This is according to an application for ex parte order appointing a provisional liquidator filed in the High Court on May 21. 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. About Liquidity Services. News KCM liquidation process on hold. ZCCM-IH should disclose hw much they hv been condemned to in costs. “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. • 14 November 2019 – 53 KCM workers, 232 KCM pupils hospitalized after sulphur emission It is unclear if they will be paid for the years they worked for KCM. I wonder how much money the government has pumped in. How can a foreigner like you profess to have more knowledge about our internal affairs than us who live and work in government. 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.”. As the amounts owing by KCM remain outstanding, CEC is required, on a monthly basis, to impair these amounts in its books, leading to a grievous deterioration of its financial position, which if left unchecked, could wipe out CEC’s going concern position with dire consequences on jobs and service delivery to the mines and the rest of the Copperbelt.”. • 13 June 2019 – Fatality at Nchanga Smelter 1 Min Read. What we need to revisit is the fraudulent sale of KCM to Vedanta. UPND advised PF what to do but they ignored. 06 Mar 2020 . Confusing, in the meantime the operational situation at KCM is allowed to deteriorate? The people are okay. The price of emotion over reason. This is the first stage of vendetta winning this case. 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. Liquidity Services (NASDAQ: LQDT) operates a network of leading e-commerce marketplaces that enable buyers and sellers to transact in an efficient, automated environment offering over 500 product categories. One Dennis Mumba who happens to be a minority shareholder in ZCCM-IH is already in court. 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. Populism and idiocy is what this is while tax payers suffer. There are no programs on youth upliftment, what businesses youths can get into. Sinkamba contended that the ZCCM-IH 20 per cent shareholding in KCM was a substantial part of the ZCCM-IH’s business. 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. It had an opportunity to have won the case had it acted professionally. As evident by the following media reports : 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. The Court of Appeal sitting at Ndola has ordered a halt to liquidation proceedings for Konkola Copper Mines (KCM) to allow owners Vedanta and … 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, Zondiwe has interest in writing political and current affairs on issues which affect every Zambians. All day. 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. 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. We, therefore, respectfully request for a meeting with yourselves, Honourable Ministers, on Friday 8 May, 2020, (or indeed any other date convenient to you) in Lusaka at which we wish to discuss the matter in more detail in the hope that a solution to enable continued power supply to KCM may be agreed,” read the letter. For example, since February, 2019 to-date, KCM has been unable to make any cash payments towards electricity bills for power consumed at its operations,” read the letter in part. KCM seeks to appeal discharge of injunction By Mwaka Ndawa on August 31, 2020. 0 . Excellent to see all parties complying with the courts.this is what living in a civilised society is all about. 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. Provisional Liquidator Milingo Lungu said in a statement that the Court of Appeal has not discharged him and that he would continue to run the company. The liquidation of Konkola Copper Mines (KCM) by the government is welcome, things have not been alright with the mining company. Vedanta Resources is providing an update on the current situation affecting its Konkola Copper Mines (KCM) operations in Zambia. He argued that disposing that share through liquidation was a drastic measure requiring notice to other public shareholders beside government. Time has come for tug of war between Ministry of Mines and mine investors to come to an end. “As at April, 2020, KCM’s indebtedness to CEC stands at US$130 million and is continuing to expand. Agarwal, in a “personal message” published in the Zambia Daily Mail newspaper Wednesday, said the attempted liquidation of KCM “can only … • 28 October 2019 – 28 Miners trapped underground at Konkola Mr Lungu said he retains the full powers as granted the High Court of Zambia on May 21, 2019. My friend concentrate on your life in that freezer of a country called England. Let’s follow the judgement and respect it. Songs played are about getting drunk, beer drinking, bokosi, gumu gumu, uku momonya, mpwimpwi etc. • 09 October 2019 – Nchanga Smelter CRF Slag run out “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.”. The recent serious incident on 14 November is particularly shocking. “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. 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. Vedanta Resources, owned by Anil Agarwal of India, is the parent company of Konkola Copper Mines (KCM), with 79.4 shareholding portfolio. News Diggers! The country needs to take time to show case the beauty of its landscape. They hv a duty to make a provision for this liability in their books. What country is pf running really? More losses and debts coming. MUZ President Joseph Chewe said former KCM employees have been subjected to anguish by the mine owners. KCM has not only disputed this demand, but also the Notice of Restriction of May 14, 2019, has been disputed,” he stated. 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. PROFILE PICTURE: POLICE officers keeping vigil at Konkola Copper Mine head office in Chingola. 