Jeremy Moncrieff (Macfarlanes) sets out the key points and practical implications of the decision in Minera Las Bambas and another v Glencore Queensland and others in respect of a tax covenant given under a share purchase agreement.
In Minera Las Bambas and another v Glencore Queensland and others [2019] EWCA Civ 972 the Court of Appeal addressed a number of points on the interpretation of a tax covenant given by Glencore. The covenant in question was slightly unusual and the case turned on the specific drafting. However the judgment also addresses several points of wider interest especially to those drafting tax covenants.
Glencore sold shares in Xstrata Peru SA (Xstrata) a Peruvian company to Minera Las Bambas and another company. At the time of the transaction Xstrata had significant input VAT credits some of which had already been repaid to Xstrata in cash...
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Jeremy Moncrieff (Macfarlanes) sets out the key points and practical implications of the decision in Minera Las Bambas and another v Glencore Queensland and others in respect of a tax covenant given under a share purchase agreement.
In Minera Las Bambas and another v Glencore Queensland and others [2019] EWCA Civ 972 the Court of Appeal addressed a number of points on the interpretation of a tax covenant given by Glencore. The covenant in question was slightly unusual and the case turned on the specific drafting. However the judgment also addresses several points of wider interest especially to those drafting tax covenants.
Glencore sold shares in Xstrata Peru SA (Xstrata) a Peruvian company to Minera Las Bambas and another company. At the time of the transaction Xstrata had significant input VAT credits some of which had already been repaid to Xstrata in cash...
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