Vedanta Resources has taken the government of Zambia to international arbitration following the seizure of its Konkola Copper Mines.
The company, which is controlled by Indian metals tycoon Anil Agarwal, said a shareholder agreement with the Zambian government “provides for disputes to be submitted to international arbitration in Johannesburg.”
Vedanta said on Friday its executives were unable to visit its KCM operation and engage with local management, in a setback to efforts to ease tensions amid a legal battle with the Zambian government.
The move comes after the government of President Edgar Lungu seized control of KCM, one of Africa’s biggest copper producers, this month, saying it had breached environmental and financial regulations.
Vedanta said that its chief executive Srinivasan Venkatakrishnan held meetings with the Zambian government on Wednesday.
It said Vedanta was assured by the government that it had not entered into any “sale” agreements with other parties for the mines, it said.
Mr. Agarwal said on Thursday the company was working to comply with Zambia’s laws and tax requirements.
State-controlled ZCCM-IH is seeking liquidation of KCM, in which it owns 20 per cent.
Vedanta, which owns 80 per cent of the Vedanta, which owns 80 per cent of the company, claims that it has invested over $3bn in KCM since it acquired the business in 2004, adding processing capacity and extending the mine life.
Demonstrators marched in Chingola earlier this month to welcome the state’s efforts to bring in another investor.
Like really. This case will be determined by us in Zambian Courts, we will not waste time going to Johannesburg.
A word of advise, should Vendatta win the case which is highly unlikely in Johannesburg, there free to Mine there, not in our Motherland Zambia.
Zambia has it’s own rules and laws, we shall not be cowed.
Let’s roll … but we are not going to Johannesburg. What’s good for the goose is also good for the gander.
They breached every licensure condition and so will we breach the arbitration clause.
They can hang for all we care, anything else they need has to be done on Zambian soil.
There you have it.
Epo mpelele,
BRM
The problem was initially giving a contract to these Indians.
Was due diligence properly carried out ?
What if your Government loses the case – this could get worse before it gets better.
I have a PhD
Thanks
BB2014,2016
No it can’t get worse, because we have already reached Red alert. It will only get better the sooner they pack up their picks and shovels and leave Zambia’s copper into Zambia’s destiny.
There is no law that punishes the victim and rewards the culprit anywhere in the world. If it turns out to be, then it’s nothing but a fraud.
The PF leaders don’t have balls, they may end up paying billions to that Indian, and still let him keep the mines. Naba Attorney and Solicitor Generals mwakwata abansala!
A strong balled team can just let Vendata do their thing in their International court, and Zambia stay put without answering. Whom can International Court can arrest among PF, tell me. Which army are they going to send to grab government properties for failure to Agawal? Tell me…
You will hear tomorrow that all KCM money is intact in ZANACO bank and ready to pay back.
Brethrens do be intimidated by these latest actions taken by KCM. They are bluffing.
These guys have time after time broken The rules of Engagement. And the government let them off for such a long time.
Does anybody remember how the Obama Administration fined BP, billions of $ dollars for poluting the ocean due to negligence, having spilled oil in the ocean waters, which affected the wildlife and the Sea Coasts.
KCM has broken the (i) Rules of Engagement (ii) Contract Agreements, (iii) Zambian Law (iv) The International Law****, which as a mining company must abide to.
Cont..
So far I have counted about 23 Failures, Breaches, Violations, Infringements..
Apart from cooking books to avoid paying # Taxes, I’ll just look at one particular instance; which is # intentionally spilling toxic chemicals in Kafue River which is the main supplier of water to most of the towns in the copperbelt. Livestock and Human Beings have died. This is now in the London Courts.
Now ! Just to mention comparisons and raising some narratives
I am reminded of how pompous Fred Mmembe was when when the government was chasing out for the overview tax payments. Fred felt like he was Untouchable, Too Big for Zambia, and a God.
Cont..
Put that aside the crimes Mmembe committed was jailable. And Fred is lucky to be walking in the streets of Zambia. In any other country where laws are respected Fred should be in jail.
Fred went spinning the story in his editorials. He went to the international platform and cried that freedom of speech was being invaded. He was looking for supporters and sympathisers.
However, a crime is a crime. In the end the LAW visited Fred Mmembe at his door steps. The LAW grabbed the beloved baby from him. The Post !!!
Nothing wrong with this it was expected…its ironic that KCM does NOT want poor Zambians who have endured its pollution suing it in foreign courts yet its the first one to wanting foreign arbitration for a fair hearing…you see how corrupt entities think. The only problem I have with this comes back again to leadership of one LAZY LUNGU I mean everyone can see from the composition of that delegation that all is not right there is no expert there or a theorist from UNZA.
