© 2021 Zambia Reports. Is he a liquidator or the new CEO? If the KCM wage bill is US$2 million a month, where is government getting this money? CHINGOLA, 29th September 2020: The Provisional Liquidator (PL) of Konkola Copper Mines (KCM), Milingo Lungu, wishes to categorically refute a story published in the News Diggers newspaper of Monday, 28th September 2020 in which it alleged actions of impropriety by the PL at … KCM seeks to appeal discharge of injunction By Mwaka Ndawa on August 31, 2020. The answer is in what is happening now. Vedanta Group of companies and its owner Anil Agarwal the Indian billionaire has been a trick star to the Zambian government. The Court of Appeal sitting at Ndola has ordered a halt to liquidation proceedings for Konkola Copper Mines (KCM) to allow owners Vedanta … Zambia records 850 COVID-19 cases in one day, Shooters protected by the State, matter closed. When we said innocent Zambians were going to pay because of the PF’s carelessness, some people accused us of not being patriotic. Lungu Remains Commander-In-Chief – Cabinet Chief, Lawyer Reports Hichilema, GBM To International Court For Crimes Against Humanity, Hichilema Offers 10 Point Plan To Fix Zambia, ConCourt Adjourns Presidential Petition To Tuesday, Today’s Photo: PEACE; Pres. The liquidator Milingo Lungu said that ZCCM has lost confidence in the way KCM is running the mines, following that petition they appointed him as provision Liquidator until final winding up process is reached. He has further appealed to government to immediately find another investor to take over Chambishi Metals. “We call upon the mines safety department to collaborate with all stakeholders and help address safety concerns in the mining industry,” he stated. Zambian Judiciary warns against discussing Konkola Copper Mines (KCM) liquidation case June 12, 2020 June 13, 2020 arnbethnic The Zambian Judiciary has issued a warning to the public against making running commentaries on a matter where ZCCM-IH has instituted winding-up proceedings against Konkola Copper Mines Plc. GOVERNMENT says the provisional liquidation of Konkola Copper Mines is not about the mine being insolvent but the government opting to terminate its partnership with Vedanta Resources. Why are thieves in PF regalia siphoning public resources through a bogus liquidation process and calling it government intervention? When they took over KCM they found only K600,000 in the bank accounts. The two parties met with the bid to explore possibilities of ending the running dispute that has ended in the liquidation process of Konkola Copper Mines. They told the people of Zambia that they were liquidating Konkola Copper Mines because the investor, Vedanta, had failed to pump in the required capital to sustain operations and keep the workers in employment. Here we are now! Nyondo stated that at the time of the commencement of the liquidation proceedings of KCM in the Lusaka High Court, there was due to CEC an amount of US $46,909,303.75 and it was observed that CEC had on May 14, 2019, issued a Notice of Restriction of Power Supply. Email: editor [at] diggers [dot] news. Is it to distribute tenders to PF cadres and their bosses? At first, they came up with all sorts of lies to try and explain why a company that is in liquidation was continuing to operate as if there was just a change of management. “Vedanta Resources and Konkola Copper Mines (KCM) are aware of media reports that Zambian state-owned company ZCCM-IH has obtained an order against KCM,” Vedanta said in a … Liquidation simply means winding up a company, for whatever given reasons, and selling its assets so that it ceases to exist. Zambian court stops KCM liquidation ... MiN-MET.com (Mining Processing & Metallurgy) is a digital communication platform, which provides independent news and updates for latest technology, products and services related to mining processing and metallurgical sectors. Who is Milingo Lungu at KCM? He said the former employees deserve to be treated better. They wanted KCM to empower cadres. – a Zambian copper mining and refining company which is a subsidiary of Vedanta Resources Ltd. What is he role now, seeing as the company is not under liquidation as the public was made to believe? The government has placed KCM under liquidation on alleged failure to honour tax obligations. This is not right,” Mr. Chewe said during the Union’s Supreme Council held at Katilungu House in Kitwe. ... Latest News. They wanted KCM as a milking cow. So why is government keeping Milingo on that position? Liquidation is liquidation; you cannot change it’s definition to suit the government’s position and you cannot use it to hide your intentions from the public. Mr. Walamba who served as MUZ President from 1982 to 1990 said mine unions are failing to bargain for better perks for their members because of too many voices. At some point, those who were warning government to handle Vedanta with