Konkola Copper Mines has been ordered by the London High Court to settle around US$103 million owed to ZCCM-IH in a landmark case.
This follows ZCCM-IH’s successful application for default judgment in the English High Court to recover outstanding sums in excess of US$100 million due to it from KCM Plc as part of the Settlement Agreement entered into in 2013.
According to the ruling, KCM was been ordered on 16 December 2016 to pay all sums owed to ZCCM-IH plus associated contractual interest within fourteen 14 days.
The court ruled that the total amount to be paid by KCM amounts to approximately US$103 million.
KCM has also been ordered to reimburse ZCCM-IH 80% of the costs it has incurred in pursuing its claim.
The court has also made further directions to determine whether KCM made payments to Vedanta Group Companies in breach of the prohibition on doing so under the Settlement Agreement.
“If and to the extent it is determined that such payments were made, ZCCM-IH will be entitled to recover additional sums from KCM,” the statement read.