One has to only read one Peter Sinkamba article on this website..not listen to smiling cheer-leading cadres like JUNIOR who have it easy come rain or shine!!
It is Pretoria actually
@Nostra … Vadenta thinks this is a knife fight, we don’t and had taken all things into consideration because in our case, all our bazookas are fully loaded.
Qui venit legem debet puras ~ Maxim for Clean Hands Doctrine. Vedanta ain’t clean, their hands ain’t clean and their modus operandi ain’t clean. So, we will treat them with the contempt they deserve.
We won’t attend anything they initiate and if they dare come close we will object and issue injunctions. We will ignore them the same way they ignore our laws.
It’s time to focus and get the job done … tweende Lungu, tweende webo.
Epo mpelele,
BRM
@Gay Gay … I have worked very very hard for everything I have; nothing was given to me on a silver plater. I was born with a silver spoon in my mouth but I never used it.
Yes, BR JUNIOR you have never used it so have I but I know for a fact you wouldn’t mind if the Zambians are shortchanged hence your support for incompetent entities and drunkards like your Auntie Maggie Dizzy…I mean you were paid off at Meridian Bank you didn’t lose out like the poor account holders like my former neighbour yes its FTJ you will say put you are beneficiaries just like these foooolish cadres who applaud you its them who will suffer whilst you pick you teeth with a toothpick in your recliner.
Sit down!!
@Gay Gay … for your information, I too lost hundreds of thousands of ZMK (Dollars) in my Meridian Plus account because I had already left Zambia for my study leave to the USA at the time.
For the record as an MT, I was still an employee entitled to my full salary and benefits while abroad studying for my 2nd degree in Accounting (the 1st being International Bank & Finance) so your narrative is totally uninformed.
Now that that is out of the way, show me case where I have ever spite to any smart person in the Zambian Enterprise being shortchanged.
You got to give me some credit for somethings, Pal. When workers were not paid, who caused heads to roll???
When the Euro Bonds started getting screwed way back in 2017, who called for refinancing???
When CK and the radio station…
Continued…
When CK and the radio station in Kabwe were attacked, who called on ECL to act immediately???
The list is endless and I know you have IQ issues but that’s a subject for another day.
Zambia Is Greater Than Any Single One Of Us ~ B R Mumba, Sr
Original Content; No Copyrights Reserved
Nothing is going to force us to go for arbitration with them regardless of venue. Just block their every move by demanding they pay their tax bills and all other outstanding obligations they owe us before they earn “any” right to sit across us on “any” table to discuss “anything” with us “anywhere” in the world.
Chapwa
@Ba Luchembe … now that’s a 100.
@Gay Gay; By the way … leave my Margaret out of this. We Accountants are extremely smart, we create money out of nothing.
Allow her to do her job well, root for her success and she’s going to lead us to the Promised Land. She maybe a drunk like Nostra but the woman is extremely smart and she can get the job done.
She’s got this … it takes a little more time to stir the titanic back around and she’s at the helm.
Margaret got this, she’s got it and knowing her if this one was bigger for her britches, she would have stepped down on her own.
Epo mpelele,
BRM
BRM … you’re welcome and great job on all your insights; just keep them coming. You are a fine young man.
This could end up being the first 100% owned mine in Zambia since 1993. No need to seek an equity partner. We can run this under ZCCM-IH. Constitute a new board and appoint very smart people to run it. Think about smart kids like Dambisa, Clive, BRM, Fundanga, former Minister of Finance, Hon. Musokotwane, etc.
Dambisa has been sitting on the Board of Directors for Chevron since 2016, for instance, worked for Goldman’s Sachs before, etc. She’s one among the few who have the right international exposure, experience to run KCM and knows how to raise capital should KCM need more CAPEX.
There many more educated, highly trained Zambian technocrats at home and abroad we can tap into.
Thank you.
@Ba Luchembe … thanks a trillion, Sir, for the honorary mention but I am very busy running my companies and I think there others better qualified for the mining industry than myself.
I respectfully rescue myself, Sir.
Thank you once more.
Epo mpelele,
BRM
But I agree with other choices you mentioned. Yes, Dambisa Moyo, PhD could make the best CEO for the new KCM.
Dr. Musokotwane, MP (UPND) and former Minister Of Finance (MMD) can make a fabulous CFO for the new KCM.
