The rivers are terrific. Vedanta Resources, owned by Anil Agarwal of India, is the parent company of Konkola Copper Mines (KCM), with 79.4 shareholding portfolio. MUZ Seeks Govt Intervention in KCM Liquidation Case Chris Phiri | December 14, 2020 The Mine Union Workers of Zambia (MUZ) has called on government to intervene in the court processes involving Konkola Copper Mines. This is according to an application for ex parte order appointing a provisional liquidator filed in the High Court on May 21. However, KCM has sought and been granted a court order of interim relief as a matter of urgency to prevent losses and damages that would be caused if CEC proceeded to restrict power supply to it. The India-based group has been locked in a dispute with the Zambian government since May last year, when the PF government appointed the liquidator. Confusing, in the meantime the operational situation at KCM is allowed to deteriorate? As evident by the following media reports : PICTURE: MACKSON WASAMUNU. In the said letter, the CEC board disclosed that the power utility was faced with serious challenges in continuing to supply power to KCM without an appropriate solution to liquidating the accumulated debt of US$130 million. They’re waiting for a good government to come and serve them. By Web Master--21 May 2019-- ... RELATED NEWS. 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 … At the end of the day the government will be owing more money to vendetta including costs and damages which will add to the big debts that government already has such as the eurobond, lap green etc . In this case, the Zambian government, through ZCCM-IH took over KCM and initiated the processes of liquidation, a move that vedanta contested in the Lusaka High Court, and demanded that any dispute must be referred to arbitration. Stop f00ling people with your fake news and giving them unrealistic information. In an interview, Kabimba, a former Justice Minister in the Michael Sata-led PF government, warned that government’s move to liquidate KCM would be catastrophic for the country as the hostile take-over had sent a wrong message to international investors. “As provided for under the Corporate Insolvency Act and powers granted to the Provisional Liquidator, the Provisional Liquidator continues to exercise the executive responsibility of running the Company, and the KCM Executive Management Committee remains accountable to the Provisional Liquidator.”. “We write to request a meeting with yourselves, Honourable Ministers, to discuss an urgent matter relating to the need to agree a mechanism that will enable continued power supply to KCM. He argued that disposing that share through liquidation was a drastic measure requiring notice to other public shareholders beside government. We can’t wait to see how the battle between the PF cadres is going to pan out and who will … Government should make sure vendanta follows the rules. The next 2 years will reveal a lot that they have swept under the carpet. Legal arguments over the case have been heard in both Zambia and South Africa. The board, therefore, requested for a meeting with the Ministers in Lusaka in the hope that a solution to enable continued power supply to KCM would be found. According to Mr. Lungu ghe decision to split the company takes effect in February 2021. Shooters protected by the State, matter closed, Don’t be quick to judge PF, we’ve all done something wrong – Tilyenji. Typical of the PF lawlessness, Mr. Lungu makes this decsion whilst the matter of KCM Liquidation is still in Court. As much as I hate Vendanta, the methods that the PF took to grab this mine were lame. The two parties met with the bid to explore possibilities of ending the running dispute that has ended in the liquidation process of Konkola Copper Mines. KCRA News 3 is your source for the latest local headlines and live alerts. What we need to revisit is the fraudulent sale of KCM to Vedanta. Documents filed into court by KCM include a letter written by CEC on May 6, this year, to the Ministry of Energy, Ministry of Finance and Ministry of Mines and Minerals Development requesting for a meeting to agree on a mechanism that will enable continued power supply to KCM. I did remind them that this will cost us dearly as international courts will rule against the state. They’re not even docile as some say. THE Judiciary has issued a warning to the public against making running commentaries on a matter where ZCCM-IH has instituted winding-up proceedings against Konkola Copper Mines Plc. The Company employs innovative e-commerce marketplace solutions to manage, value and sell inventory and equipment for business and government sellers. KONKOLA Copper Mines provisional liquidator Milingo Lungu has objected to the appointment of Messers Nchito and Nchito by Vedanta Resources and KCM board chairman Srinivasan Venkatakrishnan of London as their legal representatives.. Lungu in an affidavit in support of motion to raise preliminary issues states that he objects because Nchito and Nchito were representing Barclays … Take time to attract investors. GOVERNMENT says the provisional liquidation of Konkola Copper Mines is not about the mine being insolvent but the government opting to terminate its partnership with Vedanta Resources. We are told that the Liquidator, Mr