Gerald Group's Strong Stance on Soremi SA Tenders
Gerald Group has raised an important alert regarding unauthorised tenders issued by Soremi SA for copper cathodes and zinc ingots. This situation has unfolded against a backdrop of ongoing legal disputes concerning the ownership and rights related to the Soremi Mine.
Located in a vital metal corridor, the Soremi Mine has been operated by Société de Recherche et d'Exploitation Minière, commonly known as Soremi SA. This local entity has been pivotal in producing essential metals such as copper and zinc. However, the ownership structure of Soremi SA has become troubling, particularly with its ties to Soremi Investments Ltd. (SIL), a company registered in the British Virgin Islands.
Ownership and Legal Battles
Gerald Group has acquired full ownership of SIL, which is now governed by a Receiver appointed by the court. This follows critical court decisions made in various jurisdictions, confirming Gerald Group's rightful claim to SIL’s stake that was previously held by China National Gold Group Hong Kong Ltd (CNG). The legal framework underpinning this ownership is backed by multiple binding court orders that uphold Gerald Group's position as the rightful owner.
The ongoing interference by CNG, which has appointed its representatives to act in Soremi SA, raises serious concerns. Despite clear directives from the courts, CNG has acted as if it retains authority over SIL, and this blatant disregard for judicial decisions has put ongoing operations and governance at risk.
The Unauthorised Tenders
Recently, Gerald Group became aware of two tenders published by Soremi SA, inviting bids for significant quantities of copper cathode and zinc ingots. Specifically, these tenders called for approximately 10,000 metric tons of copper and 40,000 metric tons of zinc. However, these offers are illegal as they were issued without Gerald Group's consent, which holds the exclusive right to the output from Soremi SA.
In light of this, Gerald Group has made it explicitly clear that any transactions resulting from these tenders are unlawful. The Group holds an exclusive first right of refusal over all sales output from Soremi SA and has opted to exercise this right fully. This means that any unauthorized purchase agreements posed under these current tenders will face serious legal repercussions.
Legal Consequences for Buyers
Gerald Group has cautioned potential buyers about the ramifications of engaging in these tenders. Any sales or purchases made under the auspices of the unauthorised tenders not only contradict court mandates but also expose involved parties to potential legal action. Gerald Group has pledged to utilize every available avenue under local and international law to pursue any participants in these tenders.
Restoring Governance at Soremi SA
In addition to addressing the tender situation, Gerald Group is actively engaged in implementing all court orders to establish proper governance at Soremi SA. The goal is to protect the company's assets and ensure that operations align with legal standards and the interests of stakeholders.
Gerald Group, with its roots dating back to 1962, has grown into a significant global player in commodity trading, specializing in the intricate dynamics of non-ferrous, ferrous, and precious metals. Their operations span across continents with trading desks established in key financial hubs, including Stamford, Geneva, Shanghai, and Dubai. The organization's expertise extends beyond trading, encompassing logistical services, investments, structured financing, and an extensive network of partnerships.
Through these efforts, Gerald Group aims to safeguard not only its interests but also the integrity of operations at Soremi SA amidst the ongoing legal challenges posed by CNG.
Frequently Asked Questions
What prompted Gerald Group to issue a warning?
Gerald Group warned against unauthorized tenders from Soremi SA, asserting its exclusive rights to the production, amidst ongoing legal battles.
What are the consequences of engaging with unauthorized tenders?
Participating in these unauthorized tenders risks legal action from Gerald Group, as transactions are deemed illegal and against court orders.
Who controls Soremi SA currently?
Currently, Soremi SA is controlled by representatives appointed by CNG, despite Gerald Group's claim of ownership through court rulings.
What steps is Gerald Group taking to restore governance?
Gerald Group is enforcing court rulings to reestablish lawful governance and to protect Soremi SA’s assets and operations from illegal activities.
What is Gerald Group's position in the commodity market?
Gerald Group is a leading commodity trader, focusing on metals and providing comprehensive solutions across the global metals value chain.
