Vedanta says to challenge appointment of provisional liquidator of Zambia's KCM

LUSAKA (Reuters) - Vedanta Resources said on Thursday it will challenge in court a decision by Zambia's High Court to appoint a legal firm as a provisional liquidator of Konkola Copper Mines (KCM). The liquidation application was brought against Vedanta-controlled KCM by Zambian state-owned ZCCM-IH, which holds a 20.6% stake in the unit. 'Vedanta has serious concerns about the intentions of the applicants and the procedures that were followed by ZCCM-IH as a representative of government to obtain a provisional liquidation order on an ex parte basis against KCM in an apparent misuse of the legal process to date,' the company said in a statement.

Reuters May 24, 2019 01:06:16 IST
Vedanta says to challenge appointment of provisional liquidator of Zambia's KCM

Vedanta says to challenge appointment of provisional liquidator of Zambias KCM

LUSAKA (Reuters) - Vedanta Resources said on Thursday it will challenge in court a decision by Zambia's High Court to appoint a legal firm as a provisional liquidator of Konkola Copper Mines (KCM).

The liquidation application was brought against Vedanta-controlled KCM by Zambian state-owned ZCCM-IH, which holds a 20.6% stake in the unit.

"Vedanta has serious concerns about the intentions of the applicants and the procedures that were followed by ZCCM-IH as a representative of government to obtain a provisional liquidation order on an ex parte basis against KCM in an apparent misuse of the legal process to date," the company said in a statement.

(Reporting by Chris Mfula; Writing by Olivia Kumwenda-Mtambo; Editing by Alexandra Hudson)

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