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. 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 … Home / Court news / KCM seeks to appeal discharge of injunction. He stated that the PSA in Clause 23 provided that all disputes arising from the Agreement must be finally settled in Arbitration. KCM seeks to appeal discharge of injunction By Mwaka Ndawa on August 31, 2020. 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. 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. Acting emotionally and showing off does not pay. The Court of Appeal sitting at Ndola has ordered a halt to liquidation proceedings for Konkola Copper Mines (KCM) to allow owners Vedanta and … Radios in Zambia, a so called christian nation, are a shock. Agarwal, in a “personal message” published in the Zambia Daily Mail newspaper Wednesday, said the attempted liquidation of KCM “can only … 06 Mar 2020 . Sinkamba contended that the ZCCM-IH 20 per cent shareholding in KCM was a substantial part of the ZCCM-IH’s business. Stop f00ling people with your fake news and giving them unrealistic information. 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. 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. 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. “Vedanta will review the full written judgement upon receipt. 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 … At the time, there were huge celebrations by some bloggers here. This moved KCM to seek a restraining order from the Kitwe High Court to stop CEC to cut power to the mine. More losses and debts coming. I wonder how much money the government has pumped in. There must be consequences for those that played a role, be it posthumously. The human resources are terrific. Musukwa was referring to a dispute with Vedanta dating from May last year in which the state-owned copper company, ZCCM-IH, sought the liquidation of Konkola Copper Mines (KCM). 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. 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. Take time to attract tourists. PICTURE: MACKSON WASAMUNU. >> Shop Liquidation Pallets of Returned Merchandise << What Is A Top-Tier Liquidator? The next 2 years will reveal a lot that they have swept under the carpet. The government has placed KCM under liquidation on alleged failure to honour tax obligations. 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. Mr Lungu said he retains the full powers as granted the High Court of Zambia on May 21, 2019. It will be worse than Lap green of Libya, the Zamnet issue. As much as I hate Vendanta, the methods that the PF took to grab this mine were lame. There are no programs on youth upliftment, what businesses youths can get into. 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. It’s the politics that’s toxic in Zambia. • 10 September 2019 – Disposal of assets – Mimbula Resource “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.”. • 14 November 2019 – 53 KCM workers, 232 KCM pupils hospitalized after sulphur emission Vedanta Group of companies and its owner Anil Agarwal the Indian billionaire has been a trick star to the Zambian government. 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. 0 . Ayatollah : the KCM privatisation or sale to Vedanta Resources is in court. The lakes are terrific. PROFILE PICTURE: POLICE officers keeping vigil at Konkola Copper Mine head office in Chingola. Email: zondiwe [at] diggers [dot] news. “In view of the latest Judgment, I wish to update employees, business partners, the nation and all KCM stakeholders. Government has placed KCM under liquidation. Vedanta is the majority shareholder in KCM with an 80% stake. 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 … Tarino you have no clue what you are talking about. This is according to an application for ex parte order appointing a provisional liquidator filed in the High Court on May 21. 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.”. 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. Or do you only react to radios when they are opposing you. You are a danger to our country’s peace and stability. 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. The only time we have…. What we need to revisit is the fraudulent sale of KCM to Vedanta. Visit Sacramento's most reliable source for breaking news. 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. KCM in liquidation. 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. Take time to attract technology. C. State enters nolle in Ngalande treason case. 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. • 09 October 2019 – Nchanga Smelter CRF Slag run out Typical of the PF lawlessness, Mr. Lungu makes this decsion whilst the matter of KCM Liquidation is still in Court. “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. What country is pf running really? F. Chief Chanje worry with continued gassing in … Would love your thoughts, please comment. “As at April, 2020, KCM’s indebtedness to CEC stands at US$130 million and is continuing to expand. I hope he knows what he’s alleging and able to prove it in court. Ba pf (Kaizer Zulu explain), do you have a policy on broadcasting in this country, like the dos & don’ts of radio DJ. Government should make sure vendanta follows the rules. It had an opportunity to have won the case had it acted professionally. Radios have no educational or enlightening content. Ba Chichi PF has no powers now to sale kcm to chinnese. Kambwili said he is ready to die for this country and yet he is running scared of a mere 1 year imprisonment. “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. KCM has not only disputed this demand, but also the Notice of Restriction of May 14, 2019, has been disputed,” he stated. 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 . The Company employs innovative e-commerce marketplace solutions to manage, value and sell inventory and equipment for business and government sellers. 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. Liquidators operate very differently from traditional wholesalers. In this country, is every song done by musicians radio worthy? • 13 June 2019 – Fatality at Nchanga Smelter My friend concentrate on your life in that freezer of a country called England. By ALICE NACHILEMBE The liquidator for Konkola Copper Mines has taken charge of the assets of KCM to facilitate the transition process of liquidation. The Bank of Zambia (BoZ) has commenced the accumulation of gold as part of its reserves assets. The liquidation of Konkola Copper Mines (KCM) by the government is welcome, things have not been alright with the mining company. Our stakeholders should also remain calm as we continue to work together towards a common goal of increased safe production,” he said. Even lady DJs are scary. 1 Min Read. We may have differences but we should all follow the law. Populism and idiocy is what this is while tax payers suffer. Songs played are about getting drunk, beer drinking, bokosi, gumu gumu, uku momonya, mpwimpwi etc. 