RRR DRC Litigation7 Feb 2024 14:40
On the other forum, some details about the RRR DRC Litigation: [Ref: 7.2.24 , 14:12 , Post 17134:
"VUP SA, a DRC co owned 49.9% of MUSONI AREA 1 which SOLD the tenement back to GECAMINES for $20m WITHOUT the knowledge of Red Rock. Gecamines FLIPPED it to KOMOTO Copper co [allegedly for $460m] owned 85% by Glencore & 15% by Gecarmines directly or indirectly.
KOMOTO paid VUP $5m. Later, VUP took Komoto to Court for $15m . I understand Komoto had reason to not pay VUP $15m but have not disclosed further to that. AT THIS STAGE or a bit , RRR BECAME AWARE. ---KAMOTO said that they would NOW HOLD the $15m UNTIL D I R E C T E D by decision and the agreement from OUTCOME OF ARBITRATION IN KINSHASA." [I am not this poster and the posting is PRE-FIXED WITH GLENCORE has NO LIABILITY TO RED ROCK.]
My Comment: Data is stated that RRR had a JV with VUP from what I understand of 1/2 & 1/2 [correct if wrong]. If one were to take the reasoning [without seeing the COURT CLAIM LEGAL PAPERS], then someone must have to pay for the lost asset @Musoni Area 1 which RRR had 1/2 of. Yes, in general , it depends on the strength of the agreement between VUP & RRR and the LEGALITY OF THE LICENCE @Musoni Area 1. The poster vs Helpful elucidates $460m vs $400m.
LEGAL OPINION: That is for legal opinion as to who is now responsible for the loss etc in general or in particular.
HOW STRONG IT THE LEGAL OWNERSHIP title etc, ah that no one knows unless they see the papers. In my search on the matter, I note that in the DRC ------------CLIFFORD CHANCE-------IS THE ONE WHO SPECIALISE IN THIS. Lol---LENIGAS's REM MEXICO has already ENGAGED CLIFFORD CHANCE, THE "LEADING INTERNATIONAL LEGAL FIRM" [One of the few from the Magic Circle of international legal firms.]. I dont want to comment on the legals as it is all summising etc without seeing the strength of the title ownership. Suffice to say, HOW CAN $15M BE RELEASED UPON COURT ARBITRATION if RRR did not own 50% in the 1st place -logic and reason. I apologise to those who do not find my development synopsis of interest given that in my real life, I cant give the short answers without some logic to it.
DYOR. NIA. [RRR RNS IS AWAITED FOR THE ABOVE -WE SHOULD KNOW MORE but until then, its all incomplete info etc]. Who is responsible in law for the loss , ah that depends on the legal papers and ownership/agreement/s etc.