KONKOLA Copper Mines has been given a 10-day ultimatum by the Lusaka High Court in which to pay Copperbelt Energy Corporation (CEC) US$29, 608, 678.63, as the first towards the US$225, 000, 000 debt owed to it. High Court judge Charles Kafunda has ruled that KCM cannot use the appeal by CEC, as justification to deny payment due to it under the creditorโs arrangement scheme. This is in a matter where ZCCM-IH had petitioned KCM seeking an order that it be wound up for failing to honor tax obligations, and being managed in a manner detrimental to the interests of government. KCM sought an enforcement order of the High Court, compelling Vedanta Resources Holdings, to adhere to the creditors scheme of arrangement so that it can recover the US$225,000,000 owed to it. CEC said KCM has started paying out 40% of the debt owed to class two creditors, but has refused to pay it. According to a affidavit in support of summons for an enforcement order, Mutale Mukuka a chief financial officer of CEC said, on June 28 ,2024, the court sanctioned the creditor’s scheme of arrangement which was proposed by KCM. Mutale said on Sept 27,2024 ,CEC ‘s managing director Owen Silavwe, had a meeting with KCMโs management to resolve the issue administratively but he was informed that CEC cannot be paid the 40 percent down payment, because of the appeal which is currently pending before the Court of Appeal. He said CECโs appeal against part of the ruling of the court is not a valid reason for KCM to refuse to pay CEC’s first installment under the scheme. But in an affidavit in opposition to summons for an enforcement order, Glory Mwenya Chipota, a senior in-house counsel for KCM said, by dragging the company to the Court of Appeal, CEC is not in full compliance with the ruling of this court, and as such cannot be allowed to benefit from a situation it created. โThe affected creditor currently has a pending appeal in the Court of Appeal where it is seeking to challenge being paid on the same terms as the class two creditors,โChipota said. โThe nature of the appeal by CEC is such that the affected creditor does not want to be part of the class two creditors, but that it must be put in its own class.โ Chipota said the court did not set a time frame within which class two creditors would be paid. Ruling on the matter judge Kafunda said owing to the fact that none of the parties have applied for a stay of his ruling, it is binding and still remains in force. He said CEC’s right to be paid the first instalment of the admitted debt under the scheme, is not affected. โThe affected creditor is entitled to enjoy the fruits of the ruling of the Court,โJudge Kafunda said. โWhile it maybe the case that the deed of release and waiver precludes creditors bound by the scheme from suing, it is important to note that the subject appeal arises out of an objection to the application for approval of the scheme.โ He said the affected creditor is essentially exercising it’s constitutional right to an appeal which arose out of an objection to the approval of a scheme, and is not the kind of suit restricted by the deed of release and waiver. โThe restriction of suit by the deed of release and waiver does not apply to an appeal arising from challenge to approval of a scheme because, in the first place, an affected creditor has a statutory right to object and a constitutional right to appeal,โJudge Kafunda said. โHence no action of a restrictive or punitive nature can be made to bear on an affected creditor who chooses to exercises their statutory and constitutional rights. In the absence of a stay of the ruling of the Court, KCM cannot use the appeal by the affected creditor as justification to deny payment due to CEC under the scheme.โ He said the deadline for payment was August 30, 2024 and it also gave an assurance that KCM would proceed with the second distribution within November, 2024. Judge Kafunda said the deadline having passed and there being no extension of time within which KCM is obliged to pay the admitted debt to Class 2 Creditors, it is justified for CEC to seek an order to fix time within which KCM will pay it its first installment of the admitted debt. โI find that this is a proper case in which to grant an order fixing time within which KCM is to pay CEC the first instalment of the admitted debt. I, therefore, grant the affected creditor an order fixing time within which KCM should pay the first installment of the admitted debt and I consequently order and direct that the said payment be made within 10 days of this Ruling,โ ordered judge Kafunda. He awarded costs to CEC to be paid by KCM, which will be taxed in default of agreement. By Mwaka Ndawa Kalemba December 5, 2024.
Stay informed, entertained, and inspired. Kalemba is your go-to source for authentic Zambian news, culture, and lifestyle. Discover the stories that matter, told with passion and insight.
