Petmin unit to oppose award
Miner Petmin’s subsidiary Tendele will not abide by the decision of the arbitrator to pay an award to an unnamed customer that it is in dispute with.
|||Johannesburg - Anthracite miner Petmin’s subsidiary Tendele will not abide by the decision of the arbitrator to pay an award to an unnamed customer that it is in dispute with, because it is confident it has a strong case that will overturn the award on appeal.
In a notice yesterday, Petmin said the award granted against its subsidiary was invalid and the customer had been notified that Tendele would vigorously oppose any approach to the high court to enforce the award given the high court action to have the contract declared void or voidable on the grounds of fraud, bribery and corruption.
“As Tendele and its legal advisors believe that the prospect of success in the high court action to declare the contract void is good, no liability will be recorded in relation to the award made by the arbitrator,” the company said.
BUSINESS REPORT