AVZ International Prevails in ICC Case Against Jin Cheng Mining
AVZ International (AVZI) has emerged victorious in a case brought against it in the International Chamber of Commerce (ICC) by Jin Cheng Mining Limited (Jin Cheng).
The ICC Tribunal ruled in favor of AVZI, determining that the status of a shareholder of Dathcom is established by its registration in Dathcom’s internal share register. Consequently, the ICC Tribunal concluded that it lacked jurisdiction to preside over the proceedings initiated by Jin Cheng.
Furthermore, the Tribunal deemed Jin Cheng’s recourse to arbitration as unwarranted and ordered Jin Cheng to reimburse AVZI USD 75,000 for arbitration costs and AUD 813,474 for defense costs. Jin Cheng was also instructed to bear its own costs, estimated to be over Euro $3 million.
This decision aligns with AVZI’s steadfast assertion that it holds undisputed legal ownership of a 75% interest in Dathcom, along with a continuing preemptive right over 15% of Cominiere’s 25% interest in Dathcom.
