OTCPK:KATFF - Post by User
Comment by
DasuDasu1on Jun 04, 2018 7:20pm
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Post# 28123091
RE:my interpretation of "admissible but unfounded"
RE:my interpretation of "admissible but unfounded""Glencore-controlled
Katanga Mining Ltd. had challenged the Kolwezi Commercial Court’s competence to hear the case, in which state miner Gecamines is seeking to dissolve Kamoto Copper Co.
The Supreme Court declared KCC’s case admissible but unfounded on May 30, said Roger Masamba, a lawyer representing Gecamines. A date for the next hearing in Kolwezi hasn’t been fixed yet, he said."
The unfounded part is the Kolwezi court being unable to handle the case. The Supreme Court did order a freeze on the court proceedings until they could reach that decision (the "admissible" part).
I think today's volume is someone putting in a big order (informed or not) and a few other people hopping on the bandwagon. Otherwise, not sure what to thihk. Glencore was afraid of a small court because they are easier to sway and more likely to priorize the interests of a local company like Gecamine, without a broader view toward the impacts it could have on the whole country and future foreign investments.