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Mytilineos reaches settlement with Serbia over $40m compensation

Staff Writer |
Mytilineos, a Greek-based industrial conglomerate, said that it has reached a final settlement with the Serbian government for the $40 million compensation that derived from the issued award by the International Tribunal on a local mining case.

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The compensation will be paid in four quarterly instalments with the last being due in December 2018.

Mytilineos said in August it won a $40 million compensation from the Serbian government in a dispute over the company's investment in state-controlled Serbian copper miner and smelter RTB Bor.

In 2004, RTB Bor began defaulting on its obligations towards Mytilineos, ceasing repayments in money and metal, and breaching the terms of a contract signed back in 1996.

As a result, Mytilineos incurred costs worth millions of euros by writing off debt owed to it by RTB Bor, the Greek group said back in August.

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