Konkola Copper Mines has been ordered by the London High Court to settle around US$103 million owed to ZCCM-IH in a landmark case.
This follows ZCCM-IH’s successful application for default judgment in the English High Court to recover outstanding sums in excess of US$100 million due to it from KCM Plc as part of the Settlement Agreement entered into in 2013.
According to the ruling, KCM was been ordered on 16 December 2016 to pay all sums owed to ZCCM-IH plus associated contractual interest within fourteen 14 days.
The court ruled that the total amount to be paid by KCM amounts to approximately US$103 million.
KCM has also been ordered to reimburse ZCCM-IH 80% of the costs it has incurred in pursuing its claim.
The court has also made further directions to determine whether KCM made payments to Vedanta Group Companies in breach of the prohibition on doing so under the Settlement Agreement.
“If and to the extent it is determined that such payments were made, ZCCM-IH will be entitled to recover additional sums from KCM,” the statement read.
Leave to appeal is granted or not?
To which court? Hope doesn’t take 10 yrs to litigation after appeal.
These guys should just surrender the mine back to the Zambian govt. They have totally failed. They are running the mine as if it is a kantemba or a shop owned by an Indian. No investment whatsoever.
@ Max
UK Court are not like Zambian where you wait for ruling for two years
Some sanity at last
Imwe ba KCM give Zambians their money why are you so mean you quintessential capitalists?
Lets get the mine back we gave them for free. Zambia
At least it was not settled at the court stairs..
I am glad that HH could not manage to fly his UPNDonkey cadres to the London High Court. I heard that the queen refused them visas and is also considering withdrawing HH’s visa to her british empirehood.
BP ZAMBIA PENSIONERS IT HAS TAKEN 20 YEARS ON STRAIGHT FORWARD CLAIM
KCM may end up in liquidation or change of ownership.
Privatization of our major mines was done at gun point. The mines from green areas don’t give so many problems.
KCM is not good for Zambia and Zambians. These Indians are completely useless…there is absolutely nothing we are gaining from them. Ask any Chingola resident, including the miners themselves. There is nothing good about KCM. For example, a) they pay low wages which are now even coming late, b) they delay paying contractors and suppliers, who in turn can’t meet their commitments such as salaries, ZRA, NAPSA, Worker’s etc, c) they pollute the rivers and kill aquatic life/ livelihood, d) they pollute the air causing respiratory diseases, killing of plant life & crops (farming), as if this not enough, e) they short-change government on taxes/ prices of copper & under-declare production levels and inflate costs of production. Then ask yourselves, why do we have a government that tolerates…
THE PF GOVERNMENT WHAT ARE YOUR PLANS ABOUT KCM?DO YOU KNOW THAT THESE DOGS CALLED INDIANS HAVE FAILED TO RUN THE MINE?WHAT IS YOUR PROMISE TO ZAMBIAN PEOPLE?
These selfish and mercyless Indians should just leave our nation.Zambian govt pliz do somthng abt this.these pipo don’t mean any gud 2 our country and our town paticulaly(chingola).our town is becoming a ghost town bit by bit.can anyone hear our cry? Will there be anyone to serve us?
Mr President sir. Pliz do some thing about this India they have failed bring good investers otherwise chingola will be complete in cabbage
All contractors to be paid, they have to go through demonstration and stay of from there duties. Indians are useless they have turned the city of chingola to a bush city town. Government bring other investers and don’t sign for these rats. As Chingola people will don’t want them.