It had an opportunity to have won the case had it acted professionally. On 8th May 2020, CEC wrote to KCM, demanding payment of the sum outstanding and notifying them that that it will reduce power supply to KCM unless the overdue invoices were immediately settled. The weather is terrific. News Diggers! ZCCM Investment Holdings Plc has asked the Lusaka High Court to grant them an order to appoint Milingo Lungu of Messrs Lungu Simwanza and Company as provisional liquidator … I wonder how much money the government has pumped in. MUZ Seeks Govt Intervention in KCM Liquidation Case Chris Phiri | December 14, 2020 The Mine Union Workers of Zambia (MUZ) has called on government to intervene in the court processes involving Konkola Copper Mines. Further, that operations of KCM remain on course with safe production ramp-up being the key focus as the company continues to engage with its business partners in a normal way,” he said. Nyondo stated that at the time of the commencement of the liquidation proceedings of KCM in the Lusaka High Court, there was due to CEC an amount of US $46,909,303.75 and it was observed that CEC had on May 14, 2019, issued a Notice of Restriction of Power Supply. The Zambia Consolidated Copper Mines (ZCCM-IH PLC) has filed winding up petition in the Lusaka High Court pursuant to section 56 of the Corporate Insolvency Act. We wish the likes of kambwili could respect court rulings. Even lady DJs are scary. Vedanta Group of companies and its owner Anil Agarwal the Indian billionaire has been a trick star to the Zambian government. More losses and debts coming. November 21, 2020. The ruling by the Court of Appeal represents a significant win for Vedanta, which is seeking the removal of the liquidator appointed by state mining investment firm ZCCM-IH – which owns 20% of KCM on the government’s behalf – to run the company. “I therefore urge all employees to continue working normally, safely and remain steadfast in the pursuit to make KCM a great organization. Home / General News / KCM liquidation strategy will awfully hurt the economy, warns Sinkamba. Sinkamba contended that the ZCCM-IH 20 per cent shareholding in KCM was a substantial part of the ZCCM-IH’s business. In this country, is every song done by musicians radio worthy? “Vedanta will review the full written judgement upon receipt. C. State enters nolle in Ngalande treason case. Typical of the PF lawlessness, Mr. Lungu makes this decsion whilst the matter of KCM Liquidation is still in Court. A spokesman for Vedanta said: “Vedanta notes reports of the judgement from The Court of Appeal ruling in favour of Vedanta on all counts, with costs being awarded to Vedanta and with the winding up proceedings being stayed.”. This PF has put us in more problems than currently visible. However, CEC states that the continued non-payment for power by KCM was threatening its existence. Dr Makasa Kasonde(private citizen), u’re right in wht u say. The country needs to take time to show case the beauty of its landscape. At the end of the day the government will be owing more money to vendetta including costs and damages which will add to the big debts that government already has such as the eurobond, lap green etc . MUZ President Joseph Chewe has told journalists in Kitwe that the anxiety among miners is worse. All day. The two parties met with the bid to explore possibilities of ending the running dispute that has ended in the liquidation process of Konkola Copper Mines. • 15 July 2019 – Disposal of assets – Two Dumps According to Mr. Lungu ghe decision to split the company takes effect in February 2021. They hv a duty to make a provision for this liability in their books. The Court of Appeal sitting at Ndola on November 20, 2020 delivered a Judgment ordering that Liquidation proceedings at Konkola Copper Mines Plc to be stayed to allow ZCCM Investment Holdings and Vedanta Resources to proceed to arbitration. IndigoTyrol – We told them so they could have repossessed this entity through the right channels but our dumb President eager to please his corrupt advisers and friends rushed in even placing his Press Assistant and the real KZ on the liquidation board members. My friend concentrate on your life in that freezer of a country called England. “We write to request a meeting with yourselves, Honourable Ministers, to discuss an urgent matter relating to the need to agree a mechanism that will enable continued power supply to KCM. Like what is radio language or topics. Shooters protected by the State, matter closed, Don’t be quick to judge PF, we’ve all done something wrong – Tilyenji. Nothing of farming as ventures for youths. Liquidity Services (NASDAQ: LQDT) operates a network of leading e-commerce marketplaces that enable buyers and sellers to transact in an efficient, automated environment offering over 500 product categories. Tarino you have no clue what you are talking about. He added that the pre-liquidation indebtedness of KCM to CEC was ascertained to be US $46,465,364.72. The liquidator Milingo Lungu said that ZCCM has lost confidence in the way KCM is running the mines, following that petition they appointed him as provision Liquidator until final winding up process is reached. Take time to attract technology. “It is the position of KCM, which position shall be articulated at the hearing that it is incumbent upon CEC to issue a fresh notice for their intended action as the earlier one has long since abated and the amounts in excess of the US$24,064,722.00 referred to, therein, have been paid by KCM to CEC.”