Displaying items by tag: Nationalisation

Bolivia: The Bolivian Attorney General’s Office says that is open to meeting representatives of Sociedad Boliviana de Cemento (SOBOCE) in order to negotiate a ‘better arrangement’ following Bolivia’s nationalisation of a stake in SOBOCE subsidiary Fábrica Nacional de Cementos (FANCESA) by supreme decree in 2010. SOBOCE owes FANCESA US$108m in damages for unfair competition since that time.

SOBOCE said "SOBOCE, together with its shareholders of Grupo Gloria del Peru, will continue to resort to judicial and/or arbitration channels (national or international) for the recognition of their rights. We believe in justice and in the legitimate right that we have, since the Bolivian Constitution guarantees the payment of compensation in case of expropriation."

Angola: Nova Cimangola says that it is not being nationalised by the government. It has made the statement in response to local media reports that a state-led takeover is being considered as part of decree by President João Lourenço, according to the Jornal de Negócios newspaper. The cement company asserted that it is a private company with no public funding and that its financial, contractual and legal states are all in order. The company operates a 2.4Mt/yr integrated plant in Luanda.