African Rainbow Capital (ARC) chairman and founder Patrice Motsepe. The Johannesburg High Court has ruled in ARC's favour in a dispute with Pula Graphite Partners, involving the alleged reneging on a graphite mining deal in Tanzania and investing instead in a competitor.
African Rainbow Capital (ARC), an empowerment investment company founded by prominent South African businessman Patrice Motsepe, said Wednesday the Johannesburg High Court has granted orders in favour of ARC, including that US-based Pula Graphite Partners Tanzanite had not made out any cause of action based on allegations of breach of contract against ARC in the Tanzanian court case.
The High Court had also found that Pula did not have a claim for contractual damages in respect of a surrendered prospecting licence, a statement from ARC said.
Pula Group and Pula Graphite Partners Tanzania had instituted a claim against African Rainbow Minerals (ARM), ARCH Sustainable Resources, (ARCH), ARC and Dr. Patrice Motsepe in the Tanzanian courts based on allegations that ARM, ARC, ARCH and Motsepe breached the terms of a non-disclosure agreement (NDA), governed under South African law, albeit that the NDA was entered into between Pula Group and ARM only.
