Business

Court stops KCM liquidation

By JOHN SAKALA
The Court of Appeal sitting at Ndola on November 20, 2020 delivered a Judgment ordering that Liquidation proceedings at Konkola Copper Mines Plc to be stayed to allow ZCCM Investment Holdings and Vedanta Resources to proceed to arbitration. 

Provisional Liquidator Milingo said that the Court of Appeal has not discharged the Provisional Liquidator.

Mr Lungu said he retains the full powers as granted by the High Court of Zambia on May 21, 2019.

“In view of the latest Judgment, I wish to update employees, business partners, the nation and all KCM stakeholders. Further, that operations of KCM remain on course with safe production ramp-up being the key focus as the company continues to engage with its business partners in a normal way,” he said.

As provided for under the Corporate Insolvency Act and powers granted to the Provisional Liquidator, the Provisional Liquidator continues to exercise the executive responsibility of running the Company, and the KCM Executive Management Committee remains accountable to the Provisional Liquidator.

“I therefore urge all employees to continue working normally, safely and remain steadfast in the pursuit to make KCM a great organization. Our stakeholders should also remain calm as we continue to work together towards a common goal of increased safe production,” he said.

 

The Independent Observer

John Sakala is a Journalist yearning for independent journalism

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