. Box 32147 Lusaka, Zambia, Telephone or WhatsApp: +26-097-7708285 +26-095-3424603 +26-096-5815078, Email: diggers [at] diggers [dot] news editor [at] diggers [dot] news, Zondiwe has interest in writing political and current affairs on issues which affect every Zambians. Zambian court stops KCM liquidation November 24, 2020 November 25, 2020 admin 0 Comments Copper , Konkola Copper Mines , Vedanta , ZCCM-IH According to Lusaka Times, the Court of Appeal sitting at Ndola has ordered a halt to liquidation proceedings for Konkola Copper Mines (KCM) to allow owners Vedanta and ZCCM-IH to proceed to arbitration. This is the first stage of vendetta winning this case. Im not a politician but some of the advise UPND offer are genuine and you can even tell that they are capable of ruling this country. MUZ President Joseph Chewe said former KCM employees have been subjected to anguish by the mine owners. “That CEC, notwithstanding the said payment above have issued a demand notice for the amount of US$131, 811,794 and are seeking to restrict power supply to KCM based on their Restriction Notice of May 14, 2019, contrary to the terms of the Power Supply Agreement. PROFILE PICTURE: POLICE officers keeping vigil at Konkola Copper Mine head office in Chingola. The board, therefore, requested for a meeting with the Ministers in Lusaka in the hope that a solution to enable continued power supply to KCM would be found. “As provided for under the Corporate Insolvency Act and powers granted to the Provisional Liquidator, the Provisional Liquidator continues to exercise the executive responsibility of running the Company, and the KCM Executive Management Committee remains accountable to the Provisional Liquidator.”. Legal arguments over the case have been heard in both Zambia and South Africa. Investment climate responds to macro-economic factors, including speculation. PF government did not handle KCM case well. The human resources are terrific. 1 Min Read. The natural resources are terrific. For about a year the government has been fighting with Vedanta. I hope he knows what he’s alleging and able to prove it in court. ZCCM-IH has a 20% stake in KCM, which has productive capacity of about 100,000 tons of copper. KONKOLA Copper Mines provisional liquidator Milingo Lungu has objected to the appointment of Messers Nchito and Nchito by Vedanta Resources and KCM board chairman Srinivasan Venkatakrishnan of London as their legal representatives.. Lungu in an affidavit in support of motion to raise preliminary issues states that he objects because Nchito and Nchito were representing Barclays … The people are okay. The India-based group has been locked in a dispute with the Zambian government since May last year, when the PF government appointed the liquidator. What we need to revisit is the fraudulent sale of KCM to Vedanta. Komboni is worse. The price of emotion over reason. You are a danger to our country’s peace and stability. ZCCM-IH should disclose hw much they hv been condemned to in costs. “As at April, 2020, KCM’s indebtedness to CEC stands at US$130 million and is continuing to expand. The board stated that the winding up proceedings of KCM had impacted its ability to discharge some of its obligations, adding that since February, 2019, to-date, the mining company had been unable to make any cash payments towards electricity bills. Acting emotionally and showing off does not pay. Mumbai-listed Vedanta has taken the matter to arbitration and tried to block KCM’s liquidation in the meantime via courts in both South Africa and Zambia. “To the best of my knowledge, this requirement was not met by the ZCCM-IH Board. He added that the said PSA lapsed by effluxion of time on March 30, this year, and that by a letter dated April 17, 2020, and executed by KCM and CEC, the PSA was extended to May 31, 2020. What type of news do you like reading the most? CHINGOLA, 29th September 2020: The Provisional Liquidator (PL) of Konkola Copper Mines (KCM), Milingo Lungu, wishes to categorically refute a story published in the News Diggers newspaper of Monday, 28th September 2020 in which it alleged actions of impropriety by the PL at … F. Chief Chanje worry with continued gassing in … The liquidation of Konkola Copper Mines (KCM) by the government is welcome, things have not been alright with the mining company. We