The South Gauteng High Court in Johannesburg has granted Vedanta Resources an urgent interim injunction against ZCCM-IH and liquidator Milingo Lungu.
This means that ZCCM-IH is obliged to withdraw the winding up process of KCM from the Lusaka High Court and resolve all shareholder disputes through formal arbitration in South Africa as was stipulated in the shareholders agreement.
More details later.
3 Responses
Nonsense. Zambia is sovereign country.her laws supersede foreign jurisdictions. Was the sale agreement signed SA
The Hon Minister of Mines, should read the KCM – GRZ sale Agreement signed rather than just talking. That Agreement is binding to all. It is clearly stated that, Abbittration shall be head in Johannesburg High Court, South Africa. ZCCM IH and Zambian Government signed.
VENDANTA MUST KNOW THIS.
Zambia is not South Africa and no Zambians will let Vendanta to continue stealing from them, any more. The people Vendanta sold copper to are the ones we are going to give the mine to run. We just want to see if they too can’t make profits like Vendanta. I wish that South African court was one of the Zambian KCM contractor or employee and been mistreated like the way we have been.
The only people who can celebrate the works of KCM are the Indian nationals because most of them received preferential consideration for contracts and payments. Today most of the Indian Zambians have grown bigger in businesses than before due to the favour received from KCM Indian Company.
Go to Chingola, come to Kitwe and Ndola most of the Indians are the suppliers to KCM. As a Zambian I don’t think so if at all the court had to consider the sufferings of many Zambians. Vendanta must go, China must be in. You have taken Zambians for granted.
Go to India with your South African Judges. This is Zambia and we have an excellent and trusted judiciary system. Why sourcing vindication from outside if your hands are clean?
It is our turn, just like you had yesterday. The opposition will not protect you any more this time around, enough is enough, you have to face the reality of not being honesty.
Whether South Africa or no South Africa, Zambian copper is ours, nor jokes. South Africa you have Gold if you want give him some of those gold mines so that he can make a profit of $500,000,000.00 per annum and he will tell you, ” I am making losses”.
Please Mr Vendanta and the Judges, if you want our copper from KCM, you’re free to buy it from China. We are going to give the Chinese to run KCM. One thing I can assure you, is the change of the name from KCM to something with China in it.
We are coming to learn Chinese investors and they are also learning us. One thing Mr Vendanta you should know is that, when you were making losses them, they made profits. When you were invading taxes they paid taxes faithfully. When you dismissed your workers them they maintained them. When you arm twisted the Government them they initiated dialogue.
Vendanta, just accept divorce. Even our President will not save you from this game. The game is in our hands. Stop blowing the whistle any how. See Chinese are are the new investors even in European countries.
Thank you so much South African Judges for sympathy and empathy on Vendanta, give him one of your Gold mines. He is the only one who can make an investment for $3 billion even if he is not making profits.
May be you don’t know Judges, ZCCM-IH belongs to we the Zambians and not President Lungu and all the minerals are for Zambians. We will welcome protect and respect an investor who in return consider equal benefits for both sides.