Why we can’t pay $410m for ALSCON – BFIG Group….DAILY INDEPENDENT

THE Management of BFIG Group, which the Supreme Court had last year ordered the Bureau of Public Enterprises (BPE) to hand over the Aluminum Smelter Company (ALSCON) to, has said that it cannot pay the sum of $410 million for the company Describing ALSCON as a “carcass,” the BFIG stated that though ALSCON was valued at $1.1 billion in 2004 according to an audit conducted by KPMG, is however now worth $91 million.

The BFIG, through its Chairman, Dr. Ruben Jaja, told Sunday Independent stated that it stands by the decision of the Supreme Court which had directed the BPE to give the agreement that was signed by the RUSAL group which sold the company to the Russians for $250 million
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JD:Now that we have a Supreme Court judgement,why cant the presidency step in ,get the right thing done and save us all this embarrasment?How this fits into the government ambition to attract foreign investments beats anyones imagination