Vedanta challenges the hiring of new Zambian KCM liquidator

Vedanta challenges the hiring of new Zambian KCM liquidator

By a consent agreement dated March 15, 2022, between the Official Receiver and the then liquidator Lungu, Lungu resigned as the Provisional Liquidator of KCM on March 17, 2022.

Vedanta Resources (VDAN.NS) has challenged Zambia’s appointment of a new Provisional Liquidator for Konkola Copper Mines (KCM) following the resignation of the past office holder. Zambia’s past government put KCM under the control of liquidator Milingo Lungu in May 2019, triggering an ongoing legal dispute with Vedanta Resources, KCM’s parent company. The government blamed Vedanta for neglecting to honour licence conditions, including promised investment. Vedanta has over and over denied KCM broke the conditions of its licence.

In a letter dated April 10, 2022 to Lungu, the Official Receiver stated that following the agreement with him, she was replacing him with another liquidator.

On May 9, 2022, KCM’s acting CEO Enock Mponda announced that Celine Nair was the new Provisional Liquidator following her appointment as Official Receiver.

However, Vedanta said in a court application filed in the Lusaka High Court on Tuesday that only the court has the power to appoint a Provisional Liquidator for the mining company.

“It is contended that the Official Receiver acted ultra vires section 65 of the Corporate Insolvency Act as the said provision does not authorise the Official Receiver to appoint or replace a Provisional Liquidator who was appointed by a court,” it says.

Vedanta said in the court papers that the decision of the Official Receiver to appoint herself as Provisional Liquidator should be set aside because it is illegal.

The Official Receiver could not immediately be contacted for comment on Wednesday.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Qualcomm's Snapdragon 8+ Gen 1 processor lets Android flagships run faster and survive longer
Qualcomm’s Snapdragon 8+ Gen 1 processor lets Android flagships run faster and survive longer
There won’t be a shortage of device partners. Qualcomm expects products to begin arriving in the third quarter (summer) from big-name brands like ASUS, ...
H&M Accesses $36 Million Deal With New York Over Unused Gift Cards
H&M Accesses $36 Million Deal With New York Over Unused Gift Cards
New York law requires gift card issuers to turn over unused card balances to the fund after five years of inactivity. H&M will pay $36 million to settle ...
Apple wins appeal over allegedly defective MacBook Pro screens
Apple wins appeal over allegedly defective MacBook Pro screens
The lawsuit also alleged fraudulent concealment under a common law theory, and violations of deceptive trade statutes in Washington, Florida, New Jersey, ...
Gearbox is expanding, with “nine AAA games” in the works
Gearbox is expanding, with “nine AAA games” in the works
Gearbox continues to scale the organization to deliver on its ambitious growth plan, and there are currently nine AAA games under development. After the ...
'Retail Apocalypse': Inflation-driven profit cuts rock Wall Street
‘Retail Apocalypse’: Inflation-driven profit cuts rock Wall Street
Retail profits were hit by higher staffing expenses, bloated inventories, and more expensive fuel, leading to a market collapse that saw Wall Street post its ...
Every Android phone user should be aware of this easy iPhone AirDrop competitor
Every Android phone user should be aware of this easy iPhone AirDrop competitor
I used to be in the same boat, until I discovered the way to easily send files between Android phones, and I think everybody who uses such a device should ...
Anthony Mackie is joined by Thomas Haden Church and Stephanie Beatriz in the Twisted Metal TV show
Anthony Mackie is joined by Thomas Haden Church and Stephanie Beatriz in the Twisted Metal TV show
Both will be flanked by Marvel’s Anthony Mackie, who’ll play John Doe, as he seeks to deliver a mysterious package in an apocalyptic wasteland. Fans of the ...
The Witcher 3 Next-Generation Versions Are Due in Q4 2022
The Witcher 3 Next-Generation Versions Are Due in Q4 2022
Last month CDPR had to assure fans that the next-gen version of The Witcher 3 was “not in development hell” after the developer delayed the upgraded version ...
The Telangana government has approved a budget of Rs 100 crore for the Lawyers Welfare Fund, which will help 25,000 lawyers
The Telangana government has approved a budget of Rs 100 crore for the Lawyers Welfare Fund, which will help 25,000 lawyers
After the separation of state, the Telangana government fixed 100 crores rupees for the Advocate welfare. The government has formed ...
The North Dakota Gaming Commission has banned Vegas-style games
The North Dakota Gaming Commission has banned Vegas-style games
Electronic Arts has reportedly discussed being acquired by a number of tech giants, including Disney and Apple. EA is one of the most well-known gaming ...
Show next
We will be happy to hear your thoughts

Leave a reply

Compsmag - Latest News In Tech and Business
Logo