Milingo Lungu, will keep operations and all workers in place while a smooth transition to a new owner is made. Sinkamba contended that the ZCCM-IH 20 per cent shareholding in KCM was a substantial part of the ZCCM-IH’s business. Would love your thoughts, please comment. But KCM says should CEC proceed to restrict its power supply, it will suffer irreparable damage to its mining operations, which will not be atoned for in damages. Excellent to see all parties complying with the courts.this is what living in a civilised society is all about. Im not a politician but some of the advise UPND offer are genuine and you can even tell that they are capable of ruling this country. Like what is radio language or topics. KCM in liquidation. “In the course of the operations during the liquidation period, KCM has consumed or received power from CEC to the tune of US$131,811,794,” read the affidavit. Mumbai-listed Vedanta has taken the matter to arbitration and tried to block KCM’s liquidation in the meantime via courts in both South Africa and Zambia. They hv a duty to make a provision for this liability in their books. What country is pf running really? You are a danger to our country’s peace and stability. The Bank of Zambia (BoZ) has commenced the accumulation of gold as part of its reserves assets. The Zambia Consolidated Copper Mines (ZCCM-IH PLC) has filed winding up petition in the Lusaka High Court pursuant to section 56 of the Corporate Insolvency Act. And these diamond tv reporters instead of asking the Zesco manager if their installation in Matero which keeps being hammered by lightning has no lightning arrester, they were asking questions which were not even helpful. Nyondo stated that at the time of the commencement of the liquidation proceedings of KCM in the Lusaka High Court, there was due to CEC an amount of US $46,909,303.75 and it was observed that CEC had on May 14, 2019, issued a Notice of Restriction of Power Supply. News Diggers! Musukwa was referring to a dispute with Vedanta dating from May last year in which the state-owned copper company, ZCCM-IH, sought the liquidation of Konkola Copper Mines (KCM). Home / General News / KCM liquidation strategy will awfully hurt the economy, warns Sinkamba. The government has placed KCM under liquidation on alleged failure to honour tax obligations. 1 Min Read. November 21, 2020. Rights to life and property are sacrosanct. Ba pf (Kaizer Zulu explain), do you have a policy on broadcasting in this country, like the dos & don’ts of radio DJ. Populism and idiocy is what this is while tax payers suffer. • 28 October 2019 – 28 Miners trapped underground at Konkola Time has come for tug of war between Ministry of Mines and mine investors to come to an end. Home / Court news / KCM seeks to appeal discharge of injunction. DJs only promote beer drinking & sex, both in comments & songs played. Or do you only react to radios when they are opposing you. “That CEC, notwithstanding the said payment above have issued a demand notice for the amount of US$131, 811,794 and are seeking to restrict power supply to KCM based on their Restriction Notice of May 14, 2019, contrary to the terms of the Power Supply Agreement. CHOMBA MUSIKA, Lusaka LUSAKA High Court judge Annessie Banda-Bobo has stayed winding up proceedings of Konkola Copper Mines (KCM), pending appeal of … The ruling by the Court of Appeal represents a significant win for Vedanta, which is seeking the removal of the liquidator appointed by state mining investment firm ZCCM-IH – which owns 20% of KCM on the government’s behalf – to run the company. F. Chief Chanje worry with continued gassing in … The Bank of Zambia has purchased 47 kilograms of Gold from the Zambia Gold Company Limited, under ZCCM Investments Holdings. Provisional Liquidator Milingo said that the Court of Appeal has not discharged the Provisional Liquidator. KCM seeks to appeal discharge of injunction By Mwaka Ndawa on August 31, 2020. “Vedanta will review the full written judgement upon receipt. There are no programs on youth upliftment, what businesses youths can get into. Investment climate responds to macro-economic factors, including speculation. Dr Makasa Kasonde(private citizen), u’re right in wht u say. A spokesman for Vedanta said: “Vedanta notes reports of the judgement from The Court of Appeal ruling in favour of Vedanta on all counts, with costs being awarded to Vedanta and with the winding up proceedings being stayed.”. Even lady DJs are scary. Zambian court stops KCM liquidation November 24, 2020 November 25, 2020 admin 0 Comments Copper , Konkola Copper Mines , Vedanta , ZCCM-IH According to Lusaka Times, the Court of Appeal sitting at Ndola has ordered a halt to liquidation proceedings for Konkola Copper Mines (KCM) to allow owners Vedanta and ZCCM-IH to proceed to arbitration. All day. CHINGOLA, 29th September 2020: The Provisional Liquidator (PL) of Konkola Copper Mines (KCM), Milingo Lungu, wishes to categorically refute a story published in the News Diggers newspaper of Monday, 28th September 2020 in which it alleged actions of impropriety by the PL at … WE can’t wait to hear what the Konkola Copper Mines Liquidator, Milingo Lungu, has to say about the US$1.6 million KCM scandal in which he has been implicated. The Court of Appeal stops KCM liquidation, President Edgar