THE Ministry of Agriculture has encouraged farmers across the country to report any army worm infestations to their camp extension officers. Agriculture minister Reuben Mtolo stated the ministry procured and distributed 55,000 litres of low risk Fall Army Worm chemicals to all the 10 Provinces of the country for strategic purposes which will be given out to every affected farmer for free. Mtolo said the rapid intervention is essential to suppress pest populations, protect crops and mitigate further damage. The minister urged state holders at every level to work together to ensure a coordinated, efficient and effective response. He assured the public of governmentโs unwavering commitment to mitigating the threat of army worms by providing resources to all the affected farmers. โThe Ministry of Agriculture wishes to inform the nation and farmers that it has initiated urgent and decisive measures aimed at combating the widespread infestation of Fall Army Worms that is threatening Zambiaโs food security,โ stated Mtolo. โAs a Ministry mandated to facilitate the development of a sustainable and diversified agricultural sector for enhanced food and nutrition security, and income generation, we are aware that the Fall Army Worm infestations which have been reported in all the provinces, can have a devastating effect on the national food security.โ โTo safeguard the livelihoods of farmers and ensure the nationโs food security, the Ministry is rolling out a comprehensive Response Plan designed for effective and rapid action.โ By Catherine Pule Kalemba, January 4, 2025
Stay informed, entertained, and inspired. Kalemba is your go-to source for authentic Zambian news, culture, and lifestyle. Discover the stories that matter, told with passion and insight.
THE Ministry of Labour and Social Security has called on all employers to submit employment relationship statistics, warning that failure to comply will attract penalties. In a statement issued by the Ministry of Labour Principle Public Relations Officer, Mwaka Ndawa, Labour Commissioner Givens Muntengwa emphasised that it is a legal obligation for employers to provide labour statistics under the Employment Code Act No. 3 of 2019. Muntengwa stated that the labour statistics are important in improving employment conditions as they can enable the ministry to track labour market trends and make informed policy interventions. He said the labour laws require employers to submit and maintain accurate statistics on employment relationships. Meanwhile, Muntengwa expressed concern that some employers have failed to comply with these requirements, impeding the Ministryโs ability to maintain an updated administrative database. This, he noted, impends the ministry’s efforts to address key labour market challenges effectively. โEmployers who fail to comply with the legal requirements risk facing sanctions under Sections 12(3), 133(1), and 135 of the Act,โ Muntengwa explained. However, to meet their obligations, employers are required to submit hard copies of employment statistics to the Labour Commissionerโs office or via post. โSoft copies by email to [email protected] and copied to Assistant Labour Commissioner Mrs. Mukamasole M. Kasanda at [email protected],โ he stated. Muntengwa also reiterated the requirement for wages to be paid in Zambian Kwacha, in line with Section 67(1) of the Employment Code Act. “While employees may choose their preferred mode of payment such as postal order, money order, cheque, or electronic payment, wages must be denominated in the national currency.” โThe law is clear wages shall be paid in Kwacha. Non-compliance will attract necessary sanctions,โ added Muntengwa. By Buumba Mwitumwa Kalemba January 3, 2025
AGRICULTURE Minister Reuben Mtolo has highlighted the success of input distribution under both the Electronic Voucher (e-voucher) and Direct Input Supply (DIS) modalities. Mtolo said nationwide, more than 99 percent of verified farmers have redeemed their inputs. “As of December 26, 2024, 1,023,988 farmers had deposited their contributions, amounting to K409,595,200.00, with 1,016,054 of them successfully redeeming their inputs,” Phiri disclosed. Phiri also noted that the 2024/25 farming season e-Voucher rollout was a resounding success. “As of 26th December, 2024, out of the 739,266 farmer beneficiaries, 738,816 representing 99.9 percent had deposited for their inputs and of which, 731,010 representing 98.9 percent successfully redeemed their inputs,” he said. “A total of 631 agro input suppliers were engaged to supply inputs to farmers. These included 25 seed companies, 30 fertilizer and agrochemicals companies, and 576 agro dealers. These operated 1,056 branch outlets