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ZCCM-IH gets extra $36 million

An English Court has awarded ZCCM Investment Holdings PLC an addition 36 million U.S dollars in claims against Konkola Copper Mines -KCM.

This is was as a result of unpaid sums due to ZCCM IH pursuant to a settlement agreement entered by the parties in 2013.

This brings the total amount awarded to ZCCM IH to 139 million US dollars in claims against Konkola Copper Mines.

The court has also given directives for the inquiry to determine whether KCM had breached the settlement agreement by making payments to Vendetta group of companies whilst sums remained due and owing to ZCCM-IH.

ZCCM-IH Executive Director Pius Kasolo disclosed this at a media briefing in Lusaka on Tuesday.

Dr Kasolo said the parties have since agreed a repayment plan for the recovery of the additional sums which consists of 21 equal months instalments together with interest at three percent.

He said the final payment is expected on August 31st, 2019.

Dr Kasolo said partners should not take the move as a deliberate attack on them but a move that will make the investment holdings answerable to Zambians.

He however, said that ZCCM IH remains committed to ensuring that the KCM operations continue in Zambia.

Dr Kasolo said ZCCM IH will continue to provide the necessary support to ensure the value of the stake in the company.

Source: ZNBC

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