SHAREHOLDER ALLEGATIONS
DRC court suspends hearing on Glencore share dispute
Kinshasa — A court in the Democratic Republic of Congo (DRC) suspended a hearing about a lawsuit brought by a former shareholder of a Glencore-owned cobalt and copper mine. The case was put on hold pending a decision by the Court of Appeal on whether the high court should have jurisdiction over the case, Judge Roger Songambele said on Monday in the capital, Kinshasa. Congolese-US businessman Charles Brown, a founding shareholder of Glencore’s Mutanda Mining Sarl, has accused Glencore CEO Ivan Glasenberg and two other people of arranging the fraudulent sale of his shares to the Swiss firm and is demanding $1.14bn in compensation and damages. Glasenberg, Aristotelis Mistakidis, head of Glencore’s copper trading business, as well as former Mutanda shareholder Alex Hayssam Hamze, did not attend Monday’s hearing. Glencore declined to comment on Monday, but in June said Brown’s allegations were "vexatious and baseless" and "have been rejected on numerous occasions by various courts in the...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.