care sounded like they had been paid by foreigners to sing their agenda. Chief Registrar of the Judiciary and director of court operations Charles Kafunda stated in a public notice issued, Monday, that should discussions on the said matter continue, contempt proceedings may be … Placing KCM in liquidation will soon prove very costly for this government. This is according to an application for ex parte order appointing a provisional liquidator filed in the High Court on May 21. Lus/9812/649-MC8 off Alex Chola Road Nyumba Yanga P.O. Box 32147 Lusaka, Zambia, Telephone or WhatsApp: +26-097-7708285 +26-095-3424603 +26-096-5815078, Email: diggers [at] diggers [dot] news editor [at] diggers [dot] news. They said the workers, suppliers and contractors at Konkola Copper Mines needed a more serious investor to take care of their concerns, where is the investor? And former Mine Workers Union of Zambia president Timothy Walamba is worried with the formation of too many unions in the industry. The Mine Union Workers of Zambia (MUZ) has called on government to intervene in the court processes involving Konkola Copper Mines. Lusaka — A Zambian court has dismissed an application by Vedanta to stay the liquidation of its Konkola Copper Mines (KCM) unit, and set the hearing for a winding-up petition on Augusut 27. MUZ President Joseph Chewe said former KCM employees have been subjected to anguish by the mine owners. What type of news do you like reading the most? Lungu Wins Tight Presidential Election; ECL 1, 860, 877 Hichilema 1, 760, 347, Muvi TV & Komboni Radio Licences Revoked For Alleged Misconduct, Pres. It is the innocent taxpayers who have been forced to take over this liability. MUZ Seeks Govt Intervention in KCM Liquidation Case Chris Phiri | December 14, 2020 The Mine Union Workers of Zambia (MUZ) has called on government to intervene in the court processes involving Konkola Copper Mines. Would love your thoughts, please comment. The liquidation order stipulates that the liquidator will have the power to carry on the business of KCM, to take possession of assets, to dispose of assets by public tender, and to sell properties. KCM Liquidation a scheme by a clueless clique in the leadership of this country to loot the mines assets – Dr Fred M’membe. After KCM was placed in liquidation they had no reason to bring in money for salaries and other expenses. Home / Court news / KCM seeks to appeal discharge of injunction. This man is not a mining expert, he doesn’t understand anything about the mining sector. ZCCM Investment Holdings PLC has asked the Lusaka High Court to grant them an order to appoint Milingo Lungu of Messrs Lungu Simwanza and Company as provisional liquidator of Konkola Copper Mines PLC. KCM Placed Under Liquidation May 21, 2019 mwebantunews ZCCM Investment Holdings PLC has asked the Lusaka High Court to grant them an order to appoint Milingo Lungu of Messrs Lungu Simwanza and Company as provisional liquidator of Konkola Copper Mines PLC. INTERNATIONAL - Zambia’s Konkola Copper Mines (KCM) smelter was on Wednesday shut down for annual maintenance two days earlier than planned after a … Vedanta Resources is providing an update on the current situation affecting its Konkola Copper Mines (KCM) operations in Zambia. Sinkamba stated that if the objective of government’s take-over of KCM operations was to carry on with the business of the mine with a view to rescue it from alleged insolvency, then instead of going for liquidation, ZCCM-IH should have commenced proceedings under Section 21 of the Corporate Insolvency Act No.3 of 2017. No one should lie that KCM is more viable now than before or that it’s making more profit now than before. It’s not his field. ZCCM Investment Holdings Plc has asked the Lusaka High Court to grant them an order to appoint Milingo Lungu of Messrs Lungu Simwanza and Company as provisional liquidator of … Lungu Flashes A Peace Signal, LATEST OFFICIAL ECZ RESULTS: UPND Maintains Lead By 3, 430; Hichilema 514, 816 Vs Edgar Lungu 511, 386, Hichilema Wins Another Day In Court; No Verdict As ConCourt Adjourns To Monday, LATEST ECZ OFFICIAL RESULTS: PF Leads By 70, 571; Edgar Lungu 1, 454, 165 Hichilema 1, 383,594, Cartel Takes Over LAZ; M’membe & Nchito Allegedly Calling Shots, MUZ Seeks Govt Intervention in KCM Liquidation Case. Vedanta is the majority shareholder in KCM with an 80% stake. Musukwa was referring to a dispute with Vedanta dating from May last year in which the state-owned copper company, ZCCM-IH, sought the liquidation of Konkola Copper Mines (KCM). Vedanta Resources, owned by Anil Agarwal of India, is the parent company of Konkola Copper Mines (KCM), with 79.4 shareholding portfolio. So the people must know that when they hear about US$1.6 million is being shared among PF cadres, they must know that it is their taxpayers money being squandered. How come KCM which was placed under liquidation in May 2019 is still operating as if