Ruins of Ash'ra 7
The inscriptions of the wall you have copied down basically translates to 'Within these walls lie an abomination of the evilest kind that the Taikuus has ever known.  Keep out and do not enter. May the vile creature stay within these confines for eternity.' As far as I could tell, Ve'nya was the inventor of the Levistone. The Levistone required a great power source to be forged. In those days, such a power source was unknown to any. Thus, in Ve'nya's haste to cast the Levistone he tapped into dark powers of the extra-planar summoning spell. The spell released an energy that was strong enough to power the forging. However, this creature escaped through the resulting rift before it could be sealed. The Taikuus present then had decided that it was too dangerous to risk opening up another rift. Therefore, the creature was bound with very powerful Taikuus magic in the chasm. I have to check this place out personally. Meet me at the room with the sealed door.