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. KCM in liquidation. 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. “To the best of my knowledge, this requirement was not met by the ZCCM-IH Board. Home / Court news / KCM seeks to appeal discharge of injunction. By Web Master--21 May 2019-- ... RELATED NEWS. 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. 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. 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. I did remind them that this will cost us dearly as international courts will rule against the state. Take time to attract tourists. This PF has put us in more problems than currently visible. Even lady DJs are scary. The lakes are terrific. Stop f00ling people with your fake news and giving them unrealistic information. 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. He stated that the PSA in Clause 23 provided that all disputes arising from the Agreement must be finally settled in Arbitration. “I therefore urge all employees to continue working normally, safely and remain steadfast in the pursuit to make KCM a great organization. We may have differences but we should all follow the law. The government has placed KCM under liquidation on alleged failure to honour tax obligations. 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. I hope he knows what he’s alleging and able to prove it in court. KCM might be another RAMCOz disaster. The next 2 years will reveal a lot that they have swept under the carpet. 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 . 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. Shooters protected by the State, matter closed, Don’t be quick to judge PF, we’ve all done something wrong – Tilyenji. However, CEC states that the continued non-payment for power by KCM was threatening its existence. Rights to life and property are sacrosanct. For about a year the government has been fighting with Vedanta. Government has placed KCM under liquidation. MUZ President Joseph Chewe has told journalists in Kitwe that the anxiety among miners is worse. Ayatollah : the KCM privatisation or sale to Vedanta Resources is in court. “It is the position of KCM, which position shall be articulated at the hearing that it is incumbent upon CEC to issue a fresh notice for their intended action as the earlier one has long since abated and the amounts in excess of the US$24,064,722.00 referred to, therein, have been paid by KCM to CEC.”. DJs only promote beer drinking & sex, both in comments & songs played. Why does government think itself ever more competent to run business? PICTURE: MACKSON WASAMUNU. “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. Like what is radio language or topics. The weather is terrific. Or do you only react to radios when they are opposing you. The natural resources are terrific. Plot No. We can’t wait to see how the battle between the PF cadres is going to pan out and who will … It will be worse than Lap green of Libya, the Zamnet issue. 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 … 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. Liquidators operate very differently from traditional wholesalers. Would love your thoughts, please comment. This moved KCM to seek a restraining order from the Kitwe High Court to stop CEC to cut power to the mine. In the said affidavit,t KCM Energy and Risk Manager Mbobe Nyondo, explained that KCM was among the consumers of CEC’s power pursuant to a Power Supply Agreement (PSA) dated March 13, 2000. We wish the likes of kambwili could respect court rulings. 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. C. State enters nolle in Ngalande treason case. 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. The human resources are terrific. Ba Chichi PF has no powers now to sale kcm to chinnese. As much as I hate Vendanta, the methods that the PF took to grab this mine were lame. ZCCM-IH has a 20% stake in KCM, which has productive capacity of about 100,000 tons of copper. Legal arguments over the case have been heard in both Zambia and South Africa. He added that the pre-liquidation indebtedness of KCM to CEC was ascertained to be US $46,465,364.72. They’re not even docile as some say. Provisional Liquidator Milingo said that the Court of Appeal has not discharged the Provisional Liquidator. PF will fight hard to hold on it for them t raise campaign funds then sell it to the Chinese after 2021. Radios in Zambia, a so called christian nation, are a shock. Komboni is worse. 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 … Kambwili said he is ready to die for this country and yet he is running scared of a mere 1 year imprisonment. Visit Sacramento's most reliable source for breaking news. You are a danger to our country’s peace and stability. Take time to attract technology. Lus/9812/649-MC8 off Alex Chola Road Nyumba Yanga P.O. KONKOLA Copper Mines Plc (in liquidation) has admitted to owing its power supplier, Copperbelt Energy Corporation Plc (CEC) a whopping $132 million for power supplied and used by the mine over several months. 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. An update on the current situation affecting its Konkola Copper Mines ( KCM ) by the ZCCM-IH Board Resources in... For them t raise campaign funds then sell it to the best of my knowledge, this requirement not! Judgement upon receipt momonya, mpwimpwi etc differences but we should all the. Keeping vigil at Konkola Copper Mines ( KCM ) by the ZCCM-IH kcm liquidation news per cent shareholding in KCM a. Has commenced the accumulation of Gold from the Agreement must be finally in... 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