ZCCM-Investments Holdings is claiming more than 100 million United States dollars from Vedanta Resources’ the owners of Konkola Copper Mines.
This is according to court papers filed in the United Kingdom High Court and an emailed statement issued by the Lusaka Securities Exchange.
The claim relates to outstanding payments under a 2013 copper price participation settlement agreement between ZCCM-IH and Konkola Copper Mines.
“The ZCCM-IH and Konkola Copper Mines Plc joint announcement dated 8th April 2013, regarding the signing of an agreement relating to KCM’s settlement of outstanding payments and contingent amounts payable under the Price Participation Agreements that existed prior to April 2013,” it said.
“Further to the Joint Announcement, and in compliance with the requirements of the Securities Act, Cap 354 of the Laws of Zambia and the General Obligations of Disclosure under the Continuing Obligations of the Listings Requirements of the Lusaka Stock Exchange, we wish to advise that on 6th June 2016, ZCCM-IH filed a Claim Form with the English High Court to recover outstanding sums in excess of US$100 million due to it from KCM, pursuant to the terms of the Settlement Agreement entered into in 2013.”
ZCCM-IH anticipates a judgment from the English High Court in either fourth quarter of 2016 or early in the first quarter of 2017.
I wonder what Lungu will say now that it is a government company that has opted for English Courts. Ndiye problem nakuchita politicize everything.
Mostly the law governing the agreement determines the jurisdiction under which you can settle the agreement. More research can help comment appropriately
Are they going to blame HH for privatized KCM?
Why people are not questioning President Edgar Lungu’s choice for running mate vice president Inonge Wina, but Question HH’s running mate, GBM.
Coparing the two – GBM and Inonge Wina, you get the following:
1. GBM insults – Inonge Wina does not
2. GBM fights and assaults people – Inonge Wina does not
3. GBM is involved in GBV – Inonge Wina is not
4. GBM once was taken to police by spouse for assault – Inonge Wina was never taken to police for assault for all the time the husband was alive.
5. GBM has had many police cases – Inonge Wina has had none
6. GBM’s education is in serious doubt – Inonge Wina’s is not
So, HH, based on my perception that your caliber had capacity to do so I expected you to easily see the above.
Maybe Inonge got rid of her Lozi traitor of a husband, Assa Wina. That’s why she has no husband to assault and terrorise. Some mulyashinji helped.
@ advice f.uck off with your incessant GBM story chik.ala.We are not INTERESTED.
THE BEGINNING OF THE END FOR THE INDIANS IN ZAMBIA. BUT THE POOR VILLAGERS OF KAFUE
RIVER POLUTION MUST BE COMPENSATD FIRST. IN SIMILAR FASHION SOMEONE, SAY A FORMER
MINER MUST TAKE GLENCORE AND MOPANI TO COURT OVER TB INFECTIONS ARISING FROM
POOR WORKING ENVIROMENT FROM SILICA DUST.
Mop, there a few things that you need to question whenever you see an article like this. This has nothing to do with politics of UPND and PF. Pls find out from ZCCM-IH under which jurisdiction this copper price participation settlement agreement is. Is it the London Court where Vedanta Resources’ the owners of Konkola Copper Mines are based or the Zambian Court of Law?
My dear do abit of research since ZCCH-IH is a publicly listed company.
Avoid jumping into cheap politics Boyi.
Good job ZCCM IH management. KCM has taken our country for a ride. It’s time to get what is due to us.
And the Lazy Bum Edgar was praising these thieves last week…any if Lazy Lungu can become rich in 15 months how do you expect him to condemn fellow thieves bankroll him.
We really criticized Mwanawasa when he encouraged the London judgement over Chiluba but it now appears London courts are a go-to place for clean justice. Is this saying something about our dispensing capacity of our justice system??
If we use our lawyers, they will be bribed like hh was bribed during privatization
This what Lungu is avoiding
It just makes sense that if you have a company registered and headquartered in London, you sue then there. This raises political pressure as westerners know that their companies are exploiting Africans no end. Suing them in Lusaka would be missing a simple trick.
What? Court papers filed in the UK High Court? Imwe ba ZCCM-IH do you want to attract the wrath of one ECL by taking a matter to the English courts? Do you want Zambians to lose jobs on account of this? Do not be surprised when he dissolves your board for this…!
The Guardian story is as follows: Mining giant Vedanta argues UK court should not hear Zambia pollution case
Villagers in Zambia’s Copperbelt region claim water was contaminated by a subsidiary of Vedanta Resources, but the firm claims case should be heard in Zambia, not the UK. One of the world’s largest mining companies is expected to argue in the London high court on Tuesday that Zambian villagers should not be allowed to bring a case alleging pollution of their water from a copper mine to the British courts. Residents of four villages in the Copperbelt region of Zambia claim that their water sources and land were contaminated by the mining operations of Vedanta Resources, a London-based company with assets of $37bn (£30bn), and its Zambian subsidiary Konkola Copper Mines (KCM). The…
Guess what, the Zambia villagers WON the hearing is going ahead
@advice;I HEAR GBM IS NOW “BORN AGAIN”.THE RALLIES HE IS HOLDING ON THE C/BELT ARE A TESTIMONY.NABALEKA INSELE. (2 Corinthians 5:17.Therefore if anyone is in Christ, he is a new creature; the old things passed away; behold, new things have come).BESIDES HE DID ALL THOSE THINGS BEFORE HE BECAME A RUNNING-MATE.