KCM placed under liquidation, Milingo Lungu takes charge as provisional liquidator

ZCCM Investment Holdings PLC has asked the Lusaka High Court to grant them an order to appoint Milingo Lungu of Messrs Lungu Simwanza and Company as provisional liquidator of Konkola Copper Mines PLC.

This is according to an application for ex parte order appointing provisional liquidator filed in the High Court on May 21.

According to the order, the Liquidator will have the following powers: carry on the business of KCM so far as is necessary for the beneficial winding up, make any compromises or arrangements with creditors, make any agreement on all questions in any way relating to or affecting the company or its assets and take possession, custody and control all the assets of the Respondent.

Lungu will also have powers to bring or defend any action or other legal proceedings in the name and or on behalf of the Respondent, dispose assets by pubic tender or the most transparent manner under the circumstances and sell the real and personal property and things in action of the Respondent by public auction, public tender or private contract.

A Lusaka High Court has since signed the order.

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muntungwa
muntungwa

We just hope we are not going the RAMCOZ . Remember Luanshya??? We do not want a repeat of what happened. Meanwhile if I may ask what happens to our brothers and sisters in Chingola and Chililabombwe, Nampundwe and Nkana

Mainde Cholwe
Mainde Cholwe

We are told people a will not lose jobs, but once the Assets are sold, what happens to Operations of the Mine and Revenue Generation?

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