is triggered where an inquiry or proceedings are imminent : old ( art 4 ( 1 ) ( a ) ) .

das provides legal expense coverage that can be purchased by individuals who need to pursue legal action for a legal dispute that has already occurred . this insurance is purchased through lawyers at the outset of a case and will cover disbursements and adversary costs in the event of an unsuccessful case . ate insurance mitigates financial risk for clients and protects the disbursement investments lawyers make to run a case . premium is only payable if the case is successful .

that depends on the type of insurance that it’s applied to . lei for car insurance covers having to take action against another driver or defending accusations made against you . a prime example of when you’d have to use this cover is if you need to take somebody to court in order to recover the costs from an accident . if you don’t have this cover in place , you’d have to pay the legal expenses for this yourself .

facing a trial , whether it’s over an argument with a neighbour or a dispute about an employment contract , can be very expensive . but with our legal expenses insurance , you’ll have access to expert advice and your costs will be covered . for example , if a member of your family was hurt and you wanted to seek damages , our home insurance add - on would cover the cost of pursuing this up to £100 , 000 .

many professions need to have professional indemnity insurance as part of their respective industry body’s regulatory requirements . even if you are not obliged to have pi insurance , without it , you could be liable for thousands of pounds worth of legal fees and compensation payments – not to mention lost income from the time spent defending any allegation . you are likely to need professional indemnity insurance if :

the insurance age events team works alongside the brand ' s editorial staff and industry advisors to produce content around key issues affecting the insurance industry . don ' t miss out - follow our events .

legal assistance to recover your uninsured losses and help you stay on the road after an accident . our cover helps you save up to 60 % versus your car insurance add - on .

legal cover is not compulsory when taking out home insurance , but it is included as standard on some deals , or it can be purchased as an add - on to your policy .

" generally speaking , legal services policies bought or included with your home insurance don ' t cover family law disputes , such as divorce . driving - related issues will also be excluded .

with our landlord legal protection insurance , you can discuss any matter relating to the residential tenancy of premises you own and rent to others . the helpline is available 24 hours a day .

to see how affordable personalized home insurance can be , get an online quote now . or , call

mlei can also provide cover for legal representation to defend you if you are charged with a criminal offence – such as dangerous driving – and provide access to a legal helpline .

the insurance company will provide legal advice ; it will bear the costs incurred with respect to the hiring of an attorney or authorised expert , court fees and other necessary costs . in addition , it will seek the satisfaction of your claims ( damage compensation , insurance payment , etc . ) .

a survey was taken recently by das canada ltd , a company that provides legal protection insurance , to determine why people decided whether or not to access the legal system . most people said that financial considerations would stop them from taking legal action . many of them said they know someone who has gone into debt trying to solve a legal issue . who wants to go into debt to take a case to court , when you may not get a positive result ?

in the cases we see , we usually decide that an insurer should not reject a genuine claim - as long as it has not been prejudiced by the late notification . late notification can be a significant issue with legal expenses policies , because failing to act as quickly as possible can adversely affect a legal case - for example , where issues involve :

abbey legal protection ( alp ) has launched its new online quote system ( oqs ) .

the cba supports professional excellence among the legal community through our many engaging and expert publications .

also , this type of insurance does not cover you for all types of legal problem , nor will your insurer necessarily take your case on , which is why it is important to get advice .

those bills make him an example of someone who could have benefited from what is known as " legal protection insurance , " says the head of a company trying to sell canadians on the concept .

henry j . kaiser family foundation . state health facts . health insurance coverage of children 0 - 18 .

as far as we are aware , the article 3 ( 2 ) ( c ) option was not taken up by any uk insurers . uk insurers chose to separate legal expenses from other classes of insurance business by means of separate underwriters and / or claims - handlers - in other words , option ( a ) or ( b ) under article 3 ( 2 ) - and not by granting freedom of choice from the point of the insurance , as in option ( c ) .

no . motor legal protection is an insurance policy , and so the only payment we receive is your annual premium . our service ensures that you receive the compensation you ' re entitled to in full .

