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. 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Chewe wonders why no investor has taken up Chambishi metals, months after the Mine was placed on care and maintenance due to insufficient feedstock. Lungu Wins Tight Presidential Election; ECL 1, 860, 877 Hichilema 1, 760, 347, Muvi TV & Komboni Radio Licences Revoked For Alleged Misconduct, Pres. Home / Court news / KCM seeks to appeal discharge of injunction. By ALICE NACHILEMBE The liquidator for Konkola Copper Mines has taken charge of the assets of KCM to facilitate the transition process of liquidation. This man is not a mining expert, he doesnât understand anything about the mining sector. Vedanta is the majority shareholder in KCM with an 80% stake. On 17th May 2019, Zambia’s President, Edgar Lungu, announced the take-over of Konkola Copper Mines (KCM) Plc. Headlines Chief Editor-December 31, 2020 17. What is he role now, seeing as the company is not under liquidation as the public was made to believe? 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 of … © 2021 Zambia Reports. Box 32147 Lusaka, Zambia, Telephone or WhatsApp: +26-097-7708285 +26-095-3424603 +26-096-5815078, Email: diggers [at] diggers [dot] news editor [at] diggers [dot] news. The Editor of News Diggers gets to decide what is published. Mines minister Richard Musukwa says there is no connection between the liquidation of Konkola Copper Mines (KCM) and the Chinese government’s decision to write off Zambia’s US$22 million debt. Itâs not his field. Zambia records 850 COVID-19 cases in one day, Shooters protected by the State, matter closed. KCM liquidator objects to appointment of Nchito & Nchito in KCM Liquidation By Mwaka Ndawa on June 11, 2019 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. Vedanta was bringing in money from abroad every month to pay salaries and some suppliers. Email: editor [at] diggers [dot] news. The investment company in KCM which is going through a ‘messy divorce’ with government said this in a statement released on June 20 after the Lusaka High Court ruled against its application to join the KCM liquidation process. Who is Milingo Lungu at KCM? It is unclear whether all of the company’s assets will be included in the liquidation. Mr. Walamba who served as MUZ President from 1982 to 1990 said mine unions are failing to bargain for better perks for their members because of too many voices. Government has placed KCM under liquidation. All itâs assets were sold and the company does not exist anymore. They wanted KCM to empower cadres. Lungu Flashes A Peace Signal, LATEST OFFICIAL ECZ RESULTS: UPND Maintains Lead By 3, 430; Hichilema 514, 816 Vs Edgar Lungu 511, 386, Hichilema Wins Another Day In Court; No Verdict As ConCourt Adjourns To Monday, LATEST ECZ OFFICIAL RESULTS: PF Leads By 70, 571; Edgar Lungu 1, 454, 165 Hichilema 1, 383,594, Cartel Takes Over LAZ; M’membe & Nchito Allegedly Calling Shots, MUZ Seeks Govt Intervention in KCM Liquidation Case. 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. 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. 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. When we said innocent Zambians were going to pay because of the PFâs carelessness, some people accused us of not being patriotic. The liquidation order stipulates that the liquidator will have the power to carry on the business of KCM, to take possession of assets, to dispose of assets by public tender, and to sell properties. How come KCM which was placed under liquidation in May 2019 is still operating as if everything is normal? Vedanta Resources, owned by Anil Agarwal of India, is the parent company of Konkola Copper Mines (KCM), with 79.4 shareholding portfolio. The people of Zambia must know that KCM has no cash flow at the moment and is relying on government resources to pay the over 13,000 employees. KCM Placed Under Liquidation May 21, 2019 mwebantunews 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 of Konkola Copper Mines PLC. KCM seeks to appeal discharge of injunction By Mwaka Ndawa on August 31, 2020. The liquidation of Konkola Copper Mines (KCM) by the government is welcome, things have not been alright with the mining company. “Every time we see Vedanta issuing statements on the status of the mine, people want money, are we going to eat statements? We canât wait to see if KCM will ever get the so-called Heavy Fuel Oil, which necessitated the US$1.6 million payment to this questionable company called Cashfin. Meanwhile Chewe said the 13 lives lost this year in mine accidents is worrying and calls for proper safety measures to be put in place. 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 of Konkola Copper Mines PLC. Here we are now! They told the people of Zambia that they were liquidating Konkola Copper Mines because the investor, Vedanta, had failed to pump in the required capital to sustain operations and keep the workers in employment. It is the innocent taxpayers who have been forced to take over this liability. Liquidation is liquidation; you cannot change itâs definition to suit the governmentâs position and you cannot use it to hide your intentions from the public. ZCCM-IH has a 20% stake in KCM, which has productive capacity of about 100,000 tons of copper. At first, they came up with all sorts of lies to try and explain why a company that is in liquidation was continuing to operate as if there was just a change of management. They wanted KCM as a milking cow. 