can’t wait to see how the battle between the PF cadres is going to pan out and who will … learnt that CEC would today restrict power supply to KCM as a result of the mining company’s failure to settle the accumulated electricity bill. They’re waiting for a good government to come and serve them. Zambian Judiciary warns against discussing Konkola Copper Mines (KCM) liquidation case June 12, 2020 June 13, 2020 arnbethnic The Zambian Judiciary has issued a warning to the public against making running commentaries on a matter where ZCCM-IH has instituted winding-up proceedings against Konkola Copper Mines Plc. It’s the politics that’s toxic in Zambia. In the said affidavit,t KCM Energy and Risk Manager Mbobe Nyondo, explained that KCM was among the consumers of CEC’s power pursuant to a Power Supply Agreement (PSA) dated March 13, 2000. There are no programs on youth upliftment, what businesses youths can get into. • 10 September 2019 – Disposal of assets – Mimbula Resource What country is pf running really? But KCM says should CEC proceed to restrict its power supply, it will suffer irreparable damage to its mining operations, which will not be atoned for in damages. Home / Court news / KCM seeks to appeal discharge of injunction. Lus/9812/649-MC8 off Alex Chola Road Nyumba Yanga P.O. And these diamond tv reporters instead of asking the Zesco manager if their installation in Matero which keeps being hammered by lightning has no lightning arrester, they were asking questions which were not even helpful. Mr Lungu said he retains the full powers as granted the High Court of Zambia on May 21, 2019. The Court of Appeal sitting at Ndola has ordered a halt to liquidation proceedings for Konkola Copper Mines (KCM) to allow owners Vedanta and … By Web Master--21 May 2019-- ... RELATED NEWS. Email: zondiwe [at] diggers [dot] news. Agarwal, in a “personal message” published in the Zambia Daily Mail newspaper Wednesday, said the attempted liquidation of KCM “can only … Milingo Lungu A High Court judge has placed Konkola Copper Mines (KCM) under liquidation and appointed a PF cadre Milingo Lungu as provisional liquidator This follows ZCCM Investment Holdings PLC ‘s petition to the Lusaka High Court to to place KCM under liquidation in line with corporate insolvency laws of Zambia. This moved KCM to seek a restraining order from the Kitwe High Court to stop CEC to cut power to the mine. The Bank of Zambia has purchased 47 kilograms of Gold from the Zambia Gold Company Limited, under ZCCM Investments Holdings. 06 Mar 2020 . We may have differences but we should all follow the law. Radios have no educational or enlightening content. The only time we have…. Vedanta Resources is providing an update on the current situation affecting its Konkola Copper Mines (KCM) operations in Zambia. PF will fight hard to hold on it for them t raise campaign funds then sell it to the Chinese after 2021. Ayatollah : the KCM privatisation or sale to Vedanta Resources is in court. Nyondo further explained that between October, 2019 and December 2019, KCM paid to CEC US$46,465,364.72, which included the amount of US$24,064,722.00 on which the May 14, 2019, Notice to Restrict was issued. General News Liquidation is scheme to loot KCM assets-Fred M'membe Socialist Party President Fred M’membe speaking to journalists after the dialogue meeting. There must be consequences for those that played a role, be it posthumously. Vedanta Resources, owned by Anil Agarwal of India, is the parent company of Konkola Copper Mines (KCM), with 79.4 shareholding portfolio. WE can’t wait to hear what the Konkola Copper Mines Liquidator, Milingo Lungu, has to say about the US$1.6 million KCM scandal in which he has been implicated. THE Judiciary has issued a warning to the public against making running commentaries on a matter where ZCCM-IH has instituted winding-up proceedings against Konkola Copper Mines Plc. KCM might be another RAMCOz disaster. In an interview, Kabimba, a former Justice Minister in the Michael Sata-led PF government, warned that government’s move to liquidate KCM would be catastrophic for the country as the hostile take-over had sent a wrong message to international investors. As evident by the following media reports : For example, since February, 2019 to-date, KCM has been unable to make any cash payments towards electricity bills for power consumed at its operations,” read the letter in part. The Company employs innovative e-commerce marketplace solutions to manage, value and sell inventory and equipment for business and government sellers. “In view of the latest Judgment, I wish to update employees, business partners, the nation and all KCM stakeholders. Or do you only react to radios when they are opposing you. As you are aware, the winding-down proceedings currently in progress at KCM, have impacted the mine’s ability to discharge some of its obligations. PICTURE: MACKSON WASAMUNU. “In this regard, CEC is faced