UPND GOVT SHOULD NOT ENTERTAIN VEDANTA RETURN TO KCM AND THEIR RIDICULOUS DEMANDS OF TAX EXEMPTION
As Economic Front, we want to strongly appeal to the UPND govt not to entertain Vedanta to return to KCM and their ridiculous demands of tax exemption and refunds. The recent revelation by News Diggers in which VEDANTA has given govt conditionalities that once it sells its 79% shares in Konkola Copper Mines (KCM) to its sister company, Volcan Investment Limited, all tax liabilities, electricity bills and employee dues under the new owner should be written off is ridiculous and an insult to the Zambian people.
It is so annoying to hear Vedanta demand that under the new KCM structure, the company should not pay import duty and taxes on imported copper concentrates and wants a subsidized power tariff of 6 US cent per kwh for 10 years with Zero withholding tax on any interest payment/accrued on any existing and new loans.And Vedanta has also demanded that all KCM suppliers should be exempted from paying VAT. This is total rubbish and ridiculous of the highest order by this investor.
From these demands UPND govt should understand that Vedanta does’t mean well to this country thus bringing them means burying KCM. It is foolishness for govt to continue entertaining an investor who doesn’t always want to pay taxes. If ordinary people are paying higher taxes who is Vedanta not to be paying taxes? Where will govt get the money for operation if Vedanta does not want to pay taxes?
As a party, we want to challenge Vedanta that why do they want to return to KCM where they claimed to have not made profit during their 20 year’s of operation? There is no investor who can continue to invest in a company where he has been making loses for the past 20 year’s. Vedanta should not take advantage of Zambians quiteness just because UPND is entertaining them. We know that Vedanta has always take advantage of unpatriotic leader’s to exploit our natural resources. They did it during Levy Mwanawasa govt where they bought KCM for a song and today they have returned
because they have found other selfish leader’s in govt who are ready to give KCM freely.
As a party , we call upon well meaning Zambians to stand up and protect KCM from these exploiters who made KCM go to it’s knees. During ZCCM …. KCM contributed massively to job and wealth creation on the copperbelt and the country at large but under Vedanta, we saw massive loss of jobs and collapse of economic activities on the copperbelt. KCM should be managed by the locals through ZCCM-IH and not be given to Vedanta who has failed the people of Zambia during their operations in the past 20 year’s.
Humphrey kabwe
National Spokesperson
8TH NOVEMBER 2022
ECONOMIC FRONT