Brunei to sell Jordan mining investment over row

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phosphate-rock-crusherThe Jordan government has said it will purchase Brunei’s shares in Jordan Phosphate Mines, the largest mining and chemical company in the country. Brunei currently owns 37 per cent of the miner via Kamil Holdings Limited, a firm owned by the Brunei Investment Agency.

According to a report in the Jordan Times, the Jordan government wants to buy back the share “to increase its presence in large strategic companies, particularly in the mining sector.”

The shares have reportedly been bought by Brunei in 2005 for $111 million from the Jordan government at a time when it aimed to privatise the phosphate sector.

Kamil Holdings is the largest shareholder in Jordan Phosphate Mines, followed by Jordan’s finance ministry with 26.2 per cent and the country’s Social Security Investment Fund with 16 per cent.

However, there have been allegations that the privatisation process has been opaque and that there have been some “irregularities”, the paper said.

In June 2013, the miner’s former CEO Walid Kurdi was sentenced by an Amman court to 37.5 years imprisonment with hard labour on charges of “abuse of office” and embezzlement. Kurdi, who was tried in absentia as he reportedly lives in London, has also to pay approximately $200 million in fines.

No statement has been issued from the Brunei side yet.

Jordan Phosphate Mines produces up to seven million tonnes a year of phosphate rock, making it the world’s 6th largest producer and Jordan’s second largest exporter.

 

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Reading Time: 1 minute

The Jordan government has said it will purchase Brunei’s shares in Jordan Phosphate Mines, the largest mining and chemical company in the country. Brunei currently owns 37 per cent of the miner via Kamil Holdings Limited, a firm owned by the Brunei Investment Agency.

Reading Time: 1 minute

phosphate-rock-crusherThe Jordan government has said it will purchase Brunei’s shares in Jordan Phosphate Mines, the largest mining and chemical company in the country. Brunei currently owns 37 per cent of the miner via Kamil Holdings Limited, a firm owned by the Brunei Investment Agency.

According to a report in the Jordan Times, the Jordan government wants to buy back the share “to increase its presence in large strategic companies, particularly in the mining sector.”

The shares have reportedly been bought by Brunei in 2005 for $111 million from the Jordan government at a time when it aimed to privatise the phosphate sector.

Kamil Holdings is the largest shareholder in Jordan Phosphate Mines, followed by Jordan’s finance ministry with 26.2 per cent and the country’s Social Security Investment Fund with 16 per cent.

However, there have been allegations that the privatisation process has been opaque and that there have been some “irregularities”, the paper said.

In June 2013, the miner’s former CEO Walid Kurdi was sentenced by an Amman court to 37.5 years imprisonment with hard labour on charges of “abuse of office” and embezzlement. Kurdi, who was tried in absentia as he reportedly lives in London, has also to pay approximately $200 million in fines.

No statement has been issued from the Brunei side yet.

Jordan Phosphate Mines produces up to seven million tonnes a year of phosphate rock, making it the world’s 6th largest producer and Jordan’s second largest exporter.

 

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