Cremonini wins court battle with JBS
The Court of Modena has ruled in favour of Italy-based Cremonini SpA in a case brought against the firm by Brazilian firm JBS SA.
The two companies established a joint-venture meat production operation in Angola but the relationship between partners Cremonini of Italy and JBS of Brazil became more and more challenging, prompting JBS to take its complaints to the Italian court.
JBS’ main objection was the refusal of Cremonini executives to allow JBS’s Ricardo Meira to exercise the role of finance director of the joint-venture, Inalca (see leatherbiz 27.09.10).
However, the court has rejected JBS’ appeal and said it considered Cremonini’s conduct to be legitimate and in accordance with a shareholder agreement signed in December 2007.
JBS says it will appeal the decision, claiming that the court did not review the clauses of the contract, which it says guaranteed its right to appoint Inalca’s CFO.
