Konkola Copper Mines (KCM) has clarified as grossly misleading Vedanta Resources report in relation to the ongoing liquidation process and the impending arbitration between Vedanta and ZCCM-IH.
KCM General Manager Corporate Affairs Shapi Shachinda said Vedanta Resources has decided to misrepresent the purport of the Partial Award by the Arbitral Tribunal.
Mr Shachinda said the award dealt with the issue as to whether the Arbitrator had jurisdiction to hear the dispute. The Arbitrator has found that he has jurisdiction and consequently that the winding up proceedings in the High Court should be stayed.
He said this is a similar finding by the Court of Appeal in November 2020 which ruling is now under appeal.
“The Partial Award did not address the status, functions and the powers of the Provisional Liquidator. It did not impose any obligations on ZCCM-IH to withdraw the petition.
“A stay simply means that further proceedings are not to take place, it does not invalidate all the proceedings that went on before,” he said.
Mr Shachinda said the Provisional Liquidator and the powers as granted to him by the High court on May 21, 2019, continue to subsist and work.
He said the two were not decided on by the Tribunal.
