Barrick must pay dealmaker Hannam $2 million over Randgold merger, UK court rules

LONDON (Reuters) – The Supreme Court in London said on Wednesday that British Gold must pay British Dealmanker ian Hannam 2 million dollars in addition to working to acquire the RandGold Resources Gold Mine.

Hanam was one of the best rain makers in JPMorgan and called “The King of Mining” with his record of brokerage deals in the resource sector, including the merger that created BHP Billiton in 2001 and the combination of Gleencore and XSTRATA for the year 2012.

Hannam & Partners has sued an agreement that it was reached shortly before the 2018 PARRKK acquisition of Randgod.

Hanam & Partners said it had promised a minimum of 10 million dollars, with an increase in the number if the deal was more than 10 billion dollars.

After Barrrick and Randgod agreed on a deal in the end of about $ 18 billion, Hanam asked $ 18 million and was rejected.

Randeld’s lawyers said there is no evidence written on the alleged agreement and that Hanam & Partners was not due for any batch.

“There is no contract to provide advisory services for investment at all,” said Judge Simon Gleson in a written ruling.

But he added: “The early work of the demands (Hannam & Partners) in promoting treatment, giving valuable benefit on both RandGold and Barrick.

“RandGold and Barrick admitted this, and aims to pay some payment to the plaintiff regarding the value they felt they had received. They estimated this as an amount of $ 2 million.”

Gleeson said Hannam & Partners is entitled to get $ 2 million in addition to its expenses.

Nile Basur, CEO of Hannam & Partners, said that the decision was “a key judgment on the investment banking industry while granting great prizes of fees to work on shaking hands, although there is no written contract.”

Barrick also obtained the ruling as a victory, saying that Hannam & Partners had received “the amount proposed by Randgod to pay (Hannam & Partners) in September 2018 for his limited participation in the deal.”

(By reporting Sam Tobin; Liberation by Mark Potter)