President Edgar Lungu has constituted a team to of Members of Parliament to be led by Kantanshi Member of Parliament Anthony Mumba to be part of the Konkola Copper Mines negotiating team that already comprises Government officials.
President Lungu said that he wanted transparency in the process and the team will also include unions and chambers of commerce.
Mumba will be part of a team that comprises Government, some Members of Parliament, Union and Chamber of Commerce officials.
Minority shareholder, ZCCM-IH started the legal process to divorce Vedanta Holdings through a liquidation process.
The Court has since appointed a provisional liquidator, Milingo Lungu.
This is contained in a statement issued by State House on Sunday evening when President Lungu reshuffled his Cabinet and dropped the Minister of Finance, Margaret Mwanakatwe and appointed Dr. Bwalya Ngandu in her place.
Please give us a full list of appointed members before commenting on their calibre, capacity and professionalism.
Mwanakatwe finally panse! Drunkar.d do.gs these
What are they negotiating? And with whom?
This gang of thieves is relentless.
My advise to people seating on this team not to behave like the way Hakainde behaved during privatization of Lima bank, Sun hotels, Luanshya mine, etc by only enriching himself. Think of many Zambians first who are today suffering.
HH was chief executive of a managing consulting and accounting firm. Whatever consultancy money he earned passed through the accounts of the firm where other staff and partners had to be paid, rent for the offices the firm occupied. From the salary he received, govt taxed him. He merely invested wisely in a sector that had good growth prospects and that paid off. Many Zambians were contracted to supply expertise to the privatisation process such as Francis Kaunda, Edgar Lungu, Elias Chipimo Jnr, Bwalya Chiti etc.
What are terms of Reference for the Govt appointed KCM Negotiating Team? Since Vedanta has been kicked out of KCM and a Liquidator has been appointed why do u need this expanded Team of Negotiators? Are they negotiating with the New Chinese Investors in KCM? What does this Team of Negotiators know about Mergers and Acquisitions of Companies? When KCM International Arbitration starts the Govt appointed KCM Team will not be needed in Court. ZCCM-IN and the Liquidator are the only ones Party to International Arbitration and Vedanta. The Negotiating KCM Team is a waste of Govt Money.
This move undermines the Court process. How do you negotiate for what is not there? The application before court is to wind up and sale the assets of KCM. If application will succeed then the proceeds will be used to pay the liquidator and his lawyers, outstanding taxes and other statutory obligations as well as workers benefits and suppliers. The balance will be shared by shareholders were vedanta will get 80% and Zccm-Ih 20%. Since this is a court process, the sale of all assets should be by public auction. Question is: what is the role of a negotiating team when the modus operandi is public auction by hammer?
This is the more reason that Cabinet must be appointed outside Parliament so that the President can have powers to appoint best brains in the country to help him run the country. Good luck Dr Ngandu!
Whle Higher Education Minister Nkandu Luo insists that the Copperbelt University will only be opened after CCTV is installed at the university, she and her cabinet colleagues are cashing in over the transaction.
With barely three days after Infrastructure Minister Ronald Chitotela was acquitted, another scandal involving Patriotic Front (PF) Ministers has been uncovered.
The latest one involves Information Ministers Dora Siliya, her counterpart at Higher Education, Professor Nkandu Luo and Home Affairs Minister Stephen Kampyongo. – zambiawatchdog
This will not end well. Majority share holder had no say in the initial decisions. . Like a wife without consulting the husband.
I was ridiculed on this forum when I called for receivership as an avenue against liquidation.Now these new appointees shows confusion.
Let see
How do you divorce Vedanta through a receivership? Sometimes you should learn to shut up if you are clueless about something.
Anthony Mumba you have an opportunity to prove yourself. I have already spoken about Mumbi Phiri I don’t wish to say more. The people of Chingola are aren’t different from those of Mufulira where you come from. You know why they preferred you over Yamfwa Mukanga. Please don’t behave like the Freemason did! I wish you well
Mwanakatwe she is clean ,and only used as a clean toilet paper.Ba Chikwanda gave us all the dirty.
What are they negotiating? In clear violation of the ongoing court process. Lawlessness, whether you like KCM.
Or not….
@Mbuzi
I was equally ridiculed by one Danielle and labelled clueless when I suggested that naturally receivership must precede liquidation unless otherwise.Today we hear the appointment of new members of the negotiating team from the President who was earlier quoted in Maputo of having said that the buyer for KCM will be announced by end of July.ZCCM-IH has weak locus standi in the liquidation process as a shareholder.ZCCM-IH had more leverage doing this within the boardroom as opposed in the courts of law.
Good riddance to the Drunkard at Ministry of Finance. On KCM ECL has realised he is dealing with a Political Hot Potato. Vedanta is not going to just walk away without a fight like a jilted Wife. ECL has now realized KCM International Arbitration is not going his way. Zambia will lose the Case and will end up Paying hefty fines in Damages and Compensation to Vedanta. To make matters worse New Chinese Investors in KCM are not wanted by People on the CB. To Buy Out Vedanta out of KCM the New Investor and GRZ will have to pay a Premium. The longer the International Arbitration takes the more GRZ will have to cough out Money to pay workers at KCM. This is what happens when u involve People with no Professional knowledge in Mergers and Acquisitions. Vedanta will clear its Name and walk away…
Comment: kxm belongs to Zambia and Zambians so who ever think of siding vedanta can go to India and be with them, we have a chance again to negotiate kcm sale as Zambians
In Business Marriage a Divorce has to be agreed between Shareholders. Vedanta has 80% Shareholding in KCM. Without the consent of Vedanta no new shareholder can buy KCM Assets in terms of International Law. Sadly Vedanta has a say in exiting KCM and Zambia. GRZ and the New KCM Investor will have to Buy Out Vedanta at a huge Price. Thats how these deals work.
Am hoping the expanded team will result into more knowledge being added on the table especially political implications. The added MPs should be able to remember how the ‘old’ ZCCM was mandated to support Zambian industries on the CB. As a result we had manufacturers, many jobs and more tax.
So ensure that the new investor, buys predominately from Zambian local manufacturers in order to have more jobs and more money in the pockets and consequently more VOTES for you!!!
Minerals are OUR GOD given resources and YOU are the ONES GOD has put in charge to ensure that the resources benefit Zambians as a whole and not a few chaps.
The Govt Appointed Expanded Team of Negotiators can only negotiate with a New KCM Investor for the future. For now what is crucial is to Buy Out Vedanta out of KCM at an Agreed Price. For this to happen u need Vedanta’s Consent. As much as People might hate Vedanta they have to accept that this business Divorce is not possible without Vedanta’s Consent and Co-operation.