everything is normal? Vedanta was bringing in money from abroad every month to pay salaries and some suppliers. He has stated that most miners have lost their jobs in the recent past hence the need for government to rise to the occasion. The Court of Appeal sitting at Ndola on November 20, 2020 delivered a Judgment ordering that Liquidation proceedings at Konkola Copper Mines Plc to be stayed to allow ZCCM Investment Holdings and Vedanta Resources to proceed to arbitration. “Every time we see Vedanta issuing statements on the status of the mine, people want money, are we going to eat statements? ZCCM-IH has a 20% stake in KCM, which has productive capacity of about 100,000 tons of copper. Vedanta also said that it believes the appointment of the provisional liquidator, has placed KCM under additional financial pressure. Headlines Chief Editor-December 31, 2020 17. We can’t wait to see how the battle between the PF cadres is going to pan out and who will end up the rightful beneficiary of this tender. WE can’t wait to hear what the Konkola Copper Mines Liquidator, Milingo Lungu, has to say about the US$1.6 million KCM scandal in which he has been implicated. The investment company in KCM which is going through a ‘messy divorce’ with government said this in a statement released on June 20 after the Lusaka High Court ruled against its application to join the KCM liquidation process. The Editor of News Diggers gets to decide what is published. But today, we just want to remind our readers that what is happening at our biggest mine is something that we have written and warned about before. WE can’t wait to hear what the Konkola Copper Mines Liquidator, Milingo Lungu, has to say about the US$1.6 million KCM scandal in which he has been implicated. We are told that the Liquidator, Mr Milingo Lungu, will keep operations and all workers in place while a smooth transition to a new owner is made. On 17th May 2019, Zambia’s President, Edgar Lungu, announced the take-over of Konkola Copper Mines (KCM) Plc. The liquidation of Konkola Copper Mines (KCM) by the government is welcome, things have not been alright with the mining company. THE Judiciary has issued a warning to the public against making running commentaries on a matter where ZCCM-IH has instituted winding-up proceedings against Konkola Copper Mines Plc. CHOMBA MUSIKA, Lusaka LUSAKA High Court judge Annessie Banda-Bobo has stayed winding up proceedings of Konkola Copper Mines (KCM), pending appeal of … The Post was liquidated, it is gone! MUZ President Joseph Chewe said former KCM employees have been subjected to anguish by the mine owners. All Rights Reserved. We can’t wait to see if KCM will ever get the so-called Heavy Fuel Oil, which necessitated the US$1.6 million payment to this questionable company called Cashfin. The PF government must be ashamed about what is happening at KCM. Plot No. Provisional Liquidator Milingo said that the Court of Appeal has not discharged the Provisional Liquidator. A High Court judge has placed Konkola Copper Mines (KCM) under liquidation and appointed a PF cadre Milingo Lungu as provisional liquidator This follows ZCCM Investment Holdings PLC ‘s petition to the Lusaka High Court to to place KCM under liquidation in line with corporate insolvency laws of Zambia. KCM placed under liquidation as high-powered delegation arrives in Chingola to takeover mine May 21, 2019 mwebantunews The High Court has appointed Milingo Lungu of Messrs Lungu Simwanza and Company as Provincial Liquidator for Konkola Copper Mines (KCM) following an application by ZCCM-IH. Is this what you promised the people of Zambia? By ALICE NACHILEMBE The liquidator for Konkola Copper Mines has taken charge of the assets of KCM to facilitate the transition process of liquidation. Meanwhile Chewe said the 13 lives lost this year in mine accidents is worrying and calls for proper safety measures to be put in place. It is unclear whether all of the company’s assets will be included in the liquidation. Government has placed KCM under liquidation. KCM liquidator objects to appointment of Nchito & Nchito in KCM Liquidation By Mwaka Ndawa on June 11, 2019 KONKOLA Copper Mines provisional liquidator Milingo Lungu has objected to the appointment of Messers Nchito and Nchito by Vedanta Resources and KCM board chairman Srinivasan Venkatakrishnan of London as their legal representatives. The people of Zambia must know that KCM has no cash flow at the moment and is relying on government resources to pay the over 13,000 employees. Chewe wonders why no investor has taken up Chambishi metals, months after the Mine was placed on care and maintenance due to insufficient feedstock. They wanted the money to make money for themselves and for campaigns. Milingo Lungu, a lawyer, has been appointed to serve as provisional liquidator to take over the running of the operations during the transition. 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