A South African court ruled that the Zambian government stopped selling the Vedanta subsidiary, but Zambia refused to enforce it

Published: Jul 24, 2019 10:25

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The High Court of South Africa ruled that the Government of Zambia had stopped liquidating and selling Konkola Copper Mines (KCM), a subsidiary of Vedanta, and awaiting the outcome of the arbitration. The court said the Zambian government had violated its shareholder agreement. However, the Zambian government refused to recognize the ruling, and Zambian Mining Minister Richard Musukwa said the foreign ruling could not be enforced in Zambia.

SMM7, 24th March: the High Court of South Africa has ruled that the Zambian government has suspended the liquidation and sale of Konkola Copper Mines (KCM), a subsidiary of Vedanta, and awaits the outcome of the arbitration.

The court said the Zambian government had violated its shareholder agreement.

However, the Zambian government refused to recognize the ruling, and Zambian Mining Minister Richard Musukwa said the foreign ruling could not be enforced in Zambia.

And recently, Musukwa said it expected nine companies to submit documents for the acquisition of KCM within weeks, and the government hoped to complete the bid within a few weeks.

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

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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