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Mytilineos reaches settlement with Serbia over $40m compensation

Staff Writer | February 7, 2018
Mytilineos, a Greek-based industrial conglomerate, said that it has reached a final settlement with the Serbian government for the $40 million compensation that derived from the issued award by the International Tribunal on a local mining case.
Mytilineos
Europe   Mytilineos incurred costs worth millions of euros
The compensation will be paid in four quarterly instalments with the last being due in December 2018.

Mytilineos said in August it won a $40 million compensation from the Serbian government in a dispute over the company's investment in state-controlled Serbian copper miner and smelter RTB Bor.

In 2004, RTB Bor began defaulting on its obligations towards Mytilineos, ceasing repayments in money and metal, and breaching the terms of a contract signed back in 1996.

As a result, Mytilineos incurred costs worth millions of euros by writing off debt owed to it by RTB Bor, the Greek group said back in August.


 

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