Palladino denies default provision in Guinean deal would give it 30% stake in assets

Palladino Capital, a British Virgin Islands-registered investment vehicle founded by South African businessman Walter Hennig, has rejected allegations of a secret deal with the Guinean government that could enable it to take over a 30% stake of assets in the country belonging to mining companies such as Rio Tinto, Chinalco and BHP Billiton.

Hennig founded Palladino, which says that it holds significant mining and energy assets in Africa, in 2003. In 2010, Palladino loaned Guinea $25 million and also assisted in setting up the state-owned Guinea National Mining Co. Palladino also said it played a minor role in helping the Guinean government restructure the mining sector and in reviewing mining transactions done before the current Alpha Conde-led government came into...

Published

Felix Njini

June 11, 2012

16:52 GMT

Windhoek