Vedanta says President Edgar Lungu’s remarks in Mozambique that talks for a KCM buyer will be concluded within a month shows that the decision was taken in advance of any court ruling.
In a statement, Thursday, Vedanta stated that KCM was not for sale it will challenge any attempts to sell the business.
“Vedanta also intends to take urgent alternative steps against ZCCM’s winding up petition. As previously been stated, ZCCM’s actions are a breach of the KCM shareholder agreement which requires a process of engagement on any disputes between the shareholders and failing agreement, resort to international arbitration in Johannesburg. Further, reports that President Lungu has said he expects talks with potential buyers of KCM to conclude within a month are deeply worrying. They imply that a decision to sell the assets was taken in advance of any court ruling and without Vedanta being given the opportunity to be heard. KCM is not for sale and Vedanta will challenge any attempt to sell the business without its consent,” read the statement.
“The judge today set down for a hearing on 4th July, the request by KCM directors to be represented by Lusaka-based law firm Nchito and Nchito in hearing on the appointment of the provisional liquidator and on any winding up hearing. Vedanta wishes to re-emphasise that it remains open to engagement with government to resolve this matter in a mutually satisfactory manner.”