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KCM Placed Under Liquidation

ZCCM Investment Holdings PLC has asked the Lusaka High Court to grant them an order to appoint Milingo Lungu of Messrs Lungu Simwanza and Company as provisional liquidator of Konkola Copper Mines PLC.

This is according to an application for ex parte order appointing a provisional liquidator filed in the High Court on May 21.

According to the order filed by the ZCCM the liquidator has been given powers to carry assets of KCM.

Lungu will also have powers to defend any action or other legal proceedings in the name and or on behalf of the Respondent.

He will further have the powers to dispose assets by public tender or the most transparent manner under the circumstances and sell real and person property and things in action of KCM  by public Auction, public tender or private contract.

 

On his recent tour of the Copperbelt President Edgar Lungu warned the mining firms that government would be forced to take them over if they continued blackmailing it.

24 Comments

  1. saimbwende

    Atleast the tribal leader of UPND HH is not one of the valuers of the assets. The guy stole a lot from Zambians through unethical behaviour in the privitisation of state owned assets. The man must not come close to this KCM issue because his appetite for the sale of mines is very abnormal. This is a good move in the right direction by the ECL, next now is to find a credible investor with a good track record.

    • Paul Mumba

      Who told you that HH was the one who sold the mines? Would he have been walking freely if he had done that or stolen.Report him to the relevant authority if you know what transpired and you have evidence. Your mind is polluted with lies.

    • P.M

      Do you prople sleep at night? You are do consumed with envy over HH riches. He never stole a cent from privatization of the mines. When are you going to appreciate successful zambian businessmen. Your president and his associates are stealing left right and centre but you chose to call a hardworking zambian of having stolen from the mines. Its hard for you dimwits to accept that one can make it without stealing from government or being a beneficiary of government tenders. You steal from poor zambians and what do you do with the money? Build lodges and casinos !! Pathetic thieves. Yes HH is smart businessman who has worked so hard and has invested wisely both within and outdide zambia. We should be proud of him. I for one am very proud of HH and his achievements. He can do for zambia what he has done for himself.

    • Bradley

      You just have a problem big man. How has HH come into this shuwa? Focus on the issu at hand.

  2. MacLaw

    Good action His Exellency continue with the same spirit.

  3. Benson Bwalya Tonge

    We thank the President for his great move,we believe in you our President.You have redeemed the people of copperbelt from this Monster called KCM…Miners are walking with their heads down,, no respect from the general public,,living poorly like refugees, full of nkongole,water shut at their homes and so on and so forth….On behalf of the affected ones,, kindly extend your strong arm to some individuals that are been employed to frustrate fellow miners more especially the one who has reduced their salaries to half… “Twalumba kapati iba Boss”…

    • PM

      Lets wait and see. These praises being showered on the president’s move are pretty much early. Knee jerk reactions dont amount to anything. You will soon be crying.

  4. Ngwazi Dr Hastings Kamudzu Banda

    Stop finger pointing.If u hv evidence & proof that HH stole public funds then report him to the relevant authorities.

    • Joseph Zulu

      Am supporting government move 100, they are bad investors kcm.

  5. Joseph Zulu

    Am supporting government move 100, they are bad investors kcm.

  6. muntungwa

    Remember RAMCOZ?? Let us wait and see

  7. Mapesho

    Some people can really be negative. Since the issue of the mines their comments have been negative. At one time they even doubted if the president will implement his pronouncements. You wonder if they are Zambians? Yes every move has its own consequences but there is what we call the “better evil”. Let those with the instruments do the work. After all that’s why they are in power. Kudos to ECL for taking the bold decision.

  8. justice

    HH is a successful businessman, whether by virtue of stealing or not, but the fact is that his riches cannot make him rule this country successfully and l think he will never rule this country. Some people can steal smartly such that even evidence cannot be availed, but theft took place.

    • P.M

      So Justice, you would rather have a failed businessman for president than a successful businessman? What kind of warped thinking is this? With such thinking, this country is doomed. Why do we have such affinity to failure? No wonder most professional people opt to work outside the country where they can mingle and interact with progressful people. I wont be surprised if am showered with insults..its typical of people who glorify failures

    • Doubt Katwishi

      Spot on on Justice. I don’t see Hakaivotela Heka ruling this country. His attitude is just wrong, he belongs to the business world where GBM belongs as well.They deserved each other I just don’t know why they “divorced”.

  9. Razor

    When a company is placed under liquidation it means it’s liabilities are more than its assets. In other words it is unable to pay it’s creditors including suppliers or contractors as well as salaries. So this basically means all employees will no longer be paid and will lose their jobs as the liquidator determines who to pay & how much. Also all suppliers & contractors will lose their income etc and yet here you are rejoicing.

    • PM

      You are right Razor..but again zambians seem to live on yet un named planet where they celebrate liquidation. They will cry very soon.

      • Patson

        I like the way you bring out issues PM
        Continue with the same spirit.

  10. Aaron

    congratulation Mr Edgar lungu for this step this is a leader we are looking to lead our lovely mother land Zambia

  11. FGM

    Razor knows what it means. Losers will be more than winners for a year or so . Workers, Suppliers and contractors should blest themselves for anything!!!

  12. Jason Banda

    I don’t blame the government for taking such as bold step in dealing with KCM.I believe our mineral deposit should benefit the indigenous people of Zambia and not the foreign investors.There has been alot of theft and unethical practices on how these so called investors have been under declaring profits and taxes due.Zambia is literally getting nothing from the mining sector apart from few jobs opportunities availed to few miners who always work with fear of possible retrenchment at any time. However, I just hope that by taking this great step,the government is not only banking on finding a better investor but also to begin reversing the effects of privatisation. Why can’t we have these mines state owned again? Don’t we have the capacity , local skills and competencies to run to our own mines?

  13. Elder

    Sad for mother Zambia. No foreign exchange, kwacha nose diving, KCM liquidation, we need national prayers, madam Sumàili say something, where are we going? What is wrong with Zambia. This sales tax, we can’t àbondone it. Can’t we change Minister of Finance, Mines and Commissioner General for ZRA in order to relook at sales vs VAT, may be we are burying our heads in the sand.

  14. BRIGHT MUSHALWAYO

    after finishin our resouces that when u what 2 chase them

  15. Truth man

    What is the fuss all about ? The mine is under liquidation , it is going to be sold to any prospective buyers ! It will depend on who can be ready to buy it with all the debts which are owed to suppliers etc.Because these have to be paid by the new owner who ever it may be be.! After all even the liquidator must be paid a lot of money for the the work he has been appointed to do. I just hope you will not say he has sold the mine especially the ignorants that we have in this country who are so many!

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