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Vedanta Seeks Joinder in KCM Liquidation Case

Vedanta Resources Holdings Limited has  applied to the Lusaka High Court to be joined to the proceedings in the matter in which ZCCM-Investments Holdings is seeking an order that Konkola Copper Mines (KCM) be  liquidated because it is insolvent.

According to an  application for an ex-parte  joinder filed in the High Court Registry, Vedanta has submitted that if it is not joined to the proceedings, it stands to suffer great prejudice as it has over 79 per cent shares in the mining company.

Vedanta also wants to be joined  to proceedings to wind up KCM as second respondent.

The Company’s representative, Hermien Uys, has  explained that ZCCM-IH and Vedanta are KCM shareholders.

On May 21, ZCCM-IH filed a petition, seeking an order to wind up KCM and asked the  Court to  appoint  Lusaka lawyer  Milingo Lungu to be a provisional liquidator for the mining company.

However, Uys has stated that Vedanta had invested millions of dollars in KCM with a view to realising a return on the investment over a period of time and that it was therefore within Vedanta’s interest that KCM should continue as a going concern.

Uys has further stated that as as a majority shareholder in KCM, Vedanta stands to suffer great prejudice if the court ordered that the mining company be wound up without hearing it.

Meanwhile, ZCCM-IH  has accused KCM of evading tax and not declaring dividends.

11 Comments

  1. Cliffzee

    Tubena kutelekakotu mwane, kkkkkkkkkkk

  2. Geoffrey Bwamba Mwalya

    Awe kabiyenifye ba pompwe imwe, indeed enough is enough,twatendwa nenu after all u pay our citizens peanuts.

  3. Enoch mponda

    KCM top management became useless, imagine promoting women who are not contributing anything under Steven den and bringing foreign students on internship on dollar pay. KCM 5 cried for 7 years without increament. The mine was just benefiting few Zambians and foreigners, for ordinary miners loans and cash advance from financial institutions was an order of the day. Today we thank God for bringing this injustices to an end.

  4. Doubt Katwishi

    What is Joinder? Someone please educate me on this.

  5. Alu.B

    Vedanta,you have already made your profits.what else do you want?

  6. Meckson Tembo

    Enough is enough

  7. Yande

    President Lungu! I give you credit on your move! But my question is why did you do the same with Mopani in 2015 when a lot of employees were retrenched and turned into destitutes?

  8. The conqueror

    Bapwemo che,that’s the way to go govt.No more blackmail,whenever taxes are increaeed ati awe we are laying off workers,that’s nonsense.

  9. Joseph malombe

    I want to add value to the gorvnance system. The president should look forward to see that Zambins are not suffering in all the ways.The country’s Worth must be shared equally. The country’s worth, should not be benefited by few individuals.Enough is enough some parts of the country seem to be deserts for example( Nakonde) this area has been neglected for a time long.I can’t manage to live in such kind of a place when iam seeing some parts of the country is developing but Nakonde is remaining behind. We don’t have leaders here and the Gorvnment does not value the people of Nakonde. When we compare with other parts of the country concerning development, Nakonde is the worst of the all.All what has been done in Nakonde concerning development are just basic type of infrastructure. We need standards that you give to other parts of the Nation.When Saddam Husain was President in Iraqi, the worthy of the country was shared equally. Zambia is a rich Nation but those that are running the country should put the interest of the people first.

  10. CONCERNED CITIZEN

    I conquer with you joseph malombe but ROME was not built in a day its a matter of time nakonde will develop. I must hasten to say I like the developmental projects here in Lusaka like great north road, Zambezi road, the footbridge being constructed near Arcades round about its hilarious. I can now drive freely without delays big ups to the PF government.

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