|  | 13/10/2004 |
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Japanese to Withdraw Litigation to Venalum
Senior managing director Tatsuo Sato of Showa Denko said on Tuesday the firm and other Japanese firms would withdraw litigation to CVG Venalum. Mr. Sato met with president Lenin D. Berrueta C of Venalum on October 4 in Venezuela on behalf of Japanese to discuss the petition. Japanese argue invalidity of shareholders’ meeting, which decided to deprivation of Japanese shareholders’ right by changing statutes of corporation. The original statutes had a provision to require consents of more than 81% of shareholders for important matters. Japanese shareholders with total 20% of share had veto on the provision. However, the firm changed the provision without agreement by Japanese. Japanese filed petition to fail and are appealing.
Showa Denko, Kobe Steel, Sumitomo Chemical, Mitsubishi Materials, Mitsubishi Aluminum and Marubeni meet to decide if they would withdraw on Thursday to notice Venalum by the end of the month.
Japanese and Venalum agreed to keep Japanese right to secure 90,000 tonnes per year of aluminium ingot. Japanese will also discuss on Thursday how much they should pay for higher ocean freight.
Mr. Sato said Japan Bank for International Cooperation or other institutes could give financial support for expansion plan by Venalum.
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 | Japanese to Withdraw Litigation to Venalum
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