THE mining arm of entrepreneur Beny Steinmetzs business interests, BSG Resources (BSGR), has been put into voluntary administration in order to protect its assets ahead of potential legal action it faces, said Reuters citing Dag Cramer, a director of BSGR.
BSGR is caught up in legal disputes in relation to the vast Simandou iron ore project in Guinea, said Reuters. As well as facing legal action, BSGR, which denies any wrong-doing, is suing financier George Soros for $10bn in damages over lost contracts. Soros has sought to have the lawsuit dismissed. A judge put the case on hold in November.
Cramer told Reuters the voluntary administration was to protect the company against any adverse or malicious development o…
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