National Democratic Congress leader Chishimba Kambwili has urged Government to immediately consider reversing the liquidation of Konkola Copper Mines(KCM).
Mr . Kambwili said that the best option currently is for Government to either appoint a receiver or embark on a rescue route and plan for KCM, adding that the liquidation of KCM is only meant at benefiting the interests of a few selected crooks and that the liquidation of KCM is one quick way of stealing money by the Lungu administration.
The NDC leader further questioned government’s morality of appointing a PF lawyer as KCM liquidator.
Mr Kambwili said that liquidation is an enemy of workers and should never be supported.
The NDC President said this in Chingola during an interview on iwave radio program, a private media outlet.
Mr .Kambwili said that he will this week officially write to President Edgar Lungu and ZCCM-IH to halt the liquidation of KCM because if liquidated, hundreds of miners at KCM will be left in the cold.
Mr. Kambwili added that government should have also alternatively considered bringing an equity partner to take over KCM, noting that by placing KCM under liquidation, it is clear that President Lungu does not care about the workers.
He has advised unions in the mining sector to be proactive and reject the liquidation of KCM and wondered why unions in the extractive sector had welcomed the liquidation of KCM.
The NDC leader observed that it is naive that unions in the mining sector could celebrate the liquidation of KCM when it will only bring misery to their members.
Mr. Kambwili has urged miners to rise up and defend their interests and that he fears that miners will soon stop getting paid.
And Mr. Kambwili has further disclosed that the Lungu administration wants to hand over KCM to the Chinese. Mr. Kambwili is requesting miners not to allow the Chinese to take over KCM.
He has described Chinese working conditions as extremely exploitative and that most Chinese investors have no regard for workers rights and interests.
Kambwili doesnt understand anything, hes too dull!
I knew Kambwili was going to contradict himself. When EL announced a move to liquidate kcm he claimed to be the one who had instructed him. Lelo ati halt. And then? How do you instruct to take charge & then sudenly you instruct to halt. Dundahead this one
Even his parents knew what kind of character he would grow up to be hence the name Chisushi Kabwili. He is annoyed because he is not part of the PF crooks he claims would benefit from the liquidation.
Alas!
I thought Kambwili was boasting that it was his idea and that ECL was acting under his recommendation? Why suddenly a U-turn.
Zambian politics, awe kwena kuti wainyela wila.
Spot on Kambwili.
Kambwili please reverse the appointment of your body-guard, the guy right behind you in sunglasses. He looks a pure thug ready to fight with likes of Lusambo.
You see Kambwili how hard it is to remove thugs after appointing them? Thats the same with Ba Edgar, he gave KCM to bamalukula, how do you think he will get rid of that team lead by Milingo Lungu?
Kambwili is spot on. He may be an offensive vulgar fellow, but he has raised very valid points. The whole team of people involved in this liquidation are incompetent cadres. An incompetent lawyer who is linked to Mr. Lungu, Kaiser, Amos etc. What do these people know about liquidation? They are there to plunder. And meantime people are busy applauding. And others are busy trying to convince us with pseudo educated language that this nonsense makes sense. Just wait and you will see what will come of this.
Kambwili is an ignorant moron!! Does he even know what happens in a receivership he is proposing? Receivership benefits only one creditor who appointed the receiver, and after recovery of their dues the firm is handed back to the owners. Does this clown want KCM to be handed back to that Indian id.iot?
Liquidation or forceful takeover will not just destroy the credibility of the Government but will result in forcing ethical foreign investors from investing in the country. Given the current precarious financial position, it will mean more hardship for the workers and the citizens – and put Zambia at the mercy of Chinese neo-colonists who have cleverly used such tactics to take over ports and land in Sri Lanka, Dijbouti.
So in essence you PF blind supporters,Kambwili is not against the removal of Vendata but the process it was taken….lets debate the process not just blanket statement of saying he doesnt care about miners
Vedanta has failed to pay suppliers, it has failed to pay government it’s share of the returns as a share holder. Vedanta has failed to invest in the konkola deep mining project yet it can afford to brag that its making $500 per year plus another $1billion. Vedanta is claiming that kcm is insolvent. Wat does the insolvency act of 2017 say?
If this country has a curse, then that curse are the ignorants who say things because they just want to say something. Do you know that if you as an employee were entitled to K100,000 as your terminal benefits but all the liquidator can manage to pay you from the sale of assets is K5000 that is it? Even if you hate somebody try to make the sense out of what you hallucinate as nonsense. Liquidation at KCM will rob miners their hard earned pension while enriching the PF cartel.
