By RHODAH MVULA
Three Vedanta Resources Limited Companies have sued Konkola Copper Mines Plc liquidator Milingo Lungu and KCM as second defendant in the Lusaka High Court for unpaid loan amounting to One billion dollars.
The third plaintiff in the matter says through its subsidiary the second plaintiff provided significant loans to KCM.
The plaintiff submit that through a common terms agreement dated 31st October 2012 the company entered with KCM as borrower the Standard Bank of South Africa Limited as agent and other lenders agreed to provide the defendants loan facilities.
However, KCM failed to meet all of its obligations to finance parties between 18th June 2019 and 20th July 2020.
The third plaintiff states that by operation of the law it is subrogated to the rights of finance parties under security in respect of its rights to indemnification by KCM, which makes the third plaintiff a secured creditor of KCM into the sum of 120 Million dollars