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.

Rollers, Orapa brace for two-part sequel

Stanbic pretax profits up 11%

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Civil Society calls for Constitution review governing Act

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Motshegwa prevails against detractors

Inspect the voters' roll!