@samba, so how do you remove Vedanta through a receivership? You are as clueless as the same moron you are supporting
In Zambia even loud mouthed buffoons like Kambwili have followers. The only point I can get from his statement is the appointment of a PF lawyer, yes I think that’s based on narrow PF interests. However, liquidation is the fastest option available to get rid of the rogue Indian, anything else will just prolong the process. The problem at KCM is the Indian
CK is Spot on. Unions don’t know what Liquidation Means. Ignorance is bliss! True, if KCM is shut down the Workers,Contractors and Communities on the CB will suffer and will be worse off if KCM is liquidated. Unions should listen to words of Wisdom from CK,HH etc b4 its too late. Besides Zambia’s Foreign Investors and Creditors are alarmed will this illegal Liquidation of KCM. Vedanta the Majority Shareholder in KCM will pursue its Majority Shareholder Rights in Local and International Courts. These Court Battles will be protracted and will further Damage the Image, Reputation and Credit Rating of Zambia abroad. This Matter needs to be handled with utmost Care becoz it has wide ranging effects on the Zambian Economy. The writing is on the Wall.
Ayatollah speed and emotions kill especially when dealing with legal matters. The easiest way out is buying them off but since you’re broke you think grabbing is the best solution, but you’re going to regret this move as it is their property too and the world hates property grabbers. Soon some court outside your reach will force you to pay them a lot of monies you do not have. Kambwila is right, those unions were supposed to be concerned about the plight of workers, right now there is no plan in place for workers except this liquidation which has kicked off in high gear.
The Indian has been dishonest, KCM is still very viable. The future lies in the development of the Konkola Deep but he’s failed to do that all these years. Acquaint yourself with the Corporate Insolvency Act and see for yourself what Kambwili is proposing. You will spend years and years arguing. Agarwal himself wanted to lease the mine to the Chinese, is that what’s best for Zambia?
Kambwili read what peter Sinkamba had written on behalf of the green party and that is what he is repeating as his own thoughts.
If Kambwili has done that then liable for perjury and must be arrested ASAP. Sinkamba are you ready for discipline?
These are the leaders of Zed, CUT AND PASTE, no original thought just like clueless PF and Lungu
Comment: The reparcations of liquidation friends are not to be the underrated, they are so big and can leave some dead if not properly handled.there must be a circumspect way of dealing with this and that is the only way to go. spend a minute or two to comment positively on this. all we want is sanity in the way the issue will be resolved, period
Kambwili and HH should have reflected on how the greedy Guptas paved the end of Jacob Zuma’s Presidency. HH’s and Kambwili’s motives are not different from Zuma’s business associates. Vedanta’s exploitative business culture in Zambia is not different from the Gupta’s business culture in South Africa as they have a shared genetic origin.
This is why wise men like hh don’t rush to make statements on things they have not had full information on. Lungu has not told us how he plans on implementing this stolen idea. To lungu this will be a chance to feed his loyalists by giving them roles and chewing copper profits in exchange for loyalty come next election. Lungu is a well known crook in chawama. He once drunk a bar dry and then refused to pay citing a contravention of some colonial piece of legislation.
Hakainde.. a wise man? Oohh please!
PF and lungu will run KCM for a few months , all profits to go to PF coffers for 2021 , after a few months they hand over to the Chinese to square some of the debt …..
KZ …..” boyi shama kampeni indalama ku poka feyee ba mwenyi kcm “
kikiki zeeworld in kopala, u forced ubuteko to get kcm, giving them 48hrs, today ati iyoo.
Do not fight with insults, let someone explain what liquidation means to have a clue to what will happen to the mines.
Pointing fingures or shouting insults can not be the solution if liquidation will bring better results then good : If liquidation brings the down fall of the mines then why go for it.
We have seen it the past we do not want it anymore.
Nshilimubemba,
LIQUIDATION simply means “the process of closing/winding up a company, and the sell of assets to pay its debts and or obligations”
In lay terms its the conversion of assets in cash to meet liabilities.
Konkola Copper Mines Plc will never exist after this process is over; na chipwa bane no sugar coating will change things after the courts allow for this process to go ahead! Zambians rise this is technical plunder by the PF and its criminal thugs!!!
If I may ask.How many kwachas do I get today for my ONE US dollar?
I thought Chimbwili claims to hold a bachelors degree on top of a doctorate…. kikikikiki.. dont laugh it happwns kikikiki..
I thought he was intelligent enough at least to understand whats happening. Who told him that they are shutting down KCM operations? We will just shut down the ugly name of vedanta and call KCM by another name, even as New KCM or another name chosen by new investors.
Chimbwili, that kind of dullness is associated with trib.als, you are one so soon?
Sata claimed to hate the Chinese and promised to deport them especially those who operated at Kamwala market. But as soon as he became president he brought in more of them and even started outdated Maosuits. The Chinese no longer wear those. Kambwili should not start attacking the Chinese just for the sake of popularity.
I’m an expert in the company which are not visible or making loss with Liquiidatite problems.
The three types I know are
1. Liquidation
2.Recevership
3. MBO management buy out
In case of KCM Receivership was the best to go with because, it allows even out sider to be invited to recapitalize the company. It helps both the workers, Owner and Government.
If you go Liquidation way, this way does not regard an employee. The priority is debts and the Liquidator who is government and for a work maybe a lost to consider and there is Law which defines the benefit which not beneficial.
MBO is also also promotes plundering of the remain resources especially but Management who feels it is now time to make retirement packages for them selves.
For Receiving a company is best way even regarding…
Lost about which side to take!