Dr. Fundanga, former Bank of Zambia Governor can make a fabulous COO and institute policy that can help GRZ close all current loopholes while Dr. Chirwa can make a fabulous CTO in charge of all technical aspects of the new KCM firm.
These in turn can bring in more technocrats in their teams expertriate or local. Pay them what they are worth and you will have no regrets. Great help deserves great pay.
Epo mpelele,
BRM
BRM … such grace, grit and humility among the Zambian intelligentsia is a rarity. You’re a jewel!!! I totally agree with your executive team choice for the new KCM.
Back to the injunctions against arbitration, one powerful tool is the “T” card (tax evasion) and GRZ can sue for full investigations into KCM tax evasion probes and cite that as reason for not accepting any arbitration terms, conditions and hearings until such matters are resolved besides the fact that they have no standing to enforce a contract that is currently null and void having chosen to be the first ones to breach. Vedanta here is screwed and have no song. We are winning.
Thank you
I personally have not seen anything that ever united all patriotic Zambians than this KCM liquidation.
I think we are doing the right thing and it is evident to me that the only thing that really stands between our One Zambia One Nation is poverty.
If we fight that together and leave no one behind, I think we can get back to our glory days of the 70s. I think this is a good thing.
Let’s own KCM 100% again, we can do this.
Yes your chola boy Luchembe has come to polish your shoes and beat your drum loudly!!
Zambian government will be sued for having not protected Vendatta Investment, that is the reason Vendatta is taking on GRZ for an arbitration.
If Zambia loses this case, it will be more costly, you are looking at the returning the $3bn that Vendatta claims to have invested in KCM and all arbitration costs.
Stop jumping up and down with excitement like mon.keys, GRZ needs to be careful and select the best legal team to defend them. Your high courts can say what they want the results of arbitration are bidding.
General … go wallow in your wishing GRZ ill. Whose side are you on, hum? We are going to win with or without you and your bad omens wish. It’s about time you choose your lines wisely whether you stand with your country or you would remain a traitor. KCM is your birth right and you have no clue how to protect it. There would be no arbitration with an injunction in place. Good luck, witch! From now on you are no longer General but Witch.
Again we will win and we are winning with or without your witchcraft.
Thank you
Hope is what the Zambian people have now found. They have now seen how they can finally hope to have a piece of what they once lost.
The hope of being owners again is not going to be stopped by not even General Kanene’s pessimism here. The Zambians have been wronged and been subjected to being practical slaves in their own country.
That’s why they will succeed here whether Kanene likes it or not. I have never seen a more determined group of Africans than Zambians.
This that they have set their minds to, they will also accomplish with or without the support of Kanene or not.
This Populism and Nationalism is of No use in a Court of law. The ECL Govt will be embarrassed in Court when they are told that they breached the KCM Shareholders Agreement and did not follow Correct and Legal Procedures in seeking to liquidate KCM. GRZ will be forced by the Court to follow legal Procedures, Compensate Vedanta for losses and reimburse Vedanta investment Money. This is not going to be a walk in the Park. It will be a protracted Legal Battle in Court and the ECL Govt will lose this Case in Court. The writing is on the Wall.
@Luchembe, @Kremlim, Wherever you came from, you are just exhibiting your ignorance, I will not sink so low to call you names. You are indeed an example of the excited mon.keys. If you read my contribution since this case came up, you will notice that I keep on saying we support the GRZ. My concern is that I am not convinced GRZ thought through things before coming to this conclusion, and the reason for my doubt is in people appointed as liquidators. You get now? I am being a patriot better than you to warn the GRZ, about this International arbitration. Clearly, you don’t understand what international arbitration is, otherwise, you wouldn’t have mentioned crap like Court Injunction. Encourage you to read section 10 of the Arbitration Act no.19 of 2000. Also note, this will NOT be in…
Cont`d…
Also note, these Arbitration court proceedings will not be held in Zambian courts, but under an Independent and impartial Arbitrator in a South African Court.
Of course, I wish Zambia to win the arbitration, the Idea that you will have to cough back $3bn to Vedanta should be a concern to all well-meaning Zambians, and hence my warning to ensure is ready and prepared.
I am doing a service to my country, unlike you id.iots, who just got paid to spam LT with your sh..it.
I rest my case.
@General Kanene … first you say you are not going to insult anyone but your entire diatribe is littered with them including insulting our intelligence. Luchembe and Kremlin both have very valid points.
That aside, first of all, injunctions are not only a purview of court proceedings, they apply to everything including arbitration … I guess that’s news to you.
