Aveng and its banker Nedbank had agreed to a Gabon government proposal to settle a legal dispute that had delayed a eurobond coupon payment from the west African country for more than a week, a Nedbank executive yesterday. Gabon’s government earlier said that a $32 million (R262m) coupon payment on its $1 billion eurobond had been delayed because funds had been frozen by a court order obtained by a third-party creditor. Nedbank confirmed that its client Aveng was the creditor in question. “The Gabonese government has come with a proposal to resolve the matter and we have accepted the terms of their proposal. However, certain payments need to be made before we lift the freezing order,” said Brian Kennedy, the group managing executive for Nedbank. “We are agreeable to the proposal and we are waiting for the implementation thereof.” The coupon was due on June 12 and Gabon has a 10-day grace period before it is considered to be in default. Kennedy said the claim on Gabon dated back to 2001 and related to the construction of housing units. He declined to say how much was owed. – Reuters