Economy

Provisional Liquidator Opposes Vedanta Plea for a Joinder

Konkola Copper Mines (KCM) PLC has asked the Lusaka High Court to dismiss Vedanta Resources Holdings Limited’s application for joinder to the proceedings in the case in which ZCCM Investments Holdings PLC is seeking an order that KCM is liquidated because it is insolvent.

Lawyer for the provisional liquidator Bonaventure Mutale argued that there is no provision for a joinder at any stage of the legal proceedings.

Mutale said that the order being sought by Vedanta is not provided for by the companies (winding up) rules of 2004.

“We accordingly pray that the application be dismissed with costs,” Mutale said.

However Vedanta notes that it stands to suffer great prejudice as it has over 79 percent shareholding in the mining company and if it is not joined to the proceedings may be disadvantaged.

Company Representative Hermien Uys argued that Vedanta has every right to seek for a joinder in a matter it has a direct interest.

On May 21, the petitioner filed a petition, seeking an order to wind up the respondent and the court appointed one Milingo Lungu to be a provisional liquidator for the respondent.

 

11 Comments

  1. Mr. K

    Vedanta please you failed to uplift the living standard of miners as your initial task don’t delay the process you have already got enough what more do you want?don’t push us against the wall we are watching

    Reply
  2. Umupondo

    Mey your soul Rest in piece Vandeta , just go for good.

    Reply
  3. nshilimubemba

    He thought zambians are fools who can not learn from their past mistake of giving him a mine at nothing.
    Just watch how he loughed at us not knowing that he committed a crime, now wants to claiming vat for a loss making mine.

    Reply
  4. Indoshi palupe

    Just resume operations ….

    Reply
  5. Mapesho

    His Excellency ECL please do not relent. Let this be an example to other miners. It’s high time they knew you better!

    Reply
  6. SOCCER ANALYSER

    ZAMBIA 2,,,,,,,, ZIMBAABWE O

    Reply
  7. VH

    Adzamuziba yesu .

    Reply
  8. Don

    Let Vendata go , other Investors who are serious will come and uplift the standards of miners with no complaints.

    Reply
  9. Bs

    I think vendata has failed late them go and bring other company

    Reply
  10. DEEP THROAT

    What the outgoing KCM board are proposing does not make any business sense at all. Have anyone ever heard of a half divorce?
    What they want is to sublet the mine to a new owner so that they can continue to reap where they don’t sow. Pure exploitation ” of man by man”. MONKEY DO WORK, BABOON DO CHOP”.
    Of course Milingo will not even look at it, let alone consider it. That document lies where it falls.
    Bye bye vendetta! See you tomorrow, but we know that tomorrow never comes!

    Reply

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