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. 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. “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. ZCCM-IH should disclose hw much they hv been condemned to in costs. This is the first stage of vendetta winning this case. 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. “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. Take time to attract investors. CHOMBA MUSIKA, Lusaka LUSAKA High Court judge Annessie Banda-Bobo has stayed winding up proceedings of Konkola Copper Mines (KCM), pending appeal of … 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. 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. For about a year the government has been fighting with Vedanta. PF government did not handle KCM case well. The price of emotion over reason. 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. They’re waiting for a good government to come and serve them. 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. They hv a duty to make a provision for this liability in their books. He added that the pre-liquidation indebtedness of KCM to CEC was ascertained to be US $46,465,364.72. Shooters protected by the State, matter closed, Don’t be quick to judge PF, we’ve all done something wrong – Tilyenji. 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. Investment climate responds to macro-economic factors, including speculation. 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. Nothing of farming as ventures for youths. 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. 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. The weather is terrific. However, KCM has sought and been granted a court order of interim relief as a matter of urgency to prevent losses and damages that would be caused if CEC proceeded to restrict power supply to it. The natural resources are terrific. We wish the likes of kambwili could respect court rulings. How can a foreigner like you profess to have more knowledge about our internal affairs than us who live and work in government. “I therefore urge all employees to continue working normally, safely and remain steadfast in the pursuit to make KCM a great organization. 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 - … All day. News KCM liquidation process on hold. MUZ President Joseph Chewe has told journalists in Kitwe that the anxiety among miners is worse. The Bank of Zambia has purchased 47 kilograms of Gold from the Zambia Gold Company Limited, under ZCCM Investments Holdings. Vedanta Resources, owned by Anil Agarwal of India, is the parent company of Konkola Copper Mines (KCM), with 79.4 shareholding portfolio. The people are okay. The country needs to take time to show case the beauty of its landscape. By Web Master--21 May 2019-- ... RELATED NEWS. About Liquidity Services. MUZ President Joseph Chewe said former KCM employees have been subjected to anguish by the mine owners. 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. Time has come for tug of war between Ministry of Mines and mine investors to come to an end. 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. DJs only promote beer drinking & sex, both in comments & songs played. One Dennis Mumba who happens to be a minority shareholder in ZCCM-IH is already in court. 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. Legal arguments over the case have been heard in both Zambia and South Africa. 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. KCM might be another RAMCOz disaster. Confusing, in the meantime the operational situation at KCM is allowed to deteriorate? ZCCM-IH has a 20% stake in KCM, which has productive capacity of about 100,000 tons of copper. 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. 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. Dr Makasa Kasonde(private citizen), u’re right in wht u say. 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. Vedanta Resources is providing an update on the current situation affecting its Konkola Copper Mines (KCM) operations in Zambia. Provisional Liquidator Milingo said that the Court of Appeal has not discharged the Provisional Liquidator. 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. • 15 July 2019 – Disposal of assets – Two Dumps 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. 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 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. News Diggers! 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. 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. 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. He argued that disposing that share through liquidation was a drastic measure requiring notice to other public shareholders beside government. What type of news do you like reading the most? November 21, 2020. Rights to life and property are sacrosanct. Like what is radio language or topics. 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. They’re not even docile as some say. I did remind them that this will cost us dearly as international courts will rule against the state. Komboni is worse. “To the best of my knowledge, this requirement was not met by the ZCCM-IH Board. KCM liquidation strategy will awfully hurt the economy, warns Sinkamba By Staff Reporter on May 25, 2019 . 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. The rivers are terrific. This PF has put us in more problems than currently visible. 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. Why does government think itself ever more competent to run business? Let’s follow the judgement and respect it. However, CEC states that the continued non-payment for power by KCM was threatening its existence. Excellent to see all parties complying with the courts.this is what living in a civilised society is all about. Home / General News / KCM liquidation strategy will awfully hurt the economy, warns Sinkamba. UPND advised PF what to do but they ignored. • 28 October 2019 – 28 Miners trapped underground at Konkola “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.”. We can’t wait to see how the battle between the PF cadres is going to pan out and who will … The recent serious incident on 14 November is particularly shocking. According to Mr. Lungu ghe decision to split the company takes effect in February 2021. PF will fight hard to hold on it for them t raise campaign funds then sell it to the Chinese after 2021. Plot No. 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. 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. 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.”. It is unclear if they will be paid for the years they worked for KCM. Lus/9812/649-MC8 off Alex Chola Road Nyumba Yanga P.O. KCRA News 3 is your source for the latest local headlines and live alerts. 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