More Zimbabwe assets face seizure abroad

More Zimbabwe assets face seizure abroad
Published: 17 July 2015 (1256 Views)

Amari has obtained seizure orders against ZMDC following the dismissal of its injunction application in Zambia seeking to overturn an International Court of Arbitration award of $54 million.

The defeat in Zambia means that there are no other legal routes open for ZMDC or the Government of Zimbabwe.

The dispute emanates from the cancellation of Amari's rights to operate a platinum mining concession by the government. Amari had invested millions of dollars in exploration at the concession which has a resource estimate of 18million ounces of platinum group metals.

The company took Zimbabwe to the International Court of Arbitration with a $500 million lawsuit after Harare had cancelled its joint venture with ZMDC in 2010.

Amari argued that it had already committed money in exploration.

- dailynews

Tags: Zimbabwe,
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