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Konkola Copper Mines (KCM) is no longer in liquidation following the termination of proceedings initiated by ZCCM-IH in the Lusaka High Court.
Receiver Officer, Celine Nair has been discharged as KCM’s provisional liquidator.
In 2019, ZCCM-IH requested the Lusaka High Court to place KCM under liquidation, citing mismanagement, tax evasion, insolvency and failure to pay suppliers and contractors.
Last year, the government, holding a 20 percent stake in KCM through ZCCM-IH, announced that Vedanta would resume control of KCM’s operations, pledging to invest over US$1.2 billion to boost output and settle debts.
Justice Charles Kafunda’s ex parte order dated July 25, 2024, granted leave to withdraw the proceedings and terminated the winding-up process.
Read More: Vedanta nears final takeover of Konkola Mine, reports indicate
The termination followed Vedanta Resources’ payment to 676 creditors, providing USD 250 million as per a High Court decision on June 28, 2024.
The order read: “Leave to withdraw the winding-up petition is hereby granted and the proceedings commenced by the Petitioner are hereby terminated.
The ex parte order dated May 21, 2019, appointing a provisional liquidator over KCM, is hereby vacated forthwith, with Ms. Celine Mena Nair discharged, resulting in the removal of KCM from provisional liquidation and reinstatement of the Board of Directors of the first respondent (KCM).”
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