The vote of approval given by Gencor shareholders to the proposed unbundling of its shareholding in Impala Platinum (Implats) on Friday (April 25th) is set to facilitate the resolution of a number of asbestos-related lawsuits according to Business Report.

Those people who contracted asbestos-related diseases from living near the mine are now expected to receive compensation.

The move follows the action brought last year when Gencor announced its intention to unbundle, when lawyers representing thousands of claimants brought an urgent interdict in the Johannesburg high court to halt the unbundling until enough money had been set aside to cover the damages claims.

Resolution of the terms of the settlement means that Gencor will, without admitting liability, pay South African rand 460.5 million as full and final settlement for pending and future litigation.

The settlement agreement depends on the unbundling being unhindered and complete, which is scheduled to happen on the 18th of June.