SAL - Sallies - Sallies and Witkop Fluorspar Mine (Proprietary) Limited
SAL
SAL
SAL - Sallies - Sallies and Witkop Fluorspar Mine (Proprietary) Limited
("Witkop") request review of the Final Award to Honeywell International Inc
Sallies Limited
(Incorporated in the Republic of South Africa)
(Registration number 1903/001879/06)
Share code: SAL ISIN: ZAE000022588
("Sallies")
Sallies and Witkop Fluorspar Mine (Proprietary) Limited ("Witkop") request
review of the Final Award to Honeywell International Inc
On 3 April 2009 the International Chamber of Commerce Arbitral Tribunal made a
Final Award whereby
- Sallies and its subsidiary, Witkop, shall pay to Honeywell a net
amount totalling USD 1 243 824 plus interest at 5 percent per annum
from 19 January 2006 until full payment
- each party is to bear its own legal and other costs
- USD 3 095 119 of the counterclaim by Sallies and Witkop is dismissed
The interest on the amount payable to Honeywell in terms of the Final Award
will be approximately USD 209 000 by 31 May 2009.
On Tuesday, 19 May 2009 Sallies and Witkop requested that the Federal Supreme
Court of Switzerland:
- set the final award aside with the effect that the case would be
sent back to the Arbitral Tribunal for reassessment; and
- instruct the Arbitral Tribunal to reject Honeywell`s claim and
approve the counterclaim of Sallies and Witkop.
Shareholders will be updated on future developments with regards to the above
review process.
Johannesburg
20 May 2009
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 20/05/2009 13:23:01 Produced by the JSE SENS Department.
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