The Court of Appeal has ruled that liquidation proceedings in the ZCCM -IH versus Konkola Copper Mines -KCM- be stayed to allow the parties to proceed to arbitration.
KCM Provisional Liquidator Milingo Lungu says the court of appeal sitting in Ndola today has delivered a judgement ordering that liquidation proceedings be stayed.
In view of the latest judgement, Mr. Lungu has informed employees, business partners, the nation and all KCM stakeholders that the court has not discharged him as the provisional Liquidator and remains with full powers as granted by the High court of Zambia on May 21st 2019.
He says as provided for under the corporate Insolvency Act and powers granted to the provisional Liquidator, he will continue to exercise the executive responsibility of running the company and the KCM executive management committee remains accountable to him.
Mr. Lungu has urged all employees to continue working normally and remain steadfast in the pursuit to make KCM a great organisation.
He further has further urged stakeholders to remain calm as they continue to work towards a common goal safely and increase production.
This is according to a statement to ZNBC News by Konkola Copper Mines Plc. Manager Public Relations and Communications Shapi Shachinda.
And ZCCM Investment Holdings Chief Executive Officer Mabvuto Chipata said he is still consulting the legal team before deciding the way-forward.
Mr. Chipata said a decision will be reached once legal consultations are concluded.