The verdict awards the amount of US$16 million to Implats on a claim of constructive fraudulent transfer during insolvency.
[quote]The case is part of an effort by Implats to collect on a confirmed arbitration award in the amount of more than $200 million in favour of it against A-1 Specialized Services and Equipment, a company in the business of recycling catalytic converters.
The defendants in the case included the four shareholders of A-1 Specialized Services and Equipment, three of whom settled with the company during the trial, prior to the verdict.
Earlier in the case, the company successfully sought the appointment of a Receiver for A-1 Specialized Services and Equipment, to wind down A-1 Specialized Services and Equipment’s business and monetise its assets.
Impala expects to receive additional recovery through this process that is now underway.
“After a challenging and lengthy legal process, we are pleased to recover some of the money that we believe was unlawfully transferred out of A-1 Specialized Services and Equipment ahead of our claims and we feel vindicated by the outcome of the legal process,” comments Implats CFO, Brenda Berlin.
Feature image credit: Impala Platinum