KCM NO LONGER UNDER A PROVISIONAL LIQUIDATOR
The Lusaka High Court has removed Konkola Copper Mines (KCM) from provisional liquidation and has reinstated its Board of Directors.
And the court has also terminated the winding up petition proceedings which were commenced by ZCCM- IH.
In this matter, ZCCM-IH had filed a petition in 2019 for the mining firm to be wound up on grounds that it was insolvent and that it had failed to pay outstanding invoices to suppliers and contractors as and when they fell due, among other allegations.
After years of a legal battle, Justice Charles Kafunda has granted an ex-parte order for withdrawal of winding up petition by ZCCM- IH following the receipt of the money by KCM.