East Point flex their muscle!!!!-- Romania’s Cuprom will seek termination of the contract to buy Bor’s Mining and Smelting Basin (RTB).
Serbia’s Privatization Agency said in a statement the Romanian company justified the decision by citing significantly changed conditions, local government’s and unions’ resistance to the deal, which in Cuprom’s opinion led to their “obvious inability to meet the contract obligations”.
The Agency’s statement said the demand for the contract’s termination was submitted on the day set as the deadline for providing financial guarantees.
The Agency believes the circumstances have remained unchanged and presented no obstacle for the acquisition deal to go through.
The sale of the faltering Serbian copper giant was marred by accusations of foul-play during and after the tender procedure, coming from the second-placed bidder East Point.
BOR -- Mayor of Bor says he will ask the Serbian Government to probe mining company sale to Romanian Cuprom.
Bor Mayor and Serbian Radical Party member of Parliament Branislav Rankić said the sale of RTB Bor mining complex was carried out under dubious circumstances. Rankić said he suspected someone ‘received a commission’, adding that he would soon invite the citizens of Bor to civil disobedience
BRING ON THE ARBITRATION