Implats wins $16m claim in US recycler default fraud case

April 4, 2017

Responsive image

Platinum-mining company Implats has won a $16-million claim for constructive fraudulent transfer during the insolvency in the US of a former recycler of autocatalyst materials, which had a long-standing association with Impala Refining Services (IRS). Johannesburg Stock Exchange-listed Implats said on Tuesday that an Eastern District of Pennsylvania jury had rendered a verdict in its favour in the case involving the collection of $200-million-plus from A-1 Specialized Services and Equipment Company Inc, which until a few years ago had supplied platinum scrap to IRS on a regular basis.

Category: General