Displaying items by tag: Law

Ecuador: Encapsulation in concrete served to destroy 110t of cocaine in Ecuador during the first nine months of 2022. The figure corresponds to 61% of cocaine seized by authorities during the period. Local press reported that the mixed slurry forms strong precast concrete elements, from which the cocaine is impossible to extract. Encapsulation accelerates destruction of the drug by a factor of 20 compared to incineration, with removal rates of up to 1500kg/hr.

Ecuadorian cocaine seizures at ports alone increased by 42% year-on-year throughout 2022, necessitating the operational improvements in disposal methods.

Nigeria: The Daily Independent newspaper has reported that BUA Cement is allegedly preparing a 'multi-million dollar lawsuit' against its gas supplier, Greenville Liquefied Natural Gas (Greenville LNG). The supplier reportedly raised prices, as stipulated in the parties' gas supply contract, following an increase in its costs. Greenville LNG attributed the increase to the dilapidation of roads and collapse of upstream gas infrastructure due to flooding, as well as a lack of access to imports. It said that none of its 44 other industrial customers has challenged the price change.

Greenville LNG chair Eddy Van Den Broeke said "It is not a breach of contract because not only are we continuing the gas supply to the BUA cement plant in Sokoto, but also because we are discussing in good faith the changed business and economic conditions that afflict both companies." He concluded “In this case, we only activated the contractual price adjustment clause. We cannot explain how it is possible that social media misrepresented so grossly the present circumstances and the conditions of our contract, which were not reflected at all."

Peru: Cemento Gloria subsidiary Cemento Yura's Yura cement plant has allegedly been the source of intermittent dust emissions, water contamination and destructive vibrations during its 50 years of operation. In May 2022, local authorities declared four houses uninhabitable due to cracks in walls and roof collapses. Local people have attributed the damage to the vibrations from the Yura cement plant's activities. In November 2022, local water supply is unavailable for over 40 minutes every day, allegedly also due to the plant's operations.

The La República newspaper has reported that Yura residents have launched a protest against the alleged environmental mismanagement outside of the company's plant.

Oman: The Capital Market Authority (CMA) has called on Raysut Cement to urgently address 'material misrepresentations' in its financial results for the second quarter of 2022. The Oman Daily Observer newspaper has reported that the CMA has warned investors that the misrepresentations 'hugely' impacted the report's profit and loss accounts.

The regulator said "CMA emphasises that failure to exercise due diligence in providing timely and accurate financial statements to the investors in fair manner is a breach of the law, and renders the violating entities legally responsible. The CMA announces zero tolerance in this regard."

South Korea: The government ordered 2500 cement truck drivers to return to work on 29 November 2022. The Korea Herald newspaper has reported that drivers in the sector who continue their strike will be subject to criminal sanctions of up to three years in prison or a US$22,600 fine, and will have their truck driving licences suspended. The government explained that the order is justified due to cement truck drivers' failure to present 'good cause' for the industrial action.

President Yoon Suk-Yeol said "Taking the livelihoods of ordinary people and the national economy hostage to look out for their own needs is not justifiable."

Cement truck drivers make up 35% of a total 7080 truck drivers from 200 companies across the South Korean economy participating in the strike, which began on 24 November 2022.

Ghana: A court has issued an injunction for Empire Cement to desist from operating its unlicensed McCarthy Hills cement facility. Ghana News Agency has reported that the China-based producer's activities at the site present a health hazard to local people. The McCarthy Hills Residents' Association said that the company was established to be exclusively a producer of paper bags for cement products.

Pakistan: The Association of Builders and Developers (ABAD) has accused cement producers of cartelisation and called on the government to take 'stern action' following a rise in cement prices. The Business Recorder newspaper has reported that builders believe that the rise does not reflect trends in local raw materials and imported coal prices. Additionally, it comes in spite of a drop in cement demand.

India: A court has dismissed Shraddha Binani's petition against summons by the Ministry of Corporate Affairs' Serious Fraud Investigation Office in its investigation of alleged related party transactions by the former Binani Cement. Mint News has reported that 'huge funds' from the company's related parties entered Binani's bank account, beginning in 2010.

Under corporate insolvency resolution proceedings, Binani Cement underwent acquisition by Aditya Birla subsidiary UltraTech Cement, becoming UltraTech Nathdwara Cement, in 2018.

India: A violent disturbance brought an end to a public hearing over ACC's plans to establish a new integrated cement plant in Masturi, Chhattisgarh, on 3 November 2022. Police reportedly used 'mild force' to subdue protestors who claimed that ACC has acted illegally. The Free Press Journal has reported that land recorded by ACC as 'barren' in document submissions is allegedly used by residents for cultivation of rice and other crops.

Limestone mining has already commenced at the Masturi site.

Mexico: GCC has made new appointments to the roles of project director, chief financial and planning officer and general counsel, effective immediately. Luis Carlos Arias will now serve as project director to the company's Odessa, US, cement plant expansion. Arias previously served as the group's chief financial officer. Maik Strecker steps into the role of chief financial and planning officer. Strecker joined GCC as chief planning officer in 2020. He has two decades' previous experience in roles spanning mergers and acquisitions, business development, product line management, operations and sales and marketing. Lastly, Cesar Conde will serve as GCC's general counsel. Conde has worked for the group since 2006.

GCC's CEO Enrique Escalante said "I am confident these executives bring proved strategic and execution leadership to the Company, and I look forward to the challenges and opportunities ahead."