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

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.

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Vedanta's Zambia court hearing adjourned for a week 2019-06-04 08:30:28LUSAKA, June 4 (Reuters) - A court hearing following Zambia's decision to name a provisional liquidator to run Vedanta Resources' Konkola Copper Min

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UPDATE 3-Vedanta seeks international arbitration to settle Zambia 2019-05-31 10:36:31* Vedanta says execs unable to visit, couldn't speak to KCM mgmt

EXPLAINER-Zambia's moves on Vedanta, KCM alarm mining industry 2019-05-31 08:43:28LUSAKA/LONDON, May 31 - Zambia's decision to name a provisional liquidator to run Vedanta Resources' Konkola Copper Mines (KCM) business, one of the

India's Vedanta says execs unable to visit KCM 2019-05-31 05:21:17NEW DELHI, May 31 (Reuters) - Indian miner Vedanta said on Friday company executives were unable to visit its Zambian Konkola Copper Mines (KCM) opera

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