OTCPK:KATFF - Post by User
Comment by
topdopon Jun 13, 2018 12:27pm
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Post# 28166154
RE:Gecamines seems very happy for the settlement outcome
RE:Gecamines seems very happy for the settlement outcome
Clearly it's because there existed two parties that would need "looking after" to get this deal done: the higher ups in Gecamines and the Government in Kinshasa. BOTH got PAID to settle. You've just got to LOVE doing business in Africa! Classic old Marc Rich moves: 1. Here's the 1st: a nice $41 million payment to Gecamines for "outstanding expenses".... Haha, yeah, right... get your "late invoices" in boys! (and we know how secure the Gecamines bank accounts are...). From the PR: "(ii) agreement by KCC to make an additional payment to Gcamines of approximately US$41 million in relation to outstanding expenses incurred by Gcamines as part of the replacement reserves exploration program"; and the 2nd: 2. Here's a nice $56 million payment to Kinshasa. Apparently there was a sudden new "stamp duty" applied to the KCC debt conversion! From the PR: "The issuance of new share capital of KCC caused by the KCC Debt Conversion will trigger a DRC tax obligation in the amount of US$56 million (the "Stamp Duty")." Like I said, LOVE doing business in Africa! These are my views only. Thanks for reading.