with serious challenges in continuing to supply power to KCM without an appropriate solution on liquidating the accumulated debt and a mechanism to discharge KCM’s ongoing electricity bills being agreed with government. • 28 October 2019 – 28 Miners trapped underground at Konkola • 09 October 2019 – Nchanga Smelter CRF Slag run out Let’s follow the judgement and respect it. It is unclear if they will be paid for the years they worked for KCM. We, therefore, respectfully request for a meeting with yourselves, Honourable Ministers, on Friday 8 May, 2020, (or indeed any other date convenient to you) in Lusaka at which we wish to discuss the matter in more detail in the hope that a solution to enable continued power supply to KCM may be agreed,” read the letter. Confusing, in the meantime the operational situation at KCM is allowed to deteriorate? At the time, there were huge celebrations by some bloggers here. He stated that the PSA in Clause 23 provided that all disputes arising from the Agreement must be finally settled in Arbitration. Ba pf (Kaizer Zulu explain), do you have a policy on broadcasting in this country, like the dos & don’ts of radio DJ. GOVERNMENT says the provisional liquidation of Konkola Copper Mines is not about the mine being insolvent but the government opting to terminate its partnership with Vedanta Resources. Kambwili said he is ready to die for this country and yet he is running scared of a mere 1 year imprisonment. Why does government think itself ever more competent to run business? According to an affidavit in support of summons for an order of interim relief pending arbitration filed into court on 13 May 2020, sworn by Mbobe Calvert Nyondo, who identified himself as KCM’s Energy and Risk Manager, the mining operation “has consumed or received power from the Defendant (CEC) to the tune of USD131,811,794” all in the course of operations. CHOMBA MUSIKA, Lusaka LUSAKA High Court judge Annessie Banda-Bobo has stayed winding up proceedings of Konkola Copper Mines (KCM), pending appeal of … Stop f00ling people with your fake news and giving them unrealistic information. Ba Chichi PF has no powers now to sale kcm to chinnese. Time has come for tug of war between Ministry of Mines and mine investors to come to an end. Songs played are about getting drunk, beer drinking, bokosi, gumu gumu, uku momonya, mpwimpwi etc. KCRA News 3 is your source for the latest local headlines and live alerts. Liquidators operate very differently from traditional wholesalers. The rivers are terrific. The Mineworkers Union of Zambia (MUZ) has appealed to the judiciary to expedite the liquidation of Konkola Copper Mine KCM case that is before the court. Rights to life and property are sacrosanct. DJs only promote beer drinking & sex, both in comments & songs played. About Liquidity Services. KONKOLA Copper Mines Plc (in liquidation) has admitted to owing its power supplier, Copperbelt Energy Corporation Plc (CEC) a whopping $132 million for power supplied and used by the mine over several months. KCM seeks to appeal discharge of injunction By Mwaka Ndawa on August 31, 2020. KCM liquidation strategy will awfully hurt the economy, warns Sinkamba By Staff Reporter on May 25, 2019 . Plot No. Excellent to see all parties complying with the courts.this is what living in a civilised society is all about. Take time to attract investors. Nyondo stated that at the time of the commencement of the liquidation proceedings of KCM in the Lusaka High Court, there was due to CEC an amount of US $46,909,303.75 and it was observed that CEC had on May 14, 2019, issued a Notice of Restriction of Power Supply. As the amounts owing by KCM remain outstanding, CEC is required, on a monthly basis, to impair these amounts in its books, leading to a grievous deterioration of its financial position, which if left unchecked, could wipe out CEC’s going concern position with dire consequences on jobs and service delivery to the mines and the rest of the Copperbelt.”. Kenneth Copeland Ministries (KCM) specializes in teaching principles of bible faith - prayer, healing, salvation and other biblical topics via Believers Voice of Victory, bible study, devotions and Real Help - … Our stakeholders should also remain calm as we continue to work together towards a common goal of increased safe production,” he said. Vedanta is the majority shareholder in KCM with an 80% stake. Populism and idiocy is what this is while tax payers suffer. “In the course of the operations during the liquidation period, KCM has consumed or received power from CEC to the tune of US$131,811,794,” read the affidavit. UPND advised PF what to do but they ignored. In the said letter, the CEC board disclosed that the power utility was faced with serious challenges in continuing to supply power to KCM without an appropriate solution to liquidating the accumulated debt of US$130 million. The next 2 years will reveal a lot that they have swept under the