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EIC Recent Media Coverage
Can Your Company Afford This ? Act
Now before its too late !
The proposed unbundling by Gencor Ltd of South Africa of its 46.1% interest in Impala Platinum Holdings Ltd looks set to proceed after Gencor reached a compensation settlement with sufferers of asbestos related diseases.
Without admitting liability, Gencor has agreed to pay R460 million to a number of former employees of asbestos producers Griqualand Exploration & Finance Co. and Msauli Asbestos Ltd, both of South Africa, and Cape plc of the UK. Gencor previously held interests in, and had management contracts with, Griqualand and Msauli, and certain assets and employees of Cape were acquired by companies associated with Gencor.
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Meanwhile, the issue of culpability may extend to BHP Billiton [LSE:BLT] because the UK company has part of its origin in Gencor. It was from Gencor that Billiton was formed before taking its primary listing to the UK and merging with Australia’s BHP. In BHP Billiton’s UK constituency, matters relating to employee rights, health and environment are becoming more important barometers of corporate governance.
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