President Lungu never directed ZCCM-IH to withdraw a fraud court case against First Quantum Minerals-Kasolo

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ZCCH-IH
ZCCH-IH
ZAMBIA Consolidated Copper Mines-Investment Holdings (ZCCM-IH) chief executive officer Pius Kasolo has denied reports that President Lungu directed the institution to withdraw a fraud court case against First Quantum Minerals (FQM) in which it is demanding US$1.4 billion from the mining giant.

Dr Kasolo said the President has never issued such instructions to ZCCM-IH and that the case is still active in court.

“President Lungu didn’t direct us to withdraw the matter. We are still in court against FQM but we are not happy to take our partners to court just like in marriage, when you cannot resolve a dispute with a spouse wife, you involve a third party and in this case, it is within the rights of ZCCM-IH to engage the courts.

“The position is that the case is active but we are also negotiating, and if they provide certain financial documents we have requested for to meet our claims, then maybe we can settle the matter out of court,” he said.

ZCCM-IH has a 20 percent stake in FQM and started legal proceedings last November in the Lusaka and London high courts, claiming that FQM took out a loan from Kansanshi Mines at non-commercial interest rates and used it for company operations outside Zambia and to develop the Kalumbila Mines without the consent of ZCCM-IH as a shareholder in Kansanshi mine.

FQM is accused of fraud and ZCCM-IH is seeking as much as US$1.4 billion, including US$228 million in interest and 20 percent of the principal amount or US$570 million.

Last May, social media reports emerged that President Lungu directed ZCCM-IH to discontinue the case.

Dr Kasolo dismissed assertions that ZCCM-IH is spending a lot of money in legal fees to pursue disputes that can be resolved amicably.

“The FQM case is still active, so we have not reached a conclusion to arrive at the fees. For Konkola Copper Mines [KCM], a similar incident occurred and the London Court awarded ZCCM-IH US$103 million, and KCM was ordered to refund 80 percent of the legal fees amounting to £180,000,” Dr Kasolo said.

25 COMMENTS

  1. +6
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    Who would dare go against the evil illegal dictator lungu apart from the true son of the soil hh. Under pf all arms of government are controlled by the illegal executive. Only way out of this is the death of lungu by sudden natural causes. Amen

    • +1
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      kikiki. Just google and you will find this information all over. These guys are still thinking in terms of the old times when by now the newspapers have been used in the toilets and the government can say anything now contrary to what they said before.

    • vote

      Ba fi [email protected], [email protected] are now under pressure and growing cold feet-we have records of Lungu’s filthy hands in this issue, so nomatter how u defend him, we shall corner him nicely and easily. Had it not been true, Lungu’s vuvuzelas such us Amos, Mumbi and other annoying [email protected] would have come out guns brazing to defend their pay master when the issue was first reported, but they kept quiet because their Lungusha was guity on this one.
      We shall make sure that this Rwandanese like drunkard rotes in jail over this case when he is out of office. Prepare for Mukobeko bwana drunkard master!

  2. +8
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    Why did it take you this long to issue a counter statement? You’ve already made the president look bad in the eyes of Zambians.

    • +4
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      @Sebenza:
      Cant you use common sense? Kasolo is trying to protect Lungu here because the drunkard dictator has realised that his intention to steal through corruption has been exposed by the Opposition and most importantly media as this will cause him very serious problems worse than Chiluba’s later.
      Mulongoti, Sinkamba and UPND and even the Church belaboured the point that Lungu was offered money to force ZCCM-IH to drop the cases. I personally believe the drunkard wanted to steal and indeed got some money out of it. Pius Kasolo is trying to save Lungu’s face here!

  3. +3
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    Even Pius is afraid of Lungu for the sake of keeping his job. He started well but now he’s developed cold feet. This is what happens when you allow id.iot.s near the corridors of power. Examples abound just look at what has happened to Matibini, this guy is no longer the person he was before being appointed speaker. Matibini is now a PF cadre. I just hope Pius will not sink so low.

  4. +2
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    Lungu and his minions will answer for their thieving in the not so distant future. The case has been noted.

    • +1
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      Noone will answer for anything …you can arrest anyone for simple abuse of authority you think you can arrest a President.
      Wake up!!

  5. +4
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    Pius Kasolo why are you denying reports 6 months after the story..its not only social media that reported this its mainstream media…he is not specific about the matter being active in our courts – we know the matter was dropped as it is tantamount to fraud hence FQM Directors would have been arrested if the touched down in Zambia…tell us what is active in Lusaka courts Pius?

  6. 0
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    ********** mind your language. Very soon underfive will be bowing and calling the man you are insulting as “Your Excellency Mr President”. What are you gonna do? Abandon underfive for disappointing you? Kick out underfive and take over the party with GBM? Or admit that you are donkeys after all?

  7. 0
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    Anyway if you dont accept GBM you will soon be partyless as underfive chooses the welfare of his children over donkeys like chiylata, spaka and Nez who he has realised dont mean well for him. Oh sorry, and Larry Mweetwa.
    Kikikikikikikikikiki…very soon we shall be having a good juicy laugh at SpakaNezChilyata! Kikikikikikiki

  8. vote

    Right now as I am writing this, the Catholic bishops are talking to underfive and he has been very positive and forthcoming.
    As for me if underfive continues like he is doing right now, I will no longer call him donkey but baasa.

  9. vote

    You can’t trust the media anymore because any charlatan can write anything from his head. If it’s not sensational then it’s not news.

  10. 0
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    It has taken too long to correct this false narrative that came through social media and enemies of progress. My guess is, there was speculation that ECL would crumble under false innuendoes, and a wait-and-see attitude had developed – unfortunately for all dreamers, ECL is emerging from all the nonsense thrown at him even stronger.

  11. 0
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    Demons always have the same voice! Liers, delusional and learning but never acknowledging to truth! Does that sound like NEZ-egative?

  12. vote

    Hilarious example! If you needle the exwife you’ll be paying more alimony!!

    Go get them !

  13. vote

    the company just looks silly with these back and forwards statements arguing. did you see the comments from the other shareholders in the company? They are getting so angry with the Dr Pius – they want the company to make money, and as true zambians who believe in one nation we need it too. we are broke and going to the imf to look for money when it is here on our front garden but we are wasting it, why???????

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