Athens-listed Mytilineos Holdings SA and Serbia reached a settlement over a US$40 million compensation awarded to Mytilineos by the International Arbitral Tribunal over a past deal with copper miner RTB Bor.
The Serbian government will pay the compensation in four interest-free quarterly installments in December, according to a Feb. 6 release.
In August 2017, the international tribunal ruled that Serbia breached its obligations to Greece and Mytilineos under an international treaty by prohibiting the payment of pre-existing RTB Bor obligations without the government's prior approval, as well as enforcement measures by creditors to seek satisfaction of their dues.
