COURT STOPS VEDANTA …attempts to block KCM liquidator
ATTEMPTS by Vedanta to block Konkola Copper Mines provisional liquidator, Milingo Lungu from performing some of his duties have been halted by the Lusaka High Court.
The Lusaka High Court has discharged the order granted to Vedanta Resources Holdings Limited where it sought to block provisional Liquidator from performing some of his duties.
According to the order vacating ex-parte order granted to Vedanta on Wednesday, High Court Judge Annessie Banda- Bobo declared the order inoperative.
“Upon hearing counsel for the parties, it is hereby ordered that the ex-parte order to stay some of the powers of the provisional liquidator, dated 26 June 2019, be and is vacated forthwith,” read the order.
This is in a case where ZCCM-IH has petitioned
the court seeking an order that KCM be wound up for engaging in tax evasion and being managed in a manner detrimental to its interests among other allegations.
On Wednesday, Judge
Banda-Bobo had halted the powers of the provisional liquidator, among them disposing assets of KCM by public tender or selling them until the outcome of the winding up petition at the request of a representative from Vedanta Resources Holdings Limited, the majority shareholder of the mining firm.
But ZCCM-IH asked the court to discharge with costs the order halting Mr Lungu’s powers.
It also urged the court to set aside the notice of intention by Vedanta Resources Holdings Limited to appear at the petition hearing.
ZCCM-IH argued that the notice of intention to appear in the petition was not only defective but improperly before court because the manner it was done was not tenable at law.
It argued that though Vedanta Resources Holdings Limited maybe the majority shareholder in KCM it has no greater rights over other interested persons who equally have the right to file notice of intention to appear on petition and to be heard.