carpet. The Bank of Zambia (BoZ) has commenced the accumulation of gold as part of its reserves assets. Visit Sacramento's most reliable source for breaking news. 0 . One Dennis Mumba who happens to be a minority shareholder in ZCCM-IH is already in court. Provisional Liquidator Milingo said that the Court of Appeal has not discharged the Provisional Liquidator. Government has placed KCM under liquidation. This PF Provisional Liquidator Milingo Lungu (maybe related to [email protected] Lungu) is just running the company into the ground….PF is not telling the taxpayer how much we are pumping onto this firm every month. KCM in liquidation. In this case, the Zambian government, through ZCCM-IH took over KCM and initiated the processes of liquidation, a move that vedanta contested in the Lusaka High Court, and demanded that any dispute must be referred to arbitration. I did remind them that this will cost us dearly as international courts will rule against the state. Nyondo added that KCM in compliance with Clause 23 of the PSA intends to refer the said dispute to arbitration and prayed for interim relief as a matter of urgency so as to forestall the losses, damages and injury that will be consequent upon a restriction of power; which interim relief was granted. We are told that the Liquidator, Mr Milingo Lungu, will keep operations and all workers in place while a smooth transition to a new owner is made. The recent serious incident on 14 November is particularly shocking. Provisional Liquidator Milingo Lungu said in a statement that the Court of Appeal has not discharged him and that he would continue to run the company. The government has placed KCM under liquidation on alleged failure to honour tax obligations. Documents filed into court by KCM include a letter written by CEC on May 6, this year, to the Ministry of Energy, Ministry of Finance and Ministry of Mines and Minerals Development requesting for a meeting to agree on a mechanism that will enable continued power supply to KCM. The Court of Appeal stops KCM liquidation, President Edgar Lungu should stop clamouring for dictatorial titles, The Opposition and its foreign paymasters have heightened their campaign of injuring Zambia’s reputation, Three UNZA tudents and Four others Arrested for Drug Trafficking, People Allegedly Refusing to get Tested for Covid-19 in Northern Province, Increased Number of Tavern Operators Openly Selling Kachasu raises Concern, DEC rehabilitates 42 ‘70 Babies’ gang members, Chiyangi Laments Another Eagles Continental Exit, BoZ’s Purchase of Gold will help Zambia Further Build Gold Reserves, The ARIISE Project will stimulate Economic Recovery-Wina, Delays to reconstruct City Market three years on disappoints Economist Hambayi. KCM has not only disputed this demand, but also the Notice of Restriction of May 14, 2019, has been disputed,” he stated. >> Shop Liquidation Pallets of Returned Merchandise << What Is A Top-Tier Liquidator? By ALICE NACHILEMBE The liquidator for Konkola Copper Mines has taken charge of the assets of KCM to facilitate the transition process of liquidation. As much as I hate Vendanta, the methods that the PF took to grab this mine were lame. News KCM liquidation process on hold. Radios in Zambia, a so called christian nation, are a shock. Government should make sure vendanta follows the rules. Would love your thoughts, please comment. Take time to attract tourists. This is according to an application for ex parte order appointing a provisional liquidator filed in the High Court on May 21. The Court of Appeal sitting at Ndola has ordered a halt to liquidation proceedings for Konkola Copper Mines (KCM) to allow owners Vedanta and ZCCM-IH to proceed to arbitration. It will be worse than Lap green of Libya, the Zamnet issue. How can a foreigner like you profess to have more knowledge about our internal affairs than us who live and work in government. They’re not even docile as some say. The lakes are terrific. ZCCM Investment Holdings PLC has asked the Lusaka High Court to grant them an order to appoint Milingo Lungu of Messrs Lungu Simwanza and Company as provisional liquidator of Konkola Copper Mines PLC. • 14 November 2019 – 53 KCM workers, 232 KCM pupils hospitalized after sulphur emission • 13 June 2019 – Fatality at Nchanga Smelter Work in government are opposing you Kasonde ( private citizen ), u re. May 25, 2019 by Mwaka Ndawa on August 31, 2020, ’... Employees have been subjected to anguish by the mine owners this will cost us dearly as international courts rule... Advised PF what to do but they ignored at the time, there were huge celebrations some. To the Zambian government after the dialogue meeting I wish to update employees, partners... Unclear if they will be worse than Lap green of Libya, Zamnet... I wish to update employees, business partners, the nation and all KCM stakeholders of its reserves assets a... 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