Displaying items by tag: payment

US: Buzzi Unicem has blamed a late tax payment in Pennsylvania on an accounting error. The cement company made the US$18m payment five months late, in May 2024, according to the Express Times newspaper.  The issue was highlighted by a lien filed in December 2023 in Northampton county civil court. Stockertown cement plant manager Rad Slavov clarified that the payment was timely but misallocated. He said "The company is financially strong and able to meet its obligations.”

India: Tamil Nadu Cements plans to expand its limestone mining operations at the Pudupalayam quarry in Tamil Nadu. The New Indian Express newspaper has reported that local residents have protested against the planned expansion. Some local landowners claim that Tamil Nadu Cements did not pay them for the 121 hectares of land it originally acquired in Pudupalayam.

France/Syria: Lafarge defended itself against charges of endangering its employees in Syria before the French Supreme Court on 19 September 2023. The company, since acquired by Switzerland-based Holcim, has admitted to paying ‘several million euros’ to terror groups while continuing to operate in Syria in 2013 – 2014. The court will also hear Lafarge’s appeal over charges of complicity in crimes against humanity. It will give its ruling on 7 November 2023.

India: Adani Group repaid loans worth a total of US$2.65bn on 6 June 2023, with a total interest payment of US$700m. Accord Fintech News has reported that the sum includes prepayment of loans worth US$700m used to acquire Holcim India, alongside other loans. This completes the group's prepayment of loans taken for the acquisition, which it completed in September 2022.

Kenya: The Supreme Court of Kenya has ordered lenders Absa Bank and KCB Group to not seize Savannah Cement's assets or appoint administrators or receivers for it after the producer defaulted on its debts. The producer's debts include US$2.41m in interest and US$110,000 in penalties. The temporary block will stand until the court issues further directions. Business Daily News has reported that the court has ordered Savannah Cement to pay US$81,200 to Absa Bank by 28 December 2022.

Savannah Cement director Benson Sande Ndete alleged that lenders coerced the company into repaying US$40.6m-worth of debt. The law forbids interest payments greater than the principal sum of a loan.

Ndete said, "The firm is working to complete the funding of its Kitui clinker plant project, which will allow it to get all the funds necessary to clear the debts."

Nigeria: The government of Kogi State has filed a lawsuit against Dangote Cement's parent company Dangote Industries. The state government claims no payment was received for Dangote Cement's acquisition of the Obajana cement plant upon its privatisation in 2002, according to the Advocate newspaper. If the legal case is successful it could void the cement producer’s contract with the state government.

The National Security Council ordered the reopening of the Obajana cement plant in the national interest on 14 October 2022, following its closure by order of the Kogi State Assembly.

Nigeria: The House of Assembly of the Nigerian parliament has ordered Dangote Cement to suspend its operations at the Obajana cement plant until the company presents 'credible evidence' of its acquisition of the plant from the government. The Premium Times newspaper has reported that the state and Dangote Cement concluded a deal for transfer of ownership of the plant in 2002. Kogi State Commissioner Kingsley Fanwo says that Dangote Cement has failed to show evidence of its payment for the asset.

Local people petitioned the state for an enquiry into the plant's legal status after it allegedly created industrial pollution 'bordering on' a hazard. Protestors have reportedly 'driven out' staff from the plant.

China: Conch Cement has explained that neither its subsidiary Xuancheng Conch, nor any officers of the company, are subject to investigation or penalties for tax evasion. The producer said that a local media outlet had reported false allegations to this effect.

Conch Cement said "Xuancheng Conch has met all payment obligations for taxation in strict compliance with the relevant laws and regulations of the People's Republic of China."

Australia: Boral has selected Earlytrade to digitise its supplier payment and progress claim processes. The supplier says that it will help protect Boral's supply chain against inflation and insolvency trends. It will roll out its early payment technology for 5000 suppliers of Boral products, as well as subcontractors, across Australia.

India: Dalmia Bharat subsidiary Dalmia Cement has awarded a contract to payment solutions specialist Paytm for digitisation of its payment processes. United News of India has reported that Paytm will enable customers to use Paytm Wallet, Unified Payments Interface (UPI) and other cashless means in purchasing Dalmia Cement’s products from over 30,000 dealers and retailers across 22 Indian states and union territories, according to the producer.

Head of marketing and executive director Pramesh Arya said, “Dalmia Cement's emphasis on being digital first has helped our dealers and retailers carry out their day-to-day business transactions easily. Paytm has always stood for ease of use and convenience in the world of digital payments. Through this partnership, we aim to help our dealer community accept contactless and secure payments using Paytm Wallet, UPI, debit or credit card and online banking.” He added, “The idea is to maintain social distancing, reduce cash handling and minimise the risk of coronavirus exposure. This partnership is yet another step in Dalmia Cement's pursuit to bring Future Today - our brand credo - to life.”