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Zimbabwe Wins First Round in Return of Antwerp Diamond Proceeds

Dec 8, 2014 2:04 PM   By Jeff Miller
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RAPAPORT... The Court of First Instance in Belgium ruled that approximately $45 million in proceeds from a Marange diamond tender that was held in Antwerp three months ago may be released to Zimbabwe, but not before late next week, according to The Herald.

Amari Platinum Holdings Ltd. won an order against the Zimbabwe Mining Development Corporation (ZMDC) to seize the diamond revenue as part of a $500 million damage suit related to a canceled mining license. Attorneys for Zimbabwe, however, successful convinced the court  that the diamonds and proceeds belonged to various miners in the Marange and not to the ZMDC.

But in an unrelated lawsuit, Dutch farmers are laying claim to the proceeds, too, in their $54 million case against Zimbabwe, for being forced off their properties through illegal government land reform. The court will reportedly weigh the results of the farmers'  case on December 18, according to The Herald.

Tags: Belgium, Jeff Miller, mining, sanctions, Zimbabwe
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