Second of all, GRZ has standing since Vedanta breached the same shareholder agreement you are alluding to by abrogating its tax responsibilities among other things, and thus GRZ can argue that Vedanta can’t enforce an agreement they breached in the first place making it null and void by their own actions.
With that you have no arbitration and without it blocked under these circumstances your imaginary $3B is a non-issue…
Continued…
With that you have no arbitration and without it blocked under these circumstances your imaginary $3B is a non-issue.
But beyond that the same $3B is non-refundable too under investment rules for sophisticated investors of which Vedanta meets that criteria.
For 3 reasons:
1. It’s not a condition of investment in the same shareholder agreement that a refund is required under such circumstances.
2. All investments into KCM are considered at will and at risk. So, they have no right to come back and request for a refund because their investment funds are considered sunk costs.
3. Over the period of time, KCM produced income from those mining operations for which they made operational profits and GRZ has the right to claim that those funds be also be refunded to…
Continued…
3. Over the period of time, KCM produced income from those mining operations for which they made operational profits and GRZ has the right to claim that those funds be also be refunded to the smart people of the Zambian Enterprise.
Bottom line, General with all due respect, it doesn’t work like that and even the law you referred to here does not apply.
The injunction issued against Vedanta with a competent court of jurisdiction can stop Vedanta when rules are correctly applied and facts to show both standing and injury are presented.
Good to know that we are together in this fight and more importantly we are all looking for solutions to a common objective.
I personally applaud you for being precautionarily conscious about this very important part of our…
Continued…
I personally applaud you for being precautionarily conscious about this very important part of our national progress as the smart people of the Zambian Enterprise.
In my line of work, I have seen such outcomes from several arbitration cases where the plaintiffs argued on breach of contract(s) by the defendants and injunctions held … let’s roll.
Epo mpelele,
BRM
General … what is your profession?
@1.34 please don’t impersonate me, the real Luchembe.
BRM … could not have said it better. Good job.
A Zulu … I am mauless ~ speechless for lack of a better word
When I first commented on KCM liquidation, I said that we had woven a tangled web. Not that I like Vedanta Resources but their case is strengthened by the Zambian High Court’s refusal to even hear their arguments. What kind of justice is this where you hear only one side? Yes, Zambia can choose to stay away from international arbitration, but Zambia will not escape the consequences. Amana makani.
You are just an empty tin. Case will be lost and Zambia will pay through its nose. Craftiness and sheer ego of PF thugs is going to cost Zambia Billions of dollars. And the miners who were marching in Chingola will soon march against the Chimpanzee Lungu and his minions.
Rudderless, clueless thieves.
Come 2021 some of the politicians will go behind bar for economic sabotage and that includes two Lungus (useless Presidento and PF lawyer who instead of liquidating PF has started dipping his fingers in the cooky jar)
PF cadres on Lusakatimes will just turn their coats inside out and become anti-PF the day Lungu loses elections.
Yaba!
The question is what do the contracts Say ?
It doesn’t matter what it says at this point. They breached it first and therefore they have no standing at law.
GRZ should be taken to court over cholera deaths too.They were negligent in their public health duties to ensure strict sanitary conditions were met by food vendors.
By whom? Zambians are too docile.
Arrest him now this argawal man is a thief!!!!
Ignorance is bliss. Arbitration in a JHB Court will find that GRZ and its Subsidiary ZCCM-International breached the KCM Shareholders Agreement and did not follow Correct and Legal Procedures in seeking to liquidate KCM. The Case has already been lost and GRZ will be required to pay huge Compensation to Vedanta. The writing is on the Wall.
This has been my fear from day one: PF can not do the right thing properly …simple basics they cut corners because its in their DNA and background: any lawyer from a clean background would not even rush this!!
Who will force GRZ to attend arbitration later on pay retributions? Who??? Who??? Who will enforce that when the plaintiff is already guilty of other breaches on the same contract for which they have ignored to pay their own part of retribution???
Very simple, you don’t attend arbitration but first issuing an injunction and do everything in your legal powers to make certain no arbitration takes place.
In the meantime, you focus on getting and completing the task at hand in this liquidation and secure all assets, title them with new owners, preferably reverting all shares to ZCCM-IH based on defaulted taxes.
By winding up all Vedanta shares using their tax bill, that forfeiture is complete and now ZCCM-IH owns the entirely new KCM alone at 100%.
Then the liquidator can then…
Continued…
Then the liquidator can then go a step further and attach other punitive fines to the maximum extent applicable. By law that’s 3 times the damage assessment. So, if they owe $3B in taxes, for instance, GRZ can place the punitive charges up to $9B.
