Evraz Highveld enters legal dispute with Sasfin Bank

Troubled South Africa-based company Evraz Highveld Steel and Vanadium is in a legal dispute with Sasfin Bank, a South African financial institution, the company has said.

The dispute relates to an invoice-discounting agreement, which Evraz Highveld claims was terminated by Sasfin when the steel and vanadium producer’s business rescue proceedings began on April 13. Evraz Highveld has said it disputes the claim that Sasfin is entitled to retain the debtors’ book of Evraz Highveld, saying it has collected all the capital and outstanding interest. The company also claims that Sasfin has imposed R36 million ($3.02 million), including VAT, in penalties relating to the cancellation of the agreement and has “retained R35 million collected from [Evraz Highveld]...


Claire Hack

May 26, 2015

13:18 GMT