THE PROCESS TO PERMANENTLY WITHDRAW KCM PROVISIONAL LIQUIDATOR TO PAVE WAY FOR RELEASE OF $250M FROM THE ESCROW ACCOUNT STARTS TOMORROW
June 18th, 2024.
LUSAKA – High court Judge Charles Kafunda has invited the Provisional Liquidator at KCM ,Vedanta Resources Holding Limited ,
and 676 contractors and suppliers owed by KCM to attend before him in the chambers on the 19th day of June 2024 at 08 hours.
This is for the hearing of an application on behalf of the Respondent acting through the Provisional Liquidator for an order to approve and/ or sanction the scheme of arrangement and further carry out all the steps outlined under paragraph 16 of the affidavit support filed herein in reference to clause 5.1.11.
Judge Charles Kafunda has to sanction the agreement before 30th of June 2024 failure to which the compromise and arrangement provided by the scheme will be of no effect.
Once the scheme is sanctioned by the Judge, the company shall deliver sanctioned order to PACRA registration and shall notify the scheme Creditors that the lodgement date has occurred.
Then shareholders shall procure that the winding _up Petition is withdrawn and Provisional Liquidator removed from office.
The board of directors of the company will be reinstated and shareholders procure that documentation required for removal and appointment of the Board of Directors is promptly filed with PACRA .
The Escrow agent shall then release the settlement amount of 250 million dollars held in the Escrow account to the company for distribution in accordance with the terms of the scheme.
The company or any other member of the settlement shall pay all of the outstanding scheme expenses.
The rest of the steps as those indicated in step 5,6,7 and 8 of paragraph 16 will follow the event upon the order to:
- approve and or sanction the scheme being granted as the
2 Lodgement of the said order with PACRA will occur almost immediately
3 and consequently the Provisional Liquidator will vacate office .
4 the company will be taken out of Liquidation.
5 the winding up procedure will terminate.
6 the board of the company will be reinstated.
7 the Escrow account will have then been funded with the:
7.1 creditors settlement support
7.2 community support and
7.3 other once _ off employee bonus amount, and
8 the notice to scheme Creditors having been circulated by the scheme administrator that restructuring effective date has been reached for scheme Creditors to start receiving payments for their claims..
What took Milingo Lungu only 20 minutes to take over KCM and walk away with 24 million dollars cash in his pockets and created a new unpaid bills of above 500 million dollars has so many stages to reverse.
RestoringKCMtoFullOwnership
RestoringKCMtoFullProduction
(C) THE FALCON
