Headlines

Liquidator Says KCM Operations Will Remain Normal…Pres Lungu Says Decision Final

President Edgar Lungu says the decision to liquidate Konkola Copper Mines is final.

And provisional liquidator Milingo Lungu says operations at KCM will remain normal until the court rules whether the liquidation can be reversed or not.

Speaking at State House when he met representatives of the tripartite Labour movement, President Lungu said the decision to liquidate KCM is final but will be done according to the law.

And provisional liquidator for Konkola Copper Mines was in Chingola to put into motion the liquidation process.

This follows the Lusaka High Court’s granting of an application by the Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) Plc that Konkola Copper Mines be placed under liquidation.

ZCCM-IH sought an ex parte order from the Lusaka High Court that lawyer Milingo Lungu of Messrs Lungu Simwanza and Company be appointed provisional liquidator of Konkola Copper Mines Plc.

This application was made today, May 21, which the High Court has granted.

According to the order, the Liquidator will have powers to carry on the business of KCM so far as is necessary for the beneficial 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 and take possession, custody and control all the assets of the Respondent.

Lungu will also have powers to “bring or defend any action or other legal proceedings in the name and or on behalf of the Respondent, dispose assets by public tender or the most transparent manner under the circumstances and sell the real and personal property and things in action of the Respondent by public auction, public tender or private contract”.

Following the order, the liquidator, in the company of mines minister Richard Musukwa, State House press aide Amos Chanda, among others, flew to the Copperbelt this afternoon to begin the process of liquidation.

Speaking after speaking serving the court documents on KCM management and formalizing the liquidation process, Lungu said that workers should not be disturbed by the court action but remain focused.

“The mine will continue operating as it has been until the winding order is approved. Workers’ salaries will be taken care of,” he said.

He said that ZCCM-IH had lost confidence in the manner KCM was managing the mines.

Among those on the presidential delegation to KCM include: Minister of Labour and Social Security Joyce Nonde-Simukoko, Special Assistant to the President for

Political Affairs Kaizer Zulu, Special Assistant to the President on

Economic and Development Affairs,

Hibeene Mwiinga, Special Assistant to the President for Legal

Affairs Sukwana Lukangaba and Labour Commissioner Chanda Kaziya.

14 Comments

  1. Alu.B

    Ok

  2. Joseph zulu

    True readership Mr President we have competent people in your ministry
    like brayan kashimu former general manager in mamba mine Mr ndalama George engineers take them to kcm under zccm through idc don’t be cheated

  3. Saka

    The funy thing is that after the presidents decision opponents began to make recommendations, like our party has welcomed the decision and that the prsident has taken their stance on the issue,seriously all we here from you is insults and name calling,. Dont hide behind words#ecl

  4. Zambiaisoura

    Now this looks asset stripping in the making to create sangwapo for those involved and later to give a shell of the mine for a song to ” friends”.More suffering,more losses for our people and the nation at large!

  5. Ellie Mutambo

    what the pf government has done is not bad but my worry is can the the government Manage to run Kcm and the issue about the workers salaries about to be paid? Lecturers at cbu have they been paid? Now how can you tell me that they can manage the mine. The government back then bought a hospital which was owned by kcm in chingola,  if you see the state it's  now in, it's worse than you can ever imagine . The mine kept it very clean and good management before it was sold to the government. The government can't run  KCM even for a month.

    • caleb

      kcm generate its own income and they are not paid by government dont liken them to institutions that get salaries from government income fyapusana pleaseeee

  6. Mutale Tres

    Circus on the stage!

  7. SEE MIND

    SANGWAPO COPER PATUMBA BACK TO SCRAP METAL =>BLACK MIND BLACK SKIN !!!

  8. G.N.Mukuka

    Let as see the learned Zambians run the mines.We don’t need new investors…. Relaxing…is a bygone…. Zambian engineers pro

  9. HOMMIE 24

    in as much as it is a good move i dont think we as a black comunity in a country called zambia under the leadership of lungu can run a mine company as big as KCM

  10. Gary Chulu

    Those who are critical of the taking over of KCM need de-colonisation of mind and deliverance from the spirit imperialism. I am so amazed at the lack of self confidence of these people. This defeatist attitude will not take us anywhere. We need to take on the spirit Obama and say “YES WE CAN”. Yes we can Zambians! Lets take the bull by its horns. For how long are we going to remain dependent on others?

  11. Sandy

    Apa pena wabafululu pakuti nabambi bamweneko!

  12. imataa walubita

    Nice move Mr president
    I support it it’s for the well being of our nation mother zambia👏👏

  13. ManJaGo

    A wise decision would be to empower a group of Mining Engineers with some kind of Financing which they then would gradually pay back, as they are the ones doing the work on the ground, that’d work better for the nation, but for such decisions to be made and made effective the people involved should be not selfish, not haters of one another, not jealous, and have feelings for others.

Comments are closed.