ZCCM-IH can then seek equity partners such as IDC, NAPSA and local banks to bankroll interim operating expenses while making sure production reaches full capacity within a year to take care of everything Zambian.
We are winning this and it’s checkmate for Vedanta. Ala tweende webo!
Epo mpelele … let’s roll!!
BRM
A Zulu … Yes, you are right! Ignorance is bliss, especially yours. Vedanta have no standing trying to enforce the same contract they breached in the first place. GRZ can issue an injunction on that basis to force them to first comply before we do. They injured us first and an injured party we have more rights than they do at the moment. They have to answer for their wrongs before we have to answer them. That’s equity at law.
There is no way Zambia can NOT attend international arbitration, whether you like it or not.
Instead, start lining up the best legal team, and hope to win this case. Arbitration can be costly. That is the reason we are saying, ECL should not have appointed the like of Amos Chanda and other PF cadres to be in charge of KCM Liquidation team. This move will cost Zambia a lot.
Yes, we all support the GRZ, however, the approach is suspect right from the beginning
ITS A SAD READING REALLY ~ DOES THE REPUBLIC OF ZAMBIA HAVE COMPETENT LAWYERS TO ADVISE ON SUCH ISSUES OR CABINET JUST WOKE UP AND PASS PARTY DECISIONS ! I HEAR WE HAVE A HANDFUL OF LAWYERS IN GOVERNMENT BUT WHY HAS THIS ISSUE TURN LIKE THIS? IS IT BEING DRIVEN BY CK & H.H.
OH,I HOPE THE COUNTRY WOULD BE SURCHARGED LIKE ZAMTEL.
Sonta … yes we do! Please refer to 6.4 above.
Thank you
Anglo-American ploys .
So this what they are seeking with Stuart CHAMBERS..?
subcontracting almost 90% of mining activities bcoz they can’t do it themselves, slavery conditions of service to employees, employing foreigners without permits to do jobs Zambians can do etc. Just because they are investors does not guarantee them to do what ever they want. govt did there home work, I am.sure they even found a caretaker to take over the mines and stop them from getting flooded. VANDETA IS A JOKER
This is where Zambians should unite above politics. Our wealth is under attack. These chaps are on record saying how easy they made their fortune in Zambia. Let them go to court. The Government should now press for maximum fines for environmental and financial breaches. We forget very easily how this whole thing started. What jurisdiction does the international court have over our resources? If this is in the contract, please expose the person who did the negotiating on the government side so that we can ask them in whose interest were they making those deals.
Walasa … keep that kind of thoughtful processing going. You are a patriot.
Let Zambian government take agarwals
Video and submit to international court.
Let him tell the court what he was saying.
This is what happens when a clueless leader makes populist announcements and decisions without seeking counsel from experts. Lungu copied hh stance on the mines without knowing how to execute the plans. My mixed race son thinks that lungu is a very ignorant man for a lawyer. My son works for a magic circle law firm in London. Elisa my swiss wife and I are proud. My son is earning 78000 pounds a year as a newly qualified
The only clueless guy I see here is yourself. We are in control of our destiny now and this puts on notice any other mining company not to mess with Zambians.
Uko, PF and their irrational decisions have cost us a lot. We’re in the capitalist era where grabbing other people’s things is viewed negatively. Now you’re being downgraded every where before you know even the Chinese will stop helping you. those who were matching in solidarity ought to foot the bill and spare the rest. It’s time we hold PF responsible for their actions. We can run the mines but not under PF, this regime will just run it to the ground like they have done with the economy
There’s nothing irrational about taking control of our resources from these Indians who clearly have been robbing us.
China … you have no clue what you’re talking about. Please keep quiet.
Thank you
Lungu is a tinpot dictator, will take Zambia to the pit.
The importance of having educated people in power and not the calibre of Kampyongo and Lusambo. Educated leaders would have first called in very intelligent lawyers and asked for the merits and demerits of a chosen course of action, look at all the legal repercussions and then find an alternative that would still come back to the same result, the removal of Vedanta. But no, our dull humble dancer who fails to think had to bring in a PF lawyer as liquidator with no experts on board. Sad.
You are already celebrating on behalf the foreigners. What a shame. Ok we’re not educated so we will stick with our uneducated leaders. . At least they know that we exist. Yeah our KK far outstrips even those with PHDs. He got us independence. He created hundreds of thousands of jobs for us. Enter the educated…. what do get? Jargon like macro or micro economy and it’s jargon after jargon. So what did you want government to in the face of impending job losses? Clap hands and say well done KCM?
