Milingo Lungu takes charge of KCM assets as Liquidator

The liquidator for Konkola Copper Mines has taken charge of the assets of KCM to facilitate the transition process of liquidation.

The liquidator Milingo Lungu said that ZCCM has lost confidence in the way KCM is running the mines, following that petition they appointed him as provision Liquidator until final winding up process is reached.

Mr Lungu said operations at the mines will continue and workers have to report for work normally and they salaries will not be affected

He said the suppliers that need to be paid will be paid by the liquidator as the legal process would be going on.

Mr Lungu said that at the moment everything is in his hands and will continue to meet with management.

Hs said the status quo will continue, workers and suppliers should not be anxious as the process goes on until the court finally decide on the fate of KCM.

Mineworkers Workers Union of Zambia President Joseph Chewa said he was happy that the concerned have been head and the fails of KCM will be taken to another level.

Mines Minister Richard Musukwa said Government has come to save KCM with an official letter that a liquidator has been appointed as they want a smooth transition of events.

Mr Musukwa said that the government will follow the right procedure for the people of Zambia not to lose out.

Earlier today, the High Court of Zambia appointed Lungu Milimo of Messrs Lungu Simwanza and Company as Provincial Liquidator for KCM following an application by ZCCM – IH.

According to the order, the provisional liquidator will among others things have the powers to carry on the business of the respondent so far as is necessary for the beneficial of the winding up, make any compromises or arrangements with creditors, make any agreement on all questions in any way relating to or affecting the company or its assets.

The liquidator will also take possession, custody and control of all the assets of the respondent and bring or defend any action or other legal proceedings in the name of or on behalf of the respondents, dispose of assets by public tender or the most transparent manner under the circumstances, sell the real or personal property and things in action of the respondent by public auction public tender or private contract.

Part of the Presidential delegation assigned to institute the undertaking includes;

  1. Mr. Lungu Milimo of Messrs Lungu Simwanza and Company,
  2. Minister of Mines and Mineral Resources, Hon Richard Musukwa, MP,
  3. Minister of Labour and Social Security, Hon Joyce Nonde-Simukoko,
  4. Special Assistant to the President for Press and Public Relations Amos Chanda,
  5. Special Assistant to the President for Political Affairs Kaizer Zulu,
  6. Special Assistant to the President on Economic and Development Affairs, Hibeene Mwiinga,
  7. Special Assistant to the President for Legal Affairs, Sukwana Lukangaba,
  8. The Labour Commissioner.DSC_0135-627x420.jpg?resize=627%2C420&ssl=1

The Independent Observer

John Sakala is a Journalist yearning for independent journalism

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