Mytilineos reaches settlement with Serbia over $40m compensationStaff 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.
Europe Mytilineos incurred costs worth millions of euros
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. ■