While the matter is in court, Milingo Lungu splits KCM into two units.
Like the Watchdog reported a few months ago, the two units will eventually be sold to PF tender thieves. And this will be done before elections. We wish to advise our colleague Milingo that this move will land him in jail in due course. The PF will use and dump you.
Konkola Copper Mines (KCM) Liquidator Milingo Lungu has split KCM into two units; namely Konkola SmelterCo and Konkola Mineral Resourced Limited.
According to a memorandum to all employees the decision is made to make the troubled mining company viable.
KCM employees will be transferred to the two new entities and given new contracts. It is unclear if they will be paid for the years they worked for KCM.
According to Mr. Lungu ghe decision to split the company takes effect in February 2021. Typical of the PF lawlessness, Mr. Lungu makes this decsion whilst the matter of KCM Liquidation is still in Court.
The Lusaka High Court allowed ZCCM- IH the minority shareholder through Mr. Milingo Lungu to liquidate KCM but Vedanta has challenged the High Court ruling in the Court of Appeal and the Higher Court reversed the High Court ruling noting that procedure was not followed as the first route of was supposed to be arbitration. The Court of Appeal then reversed the liquidation.
It is not known whether the latest move by Mr. Milingo Lungu, who is also the Patriotic Front (PF), Vice Chairperson for Legal is in order to split the company whilst the matter is still active in court.
Well in Zambia everything is possible with the mighty party