May 1, 2018 / 6:08 PM / 3 months ago

Glencore wins temporary injunction against billionaire Dan Gertler: FT

(Reuters) - Glencore Plc (GLEN.L) has won a temporary injunction against Israeli billionaire Dan Gertler over alleged unpaid royalties he said he is owed by the company, the Financial Times reported on Tuesday.

FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo

Last week, Glencore said its mining subsidiaries in the Democratic Republic of Congo were served freezing orders for alleged unpaid royalties of nearly $3 billion by a company affiliated with Gertler.

A spokesman for Glencore declined to comment. Gertler’s Fleurette Group and his foundation did not immediately respond to a Reuters’ request to comment.

Gertler, who is the subject of U.S. sanctions, is owed some royalties by Glencore, but the London-listed company disputes the amounts claimed.

Gertler’s Ventora Development Sasu is seeking $695 million in unpaid and future royalties from Glencore’s unit Mutanda Mining and $2.28 billion from Glencore unit Kamoto Copper Co (KCC)

The injunction forbids Gertler from taking any steps in his legal action against the KCC mine, the FT said. on.ft.com/2KsjOIX

There will be a hearing on the case in London on May 11, the newspaper said.

Reporting by Abinaya Vijayaraghavan in Bengaluru. Editing by Jane Merriman

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