VEDANTA’S REQUEST TO REDIRECT $24 MILLION FORFEITED TO THE STATE BY MILINGO LUNGU INTO KCM MET WITH DIVERGENT VIEWS

 Some stakeholders have reacted with divergent views regarding the request by Vedanta resources for the $24 million recently forfeited to the state by the courts, previously held by provisional liquidator Milingo Lungu, to be redirected back into Konkola Copper Mines-KCM-.

Social Anthropologist Dr. James Musonda says giving in to the demand before Vedanta resources invests it’s promised resources to resume operations at the mine, will signal a weakness on the part of the government

Dr. Musonda contends that this will potentially open room for the embattled investor to demand for more in proceeds from the sales during liquidation, while using Zambia’s resources to resume operations at the mine as was the case previously.

He says ultimately, offering KCM back to Vedanta was a wrong move for both the UPND government and President Hakainde Hichilema, citing past challenges such as pollution of the environment, and a failure to develop the mine among others.

Meanwhile, Green Party Leader Peter Sinkamba says the money must be redirected back into KCM, as rightfully requested by Vedanta, to help with existing dire financial needs at the mine while the scheme of arrangements is still undergoing the court process.

PHOENIX NEWS