Court Stays KCM Liquidator’s Powers to Sell Assets

Lusaka High Court Judge Annesi Banda-Bobo has stayed the powers of the Konkola Copper Mine’s Provisional Liquidator Milingo Lungu to sell assets or to make arrangements with the creditors.

Justice Banda-Bobo has since granted an ex-parte order to stay the liquidator’s powers to sell out or dispose KCM assets through public tender or to make any arrangements with creditors.

“Upon hearing Counsel for the contributor and upon reading the affidavit sworn in by Hermein Uys, it is hereby ordered that the following powers of the Provisional Liquidator Milingo Lungu be and are hereby stayed pending the outcome of hearing the winding-up petition. 1) the power empowering the Provisional Liquidator to make any compromise or arrangements with creditors (2) to make any agreement on all questions in any way relating to or affecting the company or its assets (111) to dispose of assets by public tender or the most transparent manner under the circumstances and (iv) sell the real and personal property and thing in action of the Respondent by public auction, public tender or private contract,” the order reads in part.

This is in the case in which ZCCM Investment Holdings PLC is seeking an order to have KCM liquidated for being insolvent.

The court has since set July 4, for for an Inter-parte hearing.