Gov't pays Russians P522m to settle BCL suit

No Image

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.

Editor's Comment
Congratulations Anicia Gaothuse!

The contest had 10 beautiful young girls as finalists and unfortunately only one could wear the crown.The judges picked Anicia Gaothuse. To all those who feel their contestant should have won ahead of Anicia for whatever reason, hardly; the judges found Anicia to be the best among the best, so desist from disrespecting our newly crowned queen on social media or anywhere else, for that matter! Each of the 10 beautiful young women had supporters...

Have a Story? Send Us a tip
arrow up