Vedanta Group of companies says it strongly opposes both the appointment of the provisional liquidator and winding up of KCM.
In a statement issued to Money FM News Vedanta CEO Srinivasan Venkatakrishnan says the group of companies remains concerned about what the appointment of a provisional liquidator means for the Zambian people, their communities and the future of the business.
Last week the court appointed Mr Milingo Lungu of Lungu Simwanza & Company as provisional liquidator of KCM and he is now in charge of day to day running of the company.
On 22 May 2019, Vedanta filed an application with the Court to join Vedanta as a party to be heard on the Petition (the Joinder Application) and requested that such application be heard immediately so that Vedanta could challenge the proceedings. If granted, this would allow Vedanta to file and receive documents relating to the proceedings.
On 24 May 2019, a Court hearing took place at which the judge confirmed that all applications in respect of the case will be heard in part but the Joinder application should be deferred until 4 June 2019 following a request made by lawyers appointed by the provisional liquidator to represent KCM.
“While Vedanta intends to fully defend its legal rights, we remain open to dialogue. We hope to meet with the Zambian government in the near future to discuss a mutually agreeable solution to the current situation as well as the broader challenges faced by KCM. The sooner we resolve the uncertainty around the business, the sooner we can return it to a sustainable footing.” Venkatakrishnan said