British Virgin Islands Court Orders Action Register Rectification for Gerald Group Amid Dispute
British Virgin Islands Court Ruling: A Closer Look
On July 16, 2025, a significant ruling was issued by the British Virgin Islands (BVI) Court concerning an ongoing dispute involving Global Mining Development L.P., a wholly-owned subsidiary of Gerald Group, and China National Gold Hong Kong Limited (CNG), a subsidiary of the Chinese state-owned enterprise. The case revolves around the ownership of Soremi Investment Limited (SIL), the entity that owns the Soremi mine, known for its polymetallic resources including copper, lead, and zinc, located in the Republic of Congo.
Background of the Dispute
Gerald Group was the original owner of SIL and sold a 65% stake to CNG in 2013. However, complications arose when CNG attempted to sell its stake back to Gerald Group in March 2020, offering a contractual right of first refusal (RoFR). After exercising the RoFR, CNG failed to fulfill its obligation to transfer the shares back to Gerald Group, leading to arbitration initiated by Global against CNG under the rules of the Hong Kong International Arbitration Centre (HKIAC).
Following extensive hearings, the HKIAC ruled in 2023 that Gerald Group had validly exercised its RoFR, cementing their status as the rightful owner of 100% of SIL. CNG, however, attempted to obstruct this resolution by pursuing various legal maneuvers across multiple jurisdictions.
In March 2024, the BVI Court issued a legal order requiring CNG to disclose its assets and to return over $100 million, which had been reportedly transferred unlawfully to accounts in China. CNG’s multiple attempts to contest these mandates proved unsuccessful, ultimately culminating in the recent BVI Court ruling affirming Global as the legitimate owner of SIL, and commanding CNG to transfer ownership of the shares as decreed.
The Court's Findings
The BVI Court’s recent ruling includes several critical decisions:
1. Change of Ownership Record: The court ordered that the records for Soremi Investment Limited should be amended to reflect Global as the rightful 100% owner of the Soremi mine.
2. Contempt Citations: CNG was found in contempt of the BVI Court for failing to comply with previous orders asking for the full disclosure of its assets and the return of funds it improperly acquired.
3. Record Fine Imposed: In response to these actions, the court levied a historic fine of $2.5 million against CNG, marking a significant step in this protracted legal challenge.
Implications of the Ruling
With the court’s firm backing, Global now anticipates taking full control of SIL and committing resources to ensure the success of the Soremi mine. The resolution of this dispute not only reinforces Gerald Group's position in the mining sector but also has potential consequences for investment and operational strategies within similar industries.
About Gerald Group
Founded in 1962 and headquartered in the United States, Gerald Group has established itself as a leading player in commodity trading, specializing in non-ferrous, ferrous, and precious metals. With a global trading network that includes offices in Stamford, Geneva, Shanghai, and Dubai, the company provides comprehensive services that span the entire value chain from mines to end-users. Under the leadership of CEO Craig Dean, Gerald Group has transformed its primary asset, Marampa Mines, into a leading iron ore producer in Africa, while continuing to focus on long-term partnerships and stakeholder engagement to maximize its asset portfolio.
Conclusion
This case highlights the complexities of international mining disputes and the importance of legal frameworks in resolving ownership and financial disputes. As Gerald Group aims to move forward post-ruling, the industry will closely observe developments regarding the Soremi mine and its operational trajectory under new management.