Categories: Business Editor's Picks

Court rejects ZCCM-IH’s application

• ZCCM-IH’s intended appeal did not raise points of public importance.
• It had no reasonable prospects of success.
• The dispute will now proceed to arbitration for determination.

The Court of Appeal has rejected ZCCM-IH’s application for leave to appeal to the Supreme Court against its judgment delivered on 20th November 2020.
In a ruling read out in Court today by Judge Dominic Luther Yeta Sichinga, the Court of Appeal held that ZCCM-IH’s intended appeal did not raise points of public importance and had no reasonable prospects of success and the dispute will now proceed to arbitration for determination.
ZCCM-IH petitioned the Lusaka High Court on May 21, 2019, seeking an order that KCM should be wound up for engaging in tax evasion and being managed in a manner detrimental to its interest, among other allegations.
On November 20, last year, the Court of Appeal ordered a stay of the winding-up proceedings that ZCCM-IH has instituted against KCM in the High Court and referred the matter to arbitration as requested by Vedanta Resources Holdings Limited.
ZCCM-IH wants the court to give directions on whether the High Court has jurisdiction to hear and determine summons for directions when winding-up proceedings have been stayed and dispute referred to arbitration by the Court of Appeal.
On 1st December 2020, ZCCM- IH made an application for leave to appeal following the Court of Appeal’s decision to stay the winding up proceedings of Konkola Copper Mines (KCM) and referred Vendanta, KCM and ZCCM- IH to arbitration.

More From Author

World Bank urges Zambia to capture other benefits beyond mining sector

• World Bank is committed to supporting African countries to translate Africa’s mineral wealth into…

Read More

Kwacha gains should benefit consumers – BuyZed

• This is to ensure that consumers begin to enjoy what is produced locally.• Manufactures…

Read More

SEC attributes decline in Q4 bond trades to delayed debt restructuring process

• One of the challenges is to do with the delays in finalizing the debt…

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

EAZ underscores urgency of addressing pressing economic issues ahead of Summit

  There is need to navigate the economic headwinds with determination, resilience, and a shared…

Read More

Mfuwe International Airport to be temporarily closed for rehabilitation

Mfuwe International Airport infrastructure has recorded marked deterioration. During the rehabilitation period which is expected…

Read More

ZICA calls for recruitment of registered accountants in Councils

Recruitment of registered accountants in local authorities will lead to significant improvements in financial management…

Read More