Implats awarded $16m in constructive fraudulent transfer case

© Burmakin Andrey123rf.com

The case is part of an effort by Implats to collect on a confirmed arbitration award in the amount of more than $200m against A-1 Specialised Services and Equipment Company (A-1), a catalytic converter recycling business.

The defendants in the case included the four shareholders of A-1, three of whom settled with Impala during the trial, prior to the verdict. Earlier in the case, Implats successfully sought the appointment of a receiver for A-1, to wind down its business and monetise its assets.

Impala expects to receive additional recovery through this process, which is now underway.

“After a challenging and lengthy legal process, we are pleased to recover some of the money that we believe was unlawfully transferred out of A-1 ahead of our claims and we feel vindicated by the outcome of the legal process,” said Brenda Berlin, Implats’ chief financial officer.