BusinessLive reports that African Rainbow Minerals (ARM), which is chaired by Patrice Motsepe, has set aside R319m in respect of the lawsuit aimed at compensating victims of silicosis and other occupational lung diseases.
In July, a R5bn settlement between six gold miners, including ARM, and workers was approved by the high court in Johannesburg. This was the result of a historic class action dating back to 2012. ARM said it had made a financial provision of R319m to cover the legal costs of the claimants’ attorneys, the costs of establishing and administering a trust, and payment of benefit contributions to the trust over a 13-year period. “ARM has a contingency policy in this regard, which covers environmental site liability and silicosis liability, with Guardrisk Insurance Company,” it advised. Guardrisk has reinsured the specified risks with Mannequin Insurance.
- Read the full original of the above report by Nick Hedley at BusinessLive
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