KCM Provisional Liquidator clarifies her court action
LUSAKA, 16th February 2024:
Official Receiver and Konkola Copper Mines Plc (KCM)
Provisional Liquidator, Celine Nair seeks to advise KCM stakeholders and the public that the
item carried on Diamond Television news bulletin on 15th February 2024 in which she was
quoted, contained inaccurately cherry-picked items from a matter currently in Court.
Firstly, Ms Nair has not issued any statement on the on-going KCM transitional matters, which
the govemment has resolved with Vedanta Resources Limited and are currently undergoing
implementation, especially on the Scheme of Arrangement, to conclude Vedanta’s complete
takeover of KCM.
Secondly, she has stated that the process to conclude the complete handover to Vedanta
through the ongoing scheme of arrangement was being done through a court process and once
concluded all creditors will be paid in accordance with the Scheme.
As it is, Vedanta Resources has already released $25m towards bridging finance to assist in the short term operations of KCM.
“1 would like to urge all creditors to ensure that their records are in order as the creditors meetings will soon commence and a verification exercise will be conducted to contirm dues and
finally make payments, To this effect, a notice will soon be issued indicating where creditors
should lodge their claims to begin the process of meetings,” Ms Nair advised.
Ms Nair has advised that she is working with all stakeholders to ensure that the process of the
Scheme of Arrangement, which will be used to pay-oll KCM creditors by Vedanta Resources
Limited, is concluded soon and should not cause panic to KCM business partners and
employees.
“All KCM stakeholders are informed that the Government through ZCCM-IH, Vedanta
Resources Limited, and KCM management are together, all working towards the one goal of
completing Vedanta’s full takeover of KCM,”
Ms. Nair said
She added that the Diamond news Article headine in itsell was misleading and goes against the
efforts the Government is making to restore the mining sector in general.
