Zambian Appeal Won by Vedanta in Konkola Copper Mines Case
Provisional liquidator Milingo Lungu said that liquidation proceedings for the Konkola Copper Mines (KCM) were ordered
By : Legal Era
Update: 2020-11-21 08:15 GMT
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Zambian Appeal Won by Vedanta in Konkola Copper Mines Case Provisional liquidator Milingo Lungu said that liquidation proceedings for the Konkola Copper Mines (KCM) were ordered to stop by a Zambian court so as to allow owners Vedanta and ZCCM-IH to proceed to arbitration. The Court of Appeal's verdict is a big win for Vedanta which wanted that the ZCCM-IH appointed liquidator be...
Zambian Appeal Won by Vedanta in Konkola Copper Mines Case
Provisional liquidator Milingo Lungu said that liquidation proceedings for the Konkola Copper Mines (KCM) were ordered to stop by a Zambian court so as to allow owners Vedanta and ZCCM-IH to proceed to arbitration.
The Court of Appeal's verdict is a big win for Vedanta which wanted that the ZCCM-IH appointed liquidator be removed. ZCCM-IH is the state mining investment firm owning 20 per cent of KCM on behalf of the government. Vedanta and the Zambian government have been locked in a dispute since appointment of the liquidator in May 2019 with arguments having been heard in South Africa and Zambia.
Lungu said that he would continue to run the company as the court had not discharged him. A Vedanta spokesperson reportedly 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."