Monday, June 24, 2024

Milingo Lungu’s Continued Activities Will Be Costly To ZCCM-IH and the Nation in the Long Run

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Green Party President Peter Sinkamba has warned that the continued acts of KCM liquidator Milingo Lungu at KCM are illegal and that his continued activities at KCM will surely be costly not only to ZCCM-IH but the nation as well in the long run.

Reacting to a media statement by Vedanta Resources Holdings Limited with regards to rumours in Zambia that the Provisional the Liquidator is set to split the KCM business into two separate units and is considering divesting one or both of these units to unnamed, opportunistic and potentially ESG-challenged investors, Mr Sinkamba said that urged President Lungu, as a lawyer, to direct Mr Milingo to pack his bags at KCM and wait for the outcome of the arbitration process in South Africa and/or further directions of the Court of Appeal or the Supreme Court.

Mr Sinkamba further appealed to Government to engage Vedanta into a meaningful dialogue, since it appears from the tone of the statement that the company is still ready to resolve the difference amicably.

Below is the full statement that Vedanta issued

VEDANTA UPDATE ON KCM

10 December 2020, London: Vedanta Resources Holdings Limited and its parent, Vedanta Resources Limited (“the Parent Company”), issues the following statement with regards to rumours in Zambia that the Provisional Liquidator is set to split the KCM business into two separate units and is considering divesting one or both of these units to unnamed, opportunistic and potentially ESG-challenged investors. Such action would be in violation of the Court of Appeal’s recent ruling in its judgment dated 20 November 2020.

On 20 November 2020, the Zambian Court of Appeal delivered a judgement ordering that the winding up proceedings against KCM be stayed pursuant to section 10 of the Arbitration Act, 2000. Whilst it is the firm intention of the Company to find an amicable solution to the dispute with ZCCM-IH that is in the best interest of KCM and Zambia, Vedanta will act within its rights to ensure that its interests in KCM are fully protected and the provisional liquidator does not act in flagrant breach of the Court of Appeal’s decision. Moreover, Vedanta will take all necessary steps both in Zambia and internationally to safeguard its interests in KCM should the provisional liquidator attempt to dispose of KCM’s assets to any third party who would axiomatically be party to an unlawful act.

Vedanta remains strongly committed to KCM, its operations and employees, local communities and the Government of Zambia, just as it has been over the past fifteen years. This commitment includes providing significant financial and technical support to KCM in order to stabilise current operations as well as further developing the assets to allow for a successful turnaround of the business, as outlined in our Financial Letter of Support submitted to the KCM board of directors and the Zambian High Court on 16 August 2019. Vedanta will also ensure the payment of all outstanding validated and approved creditor debt.

Any agreement would be subject to terms that are consistent with the current shareholders’ agreement between Vedanta and ZCCM-IH.

15 COMMENTS

  1. Uyu chi.co.lour nga pepa ibange, he talks rubbish. Vedanta and these copper mine investors have ripped off the country since 2002 and you attack your fellow Zambian trying to correct the situation?? Pathetic!!

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  2. Ati we have a humble president who is a lawyer…..
    One day soon it will be proved that actually this guy stole someone’s identity…
    This case is still in court

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  3. Why is PF GRZ waiting for to implement the cultivation and processing of chamaba coz according to the Chambaman Green Party President Petros Sinkambula. He projected that in three years time the country can earn a lot of forex to even pay off part of our debt. I am sure the longer we take to implement the chamba growing project other players (Countries) would have taken up the large share of the market. What is he way forward on the chamba project, there is no need for fertilizers or pesticides apart from labour. We have alluvia gold at Kasenseli in Mwinilunga, no one is benefiting, lets try the chamba formular. On the ZCCM-IH and Vandenta saga, PF GRZ should act quickly to avert loss of money through arbitration process as it will take long to resove, waiting for November 2021, that…

  4. Voice in the wilderness. There’s no one to listen. People affected probably too dumb to sense it. So the band will play on.

  5. @Engineer: it seems our 2 main presidential figures have stolen other people’s identities. Isn’t hh the son of a notorious cattle rustler Chintombwa?? He equally changed his identity at one point. Then you mention Lungu’s case is still in court, what happened to the ICC case you maggots took to court and the petition?? You people are total i.d.!.0ts!!!

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  6. If Sinkamba was President of Zambia, he would need some plastic surgery to align his face with his brain. He is very bright but the looks do him a disservice.

  7. These are the consequences of the illegal debt to the Chinese(unnamed, opportunistic and potentially ESG-challenged investors).
    Remember, only the Chinese banks gave loan interest payment deferment to the PF.This is not a coincidence.
    This is the beginning of what happened to Djibouti and Sri Lanka.China will take over the national assets.
    First would be KCM , then ZESCO(Kafue Gorge lower, Kariba north) , ZNBC (Digital Migration, Startimes) etc

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  8. These are the consequences of the illegal debt to the Chinese(unnamed, opportunistic and potentially ESG-challenged investors).
    Remember, only the Chinese banks gave loan interest payment deferment to the PF government.This is not a coincidence.
    This is the beginning of what happened to Djibouti and Sri Lanka.China will take over the national assets.
    First would be KCM , then ZESCO(Kafue Gorge lower, Kariba north) , ZNBC (Digital Migration, Startimes) etc

  9. Illegal advice to the ministers, illegal advice on KCM, Illegal advice on third time, illegal advice on gassing, illegal advice on fire tenders, illegal advice on ambulances, illegal advice on Covid 19, illegal advice on EVURYSING BAKAAMBA, what kind of foolish people are we as Zambians?

  10. This guy will be long gone and the zambian government will be left with a huge debt and litigation costs just like the lap green issue.

  11. Lungu took 1,000,000 dollar bribe from Mayfair Insurance boss in Kenya to deprive Hollard and Professional Insurance KCM assets risk cover.

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