KCM debtor joins wind-up case
“Take notice that the Bearing Man Group (PTY) limit of plot 161 Nyerere road industrial area Kitwe, a creditor for US$ 63,994.89 intends to appear on the hearing of the above mentioned petition to support it.’’
BEARING
Man Group (PTY), a creditor of Konkola Copper Mines (KCM), has asked to join the winding up proceedings of KCM saying it intends to support the petition.
BMG a distributor of engineering components filed a notice to appear at the hearing of the petition claiming that they were owed more than US$60, 000.
According to a notice of intention to appear on petition filed in the Lusaka High Court, Bearing Man Group (PTY) says it seeks to join the winding up proceedings to support the petition.
"Take notice that the Bearing Man Group (PTY) limit of plot 161 Nyerere road industrial area Kitwe, a creditor for US$ 63, 994.89 intends to appear on the hearing of the above mentioned petition to support it,” the notice reads. This is in a matter where ZCCM-IH has asked the Lusaka High Court to windup KCM on allegations of tax invasion and for being insolvent, among others.
ZCCM-IH argues that KCM was being managed in a manner detrimental to the interests of Government and had failed to carry out mining operations in accordance with the approved mining plan.
It also accused KCM of engaging in massive tax evasion through transfer mispricing and other unscrupulous means.
“Since KCM commenced operations in 2004, it has only declared total dividends of US$58million out of which it has refused, neglected or ignored to pay around US$10 million which was declared sometime in 2013 despite the sum having been accounted for in the financial statements,” ZCCM-IH argued.
ZCCM-IH added that the mining firm's operations were not environmentally friendly or sustainable and to that effect, it has polluted sources in the vicinity of the mining area, especially the Kafue River, among other grounds.
However, Lusaka High Court Judge Annessie Banda- Bobo halted the winding up proceedings of KCM, pending appeal of Vedanta Resources Holdings to the Court of Appeal against her refusal to refer parties to arbitration.