Zimbabwe, which is banking on investment in its natural resources to arrest an economic free-fall, faces having the assets of the state mining company seized after a final appeal of a 2014 arbitration ruling failed. Companies linked to British Virgin Islands-based Amari Holdings Ltd. won the right to seize assets worth $65.9 million in compensation for Zimbabwe Mining Development Corp.’s cancellation of nickel and platinum ventures formed in 2007 and 2008. The ruling by the International Court of Arbitration was made after a hearing in Lusaka, Zambia. The state is seeking to convince investors from Cyprus, South Africa, Russia and Nigeria to spend billions of dollars developing its platinum reserves, the world’s third-largest.
SOURCE: BLOOMBERG