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Judgment reserved in Vedanta’s application to appoint lawyer for KCM proceedings

14th August 2019

By: Marleny Arnoldi

Online News Editor

     

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Judge Banda-Bobo of the Lusaka High Court on Tuesday heard arguments on the application by the directors of Konkola Copper Mines (KCM) on their residual power to appoint a legal representative to participate in the KCM winding-up proceedings.

The directors are applying to be represented in the winding-up proceedings by Nchito and Nchito Advocates.

The judge has reserved judgment on the matter to August 26, while August 27 has been set down to hear additional preliminary arguments, as well as the full KCM winding-up application.

This follows the court denying Mumbai-listed Vedanta Resources’ application for a stay of winding up proceedings against its subsidiary KCM.

The winding-up petition was brought by Vedanta’s joint venture partner in Zambia, State-owned miner ZCCM-IH.

Vedanta has since launched arbitration proceedings related to the attempt by the Zambian government to liquidate KCM.

Vedanta had been locked in a dispute with the Zambian government since May, when Lusaka appointed a liquidator to run KCM, which is 20% owned by ZCCM-IH, and 80% owned by Vedanta.

Zambia accused KCM of breaching the terms of its licence, but Vedanta denies that KCM had broken the terms of its licence, in efforts to defend its assets in the Southern African country.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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