Lungu should stop clamouring for dictatorial titles, The Opposition and its foreign paymasters have heightened their campaign of injuring Zambia’s reputation, Three UNZA tudents and Four others Arrested for Drug Trafficking, People Allegedly Refusing to get Tested for Covid-19 in Northern Province, Increased Number of Tavern Operators Openly Selling Kachasu raises Concern, DEC rehabilitates 42 ‘70 Babies’ gang members, Chiyangi Laments Another Eagles Continental Exit, BoZ’s Purchase of Gold will help Zambia Further Build Gold Reserves, The ARIISE Project will stimulate Economic Recovery-Wina, Delays to reconstruct City Market three years on disappoints Economist Hambayi. PF government did not handle KCM case well. Songs played are about getting drunk, beer drinking, bokosi, gumu gumu, uku momonya, mpwimpwi etc. IndigoTyrol – We told them so they could have repossessed this entity through the right channels but our dumb President eager to please his corrupt advisers and friends rushed in even placing his Press Assistant and the real KZ on the liquidation board members. However, CEC states that the continued non-payment for power by KCM was threatening its existence. MUZ President Joseph Chewe said former KCM employees have been subjected to anguish by the mine owners. >> Shop Liquidation Pallets of Returned Merchandise << What Is A Top-Tier Liquidator? Kenneth Copeland Ministries (KCM) specializes in teaching principles of bible faith - prayer, healing, salvation and other biblical topics via Believers Voice of Victory, bible study, devotions and Real Help - … Radios in Zambia, a so called christian nation, are a shock. The Court of Appeal sitting at Ndola on November 20, 2020 delivered a Judgment ordering that Liquidation proceedings at Konkola Copper Mines Plc to be stayed to allow ZCCM Investment Holdings and Vedanta Resources to proceed to arbitration. Milingo Lungu A High Court judge has placed Konkola Copper Mines (KCM) under liquidation and appointed a PF cadre Milingo Lungu as provisional liquidator This follows ZCCM Investment Holdings PLC ‘s petition to the Lusaka High Court to to place KCM under liquidation in line with corporate insolvency laws of Zambia. As you are aware, the winding-down proceedings currently in progress at KCM, have impacted the mine’s ability to discharge some of its obligations. We may have differences but we should all follow the law. Kambwili said he is ready to die for this country and yet he is running scared of a mere 1 year imprisonment. KCM liquidation strategy will awfully hurt the economy, warns Sinkamba By Staff Reporter on May 25, 2019 . The natural resources are terrific. Liquidators operate very differently from traditional wholesalers. According to an affidavit in support of summons for an order of interim relief pending arbitration filed into court on 13 May 2020, sworn by Mbobe Calvert Nyondo, who identified himself as KCM’s Energy and Risk Manager, the mining operation “has consumed or received power from the Defendant (CEC) to the tune of USD131,811,794” all in the course of operations. Plot No. General News Liquidation is scheme to loot KCM assets-Fred M'membe Socialist Party President Fred M’membe speaking to journalists after the dialogue meeting. This PF has put us in more problems than currently visible. The country needs to take time to show case the beauty of its landscape. What type of news do you like reading the most? Take time to attract technology. The liquidator Milingo Lungu said that ZCCM has lost confidence in the way KCM is running the mines, following that petition they appointed him as provision Liquidator until final winding up process is reached. At the time, there were huge celebrations by some bloggers here. Tarino you have no clue what you are talking about. Email: zondiwe [at] diggers [dot] news. learnt that CEC would today restrict power supply to KCM as a result of the mining company’s failure to settle the accumulated electricity bill. “In this regard, CEC is faced with serious challenges in continuing to supply power to KCM without an appropriate solution on liquidating the accumulated debt and a mechanism to discharge KCM’s ongoing electricity bills being agreed with government. It is unclear if they will be paid for the years they worked for KCM. PF will fight hard to hold on it for them t raise campaign funds then sell it to the Chinese after 2021. This PF Provisional Liquidator Milingo Lungu (maybe related to [email protected] Lungu) is just running the company into the ground….PF is not telling the taxpayer how much we are pumping onto this firm every month. The human resources are terrific. The only time we have…. Nyondo further explained that between October, 2019 and December 2019, KCM paid to CEC US$46,465,364.72, which included the amount of US$24,064,722.00 on which the May 14, 2019, Notice to Restrict was issued. Nyondo added that KCM in compliance with Clause 23 of the PSA intends to refer the said dispute to arbitration and prayed for interim relief as a matter of urgency so as to forestall the losses, damages and injury that will be consequent upon a restriction of power; which interim relief was granted. PROFILE PICTURE: POLICE officers keeping vigil at Konkola Copper Mine head office in Chingola. 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