cyber liability policies are indemnity policies and cover any loss which may arise because of the peril covered under the policy . the client based on his assessment or legal requirement buys a policy with an indemnity amount . the insurer generally covers privacy breach liability , cyber extortion , business interruption losses , liability from multimedia and public relations costs , legal expenses and data theft liability .

get clued up on motor legal protection and find out what our cover can do for you .

exclusive our legal protection , discover how we ' ll fight your corner if you face prosecution .

uninsured losses are losses which are not covered under your motor insurance or any other policy you may already have .

like all legal expenses insurance policies , motor legal protection pursues claims on a " reasonable prospects of success " basis . this means that compensation is sought as long as there is over 51 % likelihood that your case will be successful and your losses will be recovered . in cases where fault for the accident may be shared , a claim will be pursued as long as there is over 51 % likelihood of the case succeeding , and the policy will work to recover losses proportional to the blame .

if you’re thinking cover might be worthwhile , remember to check whether you already get free legal advice through your trade union or being a named driver on someone else’s car insurance . there’s no point in doubling up .

markel direct is a trading name of markel ( uk ) limited which is a company registered in england and an appointed representative of markel international insurance company limited . markel ( uk ) limited only places insurance policies with markel international insurance company limited which is authorised by the prudential regulation authority and regulated by the financial conduct authority and prudential regulation authority .

for example , if a policyholder were to take their neighbour to court in a property dispute , it is possible they could share the same household insurer . by having specialist insurers underwrite the legal expenses risk , the chance of a conflict of interest is reduced - though not completely removed .

insurer lv estimates that 40 % of its customers choose to add this type of cover to their home insurance policies .

on 25 february , 2016 , urltoken analysed 421 home contents policies and 412 buildings insurance policies listed on the matrix of independent financial researcher defaqto and found that 25 % of them included legal cover as a standard feature .

many independent legal firms won ' t be able to take on the work required at this rate .

personal injury after a road accident if you were the driver ( although this can be covered through your car insurance ) .

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most " before the event " policies will cover the cost of legal proceedings only where the event or dispute giving rise to the legal action occurred - or came to light - after the start of the policy .

robert nicholls , director of sales at abbey legal analyses opportunities for brokers to grow in the care market .

the court didn’t conclude that the amount offered by the insurer would always be acceptable . but it did say that a legal expenses insurer has the right to restrict what it would pay to a non - panel solicitor , provided the remuneration is not so low as to render the policyholder’s freedom of choice meaningless .

the cyber insurance market is already flourishing owing to the increase in cyber - attacks . and in the coming years the market is expected to grow at double - digit figure , and a significant surge in demand for cyber insurance policies is also predicted .

if you ' re being taken to court you should expect a policy to cover legal fees and legal costs awarded against you , but don ' t expect it to cover any compensation you ' re ordered to pay .

ate insurance is purchased after an accident ( “the event” ) has taken place , but normally before any significant legal costs or disbursements are incurred , so most ate insurance policies are purchased at the point at which a solicitor begins a claim . the overall concept of an ate insurance policy is that it will protect the claimant against costs risks right from the outset - if a claim is insured at a late stage then ( as with most insurance policies ) costs and disbursements which occurred before the date of the after the event insurance policy will not normally be covered . since , when they commence , many personal injury claims fall within a broadly similar risk category , many ate insurers offer a standardised ate policy premium if the case is insured early .

if you already have a policy with us and need to get in touch , our home insurance specialists are here to help .

an ' any one claim ' policy provides cover up to the full limit for each individual claim made in the period of insurance , whereas an ' aggregate ' policy provides cover up to the full limit for all claims made in the period of insurance .

a ' claims made ' policy provides cover for claims which are made and notified to the insurer during the period of insurance .

it can be used in any type of litigation and by either a claimant or a defendant , although in practice ate insurance is mainly used by claimants . the ate insurance cover is normally purchased by solicitors on behalf of their clients . the after the event insurance policies we arrange are available only to claimants and apart from some specialised ate products our policies are normally only available for personal injury claims , but we do also offer after the event insurance for employment tribunal claims ( see urltoken ) and conveyancing matters .