IDC and NMT Capital Announce a Settlement Agreement

IDC and NMT Capital Announce a Settlement Agreement

The Industrial Development Corporation (IDC), NMT Capital Proprietary Limited (NMT Capital) and Amabubesi BSR Holdings Proprietary Limited (Amabubesi) announced today that they have entered into a settlement agreement concerning a commercial dispute. The dispute, which qualified as a commercial case, was due to be heard in the Commercial Court.

The Settlement Agreement, which is the result of a confidential mediation process, confirms that:

  • the Action Proceedings have been settled;
  • The IDC has recovered its capital investment and also realised a satisfactory financial return.
  • Based on information exchanged between the Parties during the mediation process, no acts of impropriety were found.

All parties consider the matter resolved.

 


For IDC enquiries, please contact:

Tshepo Ramodibe
IDC Corporate Affairs
Tel: 011 269 3000

For NMT enquiries, please contact:

Peter Moyo
Cell: 082 461 1354.