IDC counsel wants to re-examine Anglo CE
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Resources Correspondent
THE counsel for the Industrial Development Corporation (IDC), which is contesting Anglo American's plan to grow its stake in Kumba Resources at a Competition Tribunal hearing, has asked that it be allowed to cross-examine Anglo's CE, Tony Trahar, again.
Alan Nelson said the IDC wanted to consult with Trade and Industry Minister Alec Erwin and President Thabo Mbeki to "determine conversations that went on between them". Nelson then asked for the opportunity to question Trahar again.
Trahar, giving evidence at the hearing this week, said he had support from Erwin and Mbeki for Anglo's strategy to build its stake in Kumba to 49%.
The tribunal was also asked by the IDC to consider whether it had jurisdiction to decide on Anglo's intention to increase its stake in Kumba to 49%.
The IDC said it believed the application for approval of the Anglo transaction differed from the one originally submitted. "It is clear to us in the course of the evidence presented by Mr Trahar that the transaction this Tribunal is being asked to consider is not the transaction notified in August 2002," said Nelson.
Anglo has said that apart from the fact that its request for a tribunal decision on its acquisition of shares in Anglovaal Mining no longer made up part of the submission (Anglo sold its stake), the original submission had not changed.
The tribunal panel said it would address this issue only if it needed to be addressed at the end of the hearing.
As Nelson cross-examined Trahar yesterday, it became apparent that the IDC was building an argument on the basis of Anglo's role as a mining company in SA both today and historically.
Anglo's counsel, David Unterhalter, asked whether Anglo's other SA investments were relevant to this hearing. The tribunal will reconvene on Thursday.
May 30 2003 07:25:15:000AM Julie Bain Business Day 1st Edition
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