Gov't pays Russians P522m to settle BCL suit

Friday, March 09, 2018

Government last month paid Russian giant, Norilsk Nickel P521.7 million as an out of court settlement in a P2.7 billion lawsuit brought over an equity deal that collapsed with the closure of BCL Mine.

BusinessWeek can reveal that a presidential directive of January 24, 2018 issued a special warrant under which the payment was made to the Russian nickel giant.

In November 2016, Norilsk Nickel, the world’s largest producer of nickel, filed a lawsuit to recover US$271.3 million and other costs from BCL Ltd, in relation to a failed 2014 deal under which the local Mine was to buy equity from the Russians.

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Gov't pays Russians P522m to settle BCL suit

Government last month paid Russian giant, Norilsk Nickel P521.7 million as an out of court settlement in a P2.7 billion lawsuit brought over an equity deal that collapsed with the closure of BCL Mine.

42 out of 45 bodies of Limpopo bus crash victims identified

Selefu

Selefu

Civil Society threatens court action over constitution amendment

Fans urged to fill up stadium

Coaches take jabs ahead of derby

A city divided!

Civil Society threatens Masisi with legal action

Routine child vaccination imperative