Our lawyers have done there home work. You are not inside to know what’s happening. Have you read the investment agreement? Vendetta wanted to take the gvt to a Zambian court but it seems they know they Will loose so they opt to go for arbitration out side Zambia.Let them go. The gvt has a very strong case bcoz Vandeta has broken every single clause in that contract ranging from environment, for your information there is a case in the London rcourt egarding this, failure to pay salaries, suppliers, holding stock for more that a year without selling it as a way of punishing the govt, importing concentrate from south America and Congo to sell while abandoning mining activities in our mines, non payment of taxes, subcontracting almost 90% of mining activities bcoz they can’t do it…
Ndanje, how am I celebrating when am saying certain procedures should have been followed to avoid this looming crisis? Why have we not learnt from the Lapgreen debacle where we are currently paying them damages? Do you think it is now wonderful we are at the court of arbitration that usually sides with investors?? Did you know that the agreement signed between Zamhbia and Vedanta has specific courses of action in cases of dispute and that the international court of arbitration was given the mandate to preside over such? Read first my brother. Not all comments are opportunities to disparage this utterly useless government. Read bane, get an understanding of the subject matter at hand and then understand what am putting across. Do not be a cadre.
Yes Ndanje, stick with your uneducated leaders because they know they can steal K6 billion from you and you will cheer them on because you never demand accountability and that is very sad.
Coward, if you had learned lawyers we would have not been paying US$480 million to lapgreen in damages right now. Your lawyers are dull.
Ndanje, when a company is liquidated do you know what happens to workers ayi? Government protecting jobs by liquidating a company, do you know how ridiculous that statement sounds? Do not make me question your academic credentials please.
And they did … just because you’re not intelligent enough to be invited doesn’t mean intelligent people didn’t think everything through. Watch the next steps.
Thank you
Ba Luchembe, PF already have a history of messing everything up so those next steps you are talking about are nonsense.
13.6 Dude love. Don’t worry about my academic credentials. What is the point of getting a good education when all you can do is write nonsense on social media? Go out there, invent something useful then we shall appreciate your education. I learned my English at a bus station, managed to make something out for myself, I can go out at will so why should I bother about theories? Enjoy your weekend.
Oho ba Ndanje kanshi your English was learnt pa Intercity? Explains the ingrained cadre in you and also explains why your thinking threshold limits you to only focus on petty things. Issues to do with the economy are actually beyond your grasp. The theft of K6 billion is not theory by the way. Maybe go back to the bus station and get a bit more education.
@Ndanje Khakis, don’t take it to heart. Dudehater is an absolute ignoramus, he is just carrying on a PR campaign for foreign readers suggesting UPNDers are more Intelligent, but no one who reads his discriminatiory abusive use of language can believe he is actually a learned person. For a start ask him to spell and explain what DEMOCRACY means!!!!
The funny thing is that he is not very digital savvy! He has given your comment a long thread, which is the purpose of social media to attract comment. His threads are usually just his sorry ar.se hanging out with nobody to give him s tickle!!
Has he exhausted the Zambia judicial process? It’s like appealing even before judgment has been passed.
Faka chimuchila between your legs iwe ka mdanje. You are a silly pf cadre who tried to masquerade as a upnd member until I called u out years ago. Following that you then decided to make out that you are non partisan and yet everyone can see how supportive and biased you are towards pf. You disgust me. You are just as corrupt as those thugs you support. Elisa my Swiss wife thinks you are an insignificant piece of s.h.i.t.
It’s better to keep your pen in your pocket if you have nothing constructive to write.
pen pa computer?? stop smoking mbanje khakis
Mbanje Khakis arguing from a point of ignorance as usual. He can even beat people telling truth because he does understand his error. These PF are very dangerous chaps to be in leadership. What a shame. Even Lungu does not show an trace of a lawyer in him. He is just a criminal kaponya. If UNZA produces these types of lawyers, the institution could really be questionable. My only consolation is UNZA products of Mwanawasa caliber are excellent.
It will not work for Vendatta.
The law says a shareholder ZCCM IH has the right to file for liquidation is the company is unable to pay its debts as and when they fall due. The issue is between KCM and ZCCM IH as shareholders not Zambian goverment.
There you go … you are a fine young man. Keep informing these uneducated bloggers most of whom are export defects.
Thank you
Zambian government will be sued for having not protected Vendatta Investment, that is the reason Vendatta is taking on GRZ for an arbitration.
