Katanga Mining Limited (KAT)

[book5]

TODAY, news coming!!
Congolese courts pending the hearing on 11th May in London.

From http://www.searchbarblog.com/ Rumble in the jungle

May 3, 2018
?Contracts, Corporations

?Conflict of laws, Preliminary injunctions and temporary restraining orders


There’s going to be a hugely interesting hearing in the High Court in London next week (11th of MAY) over a dispute over royalties due under a deal on a copper mine in eastern Democratic Republic of Congo frustrated by U.S. sanctions and having seen injunctions in the courts of the two countries issued in the last week.

Dan Gertler, the Israeli mining and commodities businessman, last week served a freezing order obtained in the Congolese courts on a subsidiary of Glencore, the Anglo-Swiss miner, who in turn – saying that the contract under which the royalties are due is subject to English law and the exclusive jurisdiction of the English courts – secured an injunction in London against Gertler, who is close to the Congolese President Joseph Kabila, taking any further action in the Congolese courts pending the hearing on 11th May.

In December 2017, Gertler was put on a U.S. sanctions list. Under the order U.S. persons – individuals or companies – risk pretty severe penalties for really any engagement with him, including the processing of any U.S. dollar denominated transactions, and non-U.S. persons dealing with him in pretty much any capacity risk themselves being sanctioned. Glencore was from that point not able to make payments to Gertler in U.S. dollars, and even if the payments were made in other another currency, Glencore would risk U.S. sanctions for financial support. As of February 2018, Glencore was saying that it had not paid any royalties to Gertler since the sanctions were enacted and would ‘comply by all applicable sanctions’.