KCM

Konkola Copper Mines Plc (KCM) urges all stakeholders to remain calm as the Company continues to operate as a going concern.

On Tuesday 21 May 2019, ZCCM-IH Plc, in its capacity as member of the Company, presented a petition for the winding up of the Company and the Court appointed Mr. Milingo Lungu, Provisional Liquidator.

As provided for under Zambian Legislation, the Provisional Liquidator takes charge of the executive responsibility of running the Company in the interim until a further Court Order in this matter. As such, the Executive Management Committee is now accountable to the Provisional Liquidator until further notice.

KCM is a going concern and operations continue to run normally and safely. Management continues with their operational responsibilities and accountabilities in the execution of their normal duties. Management further urges all financial institutions, contractors, suppliers, local communities as well as all other stakeholders interfacing with KCM to remain calm as their interests are continually being taken care of.

Mr. Lungu said;” I would like to stress the fact that the Company will continue to operate as a going concern and all our actions will be in the interest of the Company and its stakeholders. We will conduct business as usual and there will be no action that will be taken that will prejudice the future of the Company.”

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17 COMMENTS

  1. Total confusion,am sure lungu announced liquidation for mere politiking,he didn’t do his home work.

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    • Milingo Lungu already driving a KCM vehicle should stop annoying people. He is like a rat put in a barn of groundnuts, and says don’t worry all nuts will be accounted for.
      KCM need unleash vicious cats to watch the PF rats.

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    • The whole Lungu clan will get blemished because if two ***** Lungus. Almighty God take these lungus ti hell before they make Zambia a living hell.
      Amen.

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    • How can a Minority 20% Shareholder approach the Court, get the Court to appoint the Liquidator in darness and without the 79% Shareholder involvement?This is irregular, illegal and unconstitutional. In a Divorce it is odd that a wife can approach a Court to dissolve the Marriage without the Husband’s Consent. This Proposed Liquidation is unprocedural, without any Merit and therefore Null and Void. Vedanta’s Rights as a Majority Shareholder in KCM have been clearly violated by GRZ and KCM-I the Minority Shareholder.

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  2. Liquidation and Going concern should not be side by side because they are two different tames. A going concern company will continue in its operational existence for a foreseeable future and will be able to meet its operational obligation. A company in liquidation is one which ceases its operation and all financial statement have to be closed. You are confusing the public when you are talking about liquidation and going concern in the same statement. There is no grain of truth in these statements. Public need to know whether KCM is being run as a going concern or is in liquidation.Let the public know the value of assets. And if they are impaired,let them be valued at a liquidation cost. People who are reporting on this should be frank and differentiate liquidation to going concern…

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  3. This is kaizer Zulu advising lungu to highjack the mine and collect profits for 6 months to a year……enough money for pf campains and payoff some obligations

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    • Spaka….you f.ool , are you not the same de.mon who was complaining of government not getting enough from the mines.

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    • Yes I am the one who was complaing but the way it is being done leaves much to be desired ………this has KZ fingerprints all over.

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    • No matter if I support GRZ getting more out of the mines , it is the manner at which this situation has been arrived at that leaves a bitter taiste …….we have only arrived at this situation because GRZ is broke , GRZ is broke because of the corruption and mismangment by lungu and his pf gang.

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    • After mismanging and bankrupting the country , you now go about highjacking companies from forigne ownership ????

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  4. This law is bad news, just ask Mmembe. A Liquidator is appointed and takes over a company and the guys who sought the liquidation enter into consent judgments with theid own liquidator. In the case of the now defunct Post, not even our brilliant lawyers the Nchitos and the super intelligent arrogant Mmembe had an answer to that!!
    If you doubt me you must be trib.al, complete with trib.al but not logical reasoning.

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    • The fact this this is being done after lungu and his pf gang of thieves have bankrupted the economy says a lot……

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    • What you said made sense but you spoiled it with the last tribal remarks. Let’s leave tribal remarks in our conversations

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  5. Just noticed a letter on Zambian Watchdog purposed from Vedanta refuting allegations that they have hired a PF Minister as their lawyer to represent them in the on-going Liquidation issue. What caught my attention was their office address on the letterhead. Vedanta are super crooks! 30 Berkeley Square in Mayfair, London are offices that you rent on the hour and you can register to use their address to receive your mail at a fee. This arrangement is favoured by briefcase businessmen to make them look successful and posh. How did we fall for these crooks to an extent of handing them a whole big copper mine???

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    • Its a pitty no one is talking about the one who sold these mines at a give away price but all blame is lumped on LUNGU.
      Zambians get some life and criticice objectively.
      The issue here is that Levy messed up this whole thing!!!!!! Period!!!! Lets call a spade a spade.
      The best economy was run by Rupiah Bwezani Banda! take it or leave and yet you are the same people who crucified him. Useless Zambians…………….

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  6. CHIMBWI no plan. He made such a big impacting announcement because of being a copy cat. Now he has gone quiet because he had no plan or strategy. it is easy to see that lungu was the type that used to copy at school. lack of originality in a leader is very sickening to say the least

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