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Vedanta seeks arbitration from the High Court of South Africa and is allowed to apply for a temporary injunction
Jul 5,2019 15:17CST
translation
Source:SMM
Vedanta (Vedanta Resources) sought arbitration Wednesday in South Africa's High Court, which allowed Vedanta to apply for an emergency temporary injunction against ZCCM Investments Holdings. In the application for an interim injunction, Vedanta said ZCCM had liquidated KCM in Zambia in violation of its shareholder agreement on KCM, so it demanded the withdrawal of the provisional liquidator.
The content below was translated by Tencent automatically for reference.

SMM7, May 5-Vedanta (Vedanta Resources) sought arbitration Wednesday in South Africa's High Court, which allowed Vedanta to apply for an emergency temporary injunction against ZCCM Investments Holdings.

The move comes after the Zambian government filed a lawsuit in June demanding the bankruptcy of KCM, a subsidiary of Vedanta.

Vedanta and ZCCM, the Zambian state-owned company, own 80 per cent and 20 per cent of Konkola Copper Mines (KCM), respectively.

In the application for an interim injunction, Vedanta said ZCCM had liquidated KCM in Zambia in violation of its shareholder agreement on KCM, so it demanded the withdrawal of the provisional liquidator.

Vedanta had previously said that he would take urgent measures to protect its assets in Zambia and reserve the right to seek international arbitration if necessary while opening up dialogue with the government.

KCM is Zambia's largest copper miner, creating about 13000 jobs.

 

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