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 … He said the former employees deserve to be treated better. Plot No. “Vedanta Resources and Konkola Copper Mines (KCM) are aware of media reports that Zambian state-owned company ZCCM-IH has obtained an order against KCM,” Vedanta said in a … 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. The Court of Appeal sitting at Ndola has ordered a halt to liquidation proceedings for Konkola Copper Mines (KCM) to allow owners Vedanta … Zambian Judiciary warns against discussing Konkola Copper Mines (KCM) liquidation case June 12, 2020 June 13, 2020 arnbethnic The Zambian 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. If the KCM wage bill is US$2 million a month, where is government getting this money? So the people must know that when they hear about US$1.6 million is being shared among PF cadres, they must know that it is their taxpayers money being squandered. They said the workers, suppliers and contractors at Konkola Copper Mines needed a more serious investor to take care of their concerns, where is the investor? Sinkamba stated that if the objective of government’s take-over of KCM operations was to carry on with the business of the mine with a view to rescue it from alleged insolvency, then instead of going for liquidation, ZCCM-IH should have commenced proceedings under Section 21 of the Corporate Insolvency Act No.3 of 2017. He has further appealed to government to immediately find another investor to take over Chambishi Metals. Provisional Liquidator Milingo said that the Court of Appeal has not discharged the Provisional Liquidator. INTERNATIONAL - Zambia’s Konkola Copper Mines (KCM) smelter was on Wednesday shut down for annual maintenance two days earlier than planned after a … KCM Liquidation a scheme by a clueless clique in the leadership of this country to loot the mines assets – Dr Fred M’membe. Vedanta also said that it believes the appointment of the provisional liquidator, has placed KCM under additional financial pressure. Placing KCM in liquidation will soon prove very costly for this government. Would love your thoughts, please comment. MUZ President Joseph Chewe said former KCM employees have been subjected to anguish by the mine owners. CHOMBA MUSIKA, Lusaka LUSAKA High Court judge Annessie Banda-Bobo has stayed winding up proceedings of Konkola Copper Mines (KCM), pending appeal of … ... Latest News. 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. So why is government keeping Milingo on that position? Vedanta Resources is providing an update on the current situation affecting its Konkola Copper Mines (KCM) operations in Zambia. 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. Lusaka — A Zambian court has dismissed an application by Vedanta to stay the liquidation of its Konkola Copper Mines (KCM) unit, and set the hearing for a winding-up petition on Augusut 27. Lus/9812/649-MC8 off Alex Chola Road Nyumba Yanga P.O. No one should lie that KCM is more viable now than before or that itâs making more profit now than before. – a Zambian copper mining and refining company which is a subsidiary of Vedanta Resources Ltd. We can’t wait to see how the battle between the PF cadres is going to pan out and who will end up the rightful beneficiary of this tender. Chief Registrar of the Judiciary and director of court operations Charles Kafunda stated in a public notice issued, Monday, that should discussions on the said matter continue, contempt proceedings may be … Is this what you promised the people of Zambia? They wanted the money to make money for themselves and for campaigns. After KCM was placed in liquidation they had no reason to bring in money for salaries and other expenses. What type of news do you like reading the most? The Mine Union Workers of Zambia (MUZ) has called on government to intervene in the court processes involving Konkola Copper Mines. 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. And former Mine Workers Union of Zambia president Timothy Walamba is worried with the formation of too many unions in the industry. Is it to distribute tenders to PF cadres and their bosses? Why are thieves in PF regalia siphoning public resources through a bogus liquidation process and calling it government intervention? 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. 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). Liquidation simply means winding up a company, for whatever given reasons, and selling its assets so that it ceases to exist. All Rights Reserved. He has stated that most miners have lost their jobs in the recent past hence the need for government to rise to the occasion. Milingo Lungu, a lawyer, has been appointed to serve as provisional liquidator to take over the running of the operations during the transition. When they took over KCM they found only K600,000 in the bank accounts. The PF government must be ashamed about what is happening at KCM. This is according to an application for ex parte order appointing a provisional liquidator filed in the High Court on May 21. The Post was liquidated, it is gone! At some point, those who were warning government to handle Vedanta with care sounded like they had been paid by foreigners to sing their agenda. WE canât 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. We canât wait to see how the battle between the PF cadres is going to pan out and who will end up the rightful beneficiary of this tender. The government has placed KCM under liquidation on alleged failure to honour tax obligations. 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. Lungu Remains Commander-In-Chief – Cabinet Chief, Lawyer Reports Hichilema, GBM To International Court For Crimes Against Humanity, Hichilema Offers 10 Point Plan To Fix Zambia, ConCourt Adjourns Presidential Petition To Tuesday, Today’s Photo: PEACE; Pres. “We call upon the mines safety department to collaborate with all stakeholders and help address safety concerns in the mining industry,” he stated. The answer is in what is happening now. This is not right,” Mr. Chewe said during the Union’s Supreme Council held at Katilungu House in Kitwe. Liquidation is not the same as receivership, or insolvency, or care and maintenance. KCM placed under liquidation as high-powered delegation arrives in Chingola to takeover mine May 21, 2019 mwebantunews The High Court has appointed Milingo Lungu of Messrs Lungu Simwanza and Company as Provincial Liquidator for Konkola Copper Mines (KCM) following an application by ZCCM-IH. 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. Zambian court stops KCM liquidation ... MiN-MET.com (Mining Processing & Metallurgy) is a digital communication platform, which provides independent news and updates for latest technology, products and services related to mining processing and metallurgical sectors. Is he a liquidator or the new CEO? Vedanta Group of companies and its owner Anil Agarwal the Indian billionaire has been a trick star to the Zambian government. MUZ President Joseph Chewe said former KCM employees have been subjected to anguish by the mine owners. But today, we just want to remind our readers that what is happening at our biggest mine is something that we have written and warned about before. 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