The Konkola Copper Mine (KCM) provisional liquidator has been given back his powers to dispose of assets of the mine by public tender
This follows the Lusaka High Court’s decision to discharge a stay obtained by Vedanta Resources Holdings Limited.
The stay cut some of the powers of KCM provisional liquidator Milingo Lungu.
According to the order vacating experte order granted to Vedanta on Wednesday, High court judge Annessie Banda Bobo declared the order inoperative.
In this matter, ZCCM-IH sought the court’s order to have KCM wound up for allegedly engaging in tax evasion and being managed in a manner detrimental to its interest among other allegations.
On Wednesday, Judge Banda-Bobo had halted the powers of Mr Lungu among them disposing of 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.