Vedanta wants forfeited US$24m ploughed back into KCM
Vedanta Resources says it is in dialogue with Government over the 24 Million dollars which was forfeited to the state by the Zambian Court from the previous provisional Liquidator, MILINGO LUNGU.
Vedanta Chief Operating Officer MALCOM MEWETT says the company is exploring possibilities of having the money channeled back to Konkola Copper Mines -KCM.
Mr. MEWETT said this when he held a meeting with leaders of Mine Workers Unions and the Executive of the Zambia Mine Suppliers Association.
He however reiterated his company’s resolve to invest US$1.3 – Billion in KCM to expand, modernise and increase the production capacity of the mine.
Mr. MEWETT also announced that Vedanta Resources has arranged a creditors scheme meeting for those it owes more than One Million dollars to be held on May 24, 2024.
He said the company will also hold another meeting on May 30th, for those it owes One Million dollars.
This is contained in a statement made available to ZNBC news by Vedanta Corporate Communications Office.
ZNBC
Vedanta’s claim is legitimate because stolen property can only be forfeited to the state where the rightful owner cannot be found. Milingo Lungu stole the money from Vedanta during Edgar Lungu’s ill-fated liquidation. But what’s annoying most people is why Milingo Lungu is not facing prosecution for this. Here’s a company that was unable to pay its bills leaving commercial life in three towns struggling but was paying one Milingo Lungu millions of dollars! And Edgar Lungu wants to get back into government to resume this kind of looting. The Law Association of Zambia’s silence on the legal transgression occasioned by the KCM liquidation is troubling.
Well said Ba Arsernal…
No Vendetta. This money will go to the poor. I already left your books through the crooks. It was ” commision” to Milingo Lungu but government says …awe ot was too much. Just look for othe other money. The milingo money has nothing to do with you not paying suppliers!
Sue Milingo in a civil suit. When Govt was sued Milingo criminally. Where were you? Ba John isa ulyo bwali, after bwali bwa pya elo mumoneka?
Just get another partner for KCM, Arabs or Chinese because clearly these are struggling…
The problem was created by late LPM who despite all hue and cry from miners and Zambians in general opposed the sale to vendata. Second catastrophe was ECL forced liquidation without going to arbitration as per sale agreement. At the time KCM was heading towards a voluntary or a court enforced liquidation. Govt should have just allowed CEC to sue KCM for payment. But then everything in zambia is viewed through political lens against our own zambian companies. Government was busy fighting CEC and confiscating their powerlines. The real reason for the forced liquidation was to loot and not to save KCM as evidenced by the 24m usd theft. Ignoring the arbitration clause effectively hand the Indians a legal lifeline to hold on to KCM. This is textbook case of how lawyers and politicians have messed this country called zambia