If Zambia loses this case, it will be more costly, you are looking at the returning the $3bn that Vendatta claims to have invested in KCM and all arbitration costs.
Stop jumping up and down with excitement like mon.keys, GRZ needs to be careful and select the best legal team to defend them. Your high courts can say what they want the results of arbitration are bidding.
The ECL Govt was going to win this Arbitration Case if the matter was going to be handled by a Zambian Kangaroo Court called Concourt. Unfortunately for ECL the International Arbitration will handled by an Independent and impartial Arbitrator in a South African Court. No doubt ECL will be exposed and lose the Case badly and in the Process tarnish the image of Zambia in the eyes of Investors and Creditors. Just wait and see.
China beware with your financial domination in developing countries. When leadership changes in these countries – HOKOYO.
just go back to india. You are now irritating us.
Chinese wil it buy the mine at 2.2 billion usd
Hh also wants to buy it using Anglo America
Angelo American or Chinese are welcome to buy the mine as long as they are good investors.
This could end up being the first 100% owned mine in Zambia since 1993. No need to seek an equity partner. We can run this under ZCCM-IH. Constitute a new board and appoint very smart people to run it. Think about smart kids like Dambisa, Clive, BRM, etc.
Dambisa has been sitting on the Board of Directors for Chevron since 2016, for instance, worked for Goldman’s Sachs before, etc. She’s one among the few who have the right international exposure, experience to run KCM and knows how to raise capital should KCM need more CAPEX.
Thank you.
Kabiyeni kumyenu or kumbi, chinshi chashupa, you think Zambian copper is worth the 3 billion song you have been singing for some time now, whether you win or not you are not going to do mining business in Zambia again, should you force it you will get the rath of the people of Chingola and Chililabombwe, with who ever in Government will try to simplify and trivialize the will of the Zambian people, please go in peace.
Anglo
The mining giant said a shareholder deal with the Zambia “provides for disputes to be submitted to international arbitration in Johannesburg.”
That agreement was signed by the Levy Mwanawasa Government.Credible lawyers like Levy Mwanawasa,Mundia Sikata and George Kunda were comfortable with the agreement.
Not lawyers like ECL who make phone calls or wake up PF cadre judges at 2am in the morning to rule in their favour.
REMEMBER LAPGREEN
KCM chapter is closed whether UPND cadres like it or not,Agarwal’s team wont be allowed to mine in Zambia.The greedy Indian investor cannot force himself on people who do not want him.Moreover,there is nothing wrong here.KCM owners are free to go to any court in the World but any judgement from such a court wont mean Agarwal’s team will be allowed back to continue mining in Zambia.Lapgreen of Libya went to court and won but ZAMTEL IS STILL OUR FIRM,SEE!!Blind regional followers really amaze me.surely did you expect ECL’s Govnt to simply watch as those indians continued destroying KCM mines?UPND IS INDEED CURSED!!!
“ZAMTEL IS STILL OUR FIRM,SEE!!”. Thats the Jock of the year.
The company is practically insolvent with a liability of over $350 million owed to lapgreen.Because of PF’s actions,the company is cursed with debt and will never compete with the likes of MTN and Airtel.
No Zambian or Foreign bank can offer major financing to ZAMTEL cause that $350 million figure is stuck on the companies balance sheet(or statement of financial position).
INVESTING IN ZAMTEL IS THE SAME AS PUTTING MONEY IN A HOLE $350 MILLION DEEP .
THE KCM HOLE WILL EVEN BE BIGGER AND DEEPER.
You see guys…this man has been saying he does not make any profit from KCM..now why does he not want to go?? Zambians wake up and fight for your resources …you rich Zambia but your so called investors tramp upon you. Wake up Zambia and tell this con man to go to hell.
The Vedanta people can go, but the PF government have not handled the KCM issue well. You really wonder where the legal advisors to the government are doing, they should have advised
When Lungu was hipper jumping Up and Down at Ndola Airport, he promised to use the Attorney General in order to resolve the matter leigally. Alas the moment he got back to Lusaka, he was in too much of a hurry and decided to do what he knows best ‘The Chawama Legal System’. He engaged the street lawyers Milingo Lungu to apply for an ex-parte order in the crack of the nite and who speediy appointed a lawyer to represent KCM. It appears the Attorney General did not agree to the use Chawama Legal System, so he had to use the cadres who are masters of law of the jungle and have some Judges in their pockets who are on call 24:00 hrs a day. So here we are with liquidation. Can the Attorney and Solicitor Generals take over from here??? Someones fingers will get burn’t.
What can a corrupted lawyer like Lungu understand about the consequences of his actions. The guy is heading straight from state house to prison come 2021.
Sorry curry munching Argawal, nothing for you there. This is a liquidation my dear boy, not a dispute, there is no provision for arbitration…
….your problem, curry muncher boy, is that you neglected to pay your bills. That is not a dispute boy. Try clearing your suppliers and contractors first, maybe then, just maybe, arbitration may work.
MY THOUGHT: The government strategy is to liquidate KCM so that all the liabilities are closed through the liquidation process. Some beneficiaries will lose out. After that remember that the mineral resource in the ground belong to the Zambian people through the government. After the liquidation, the resource can then be entrusted with whoever has the capacity to develop/mine it. The new investor will “start afresh.” If the investor is identified in good time before the full process of liquidation, he can buy off some asserts. Alternatively the buyers of the disposed assets can sell that to the new investor.
The problem here is some people will buy these assets for resale and we know who those will be.
“ZAMTEL IS STILL OUR FIRM,SEE!!”. Thats the Jock of the year.
The company is practically insolvent with a liability of over $350 million owed to lapgreen.Because of PF’s actions,the company is cursed with debt and will never compete with the likes of MTN and Airtel.
No Zambian or Foreign bank can offer major financing to ZAMTEL cause that $350 million figure is stuck on the companies balance sheet(or statement of financial position).
INVESTING IN ZAMTEL IS THE SAME AS PUTTING MONEY IN A HOLE $350 MILLION DEEP .
THE KCM HOLE WILL EVEN BE BIGGER AND DEEPER.
Dude love sorry I didn’t finish with you. …was rushing home. Yeah LT is an open forum where all of us can express our options whether we’re not educaTed or otherwise. Those who feel they are no ready to mix with us can simply find professional fora according to their specialization. Secondly, I have never seen you question the credentials of those who post insults against president Lungu or his ministers. .doesn’t that say a lot?
@Ndanje Khakis, don’t take it to heart. Dudehater is an absolute ignoramus, he is just carrying on a PR campaign for foreign readers suggesting UPNDers are more Intelligent, but no one who reads his discriminatiory abusive use of language can believe he is actually a learned person. For a start ask him to spell and explain what DEMOCRACY means!!!!
Now in Johannesburg there is no room for calling the Judges to twist the verdict or the read the constitutional upside down from the White house. There it is normal judgment. If the PF government (21 tribes and 4 provinces) not a Zambian government (72 tribes and 10 provinces) win the case then that will be truth without doubts. No easily manipulated ConCourt which has been tailored as a default win to PF. The Sensheke it is a deliberate own goal in readiness for Katuba
Cadres are very ignorant! We are all now living in a global village and are also connected to international laws. When your leaders mess up things you the cadets suffer most due to aggressive revolution . who told you the mine owners have no protection? Just accept that your foolish leaders have led us to this level and you Will soon see many miners turning into street adults and joining the vision less pf cadres
“Mr. Agarwal said on Thursday the company was working to comply with Zambia’s laws and tax requirements.” What they been working on all these years?
FYI this mine will not be owned by Zambians once all the dust in the courts settles and the Indians are gone. Show me a patriotic Zambian on the liquidation team, and I will predict the future of KCM. Brace for impact, hope you have strong stomachs. If this mine was going back into Zambian hands, the top brass would be forefront assuring the nation. There is a lot of spookery written all over this, I would say hold on to your optimism for now. Long live mother Zambia.
And someone here threw in some names of the dream ëxecutive team”of the future KCM. Dambisa is an American, Chirwa is a Briton, Fundanga and Musokotwane are enjoying their retirements and rightly so. Don’t drag these people into this, we can source people locally who can run this thing if it is at all going back to Zambians. These folks you have mentioned will demand huge salaries which our humble coffers cannot handle. There are a lot of intelligent young people out there hungry to make their mark and contribute to the Zambian enterprise who will come with less salary demands. “To really grow our country we should stop respecting persons and focus on patriots only.”I end there.
The Joburg case should rule on Zambias’ side Vedenta a company which in part was delisted from the UK stock exchange only recently. Vendanta, has a bad international reputation. As the Tamil Nadu community said during protests, chanting “looter polluter,” so say we.
Vendantas’ statement says; ‘Vedanta was assured by the government that it had not entered into any sale agreements with other parties for the mines,” had better not be true. The command from His Excellency, should be “straight ahead, maintain course.” We have our own law courts with full jurisdiction, we don’t accept foreign jurisdiction in this matter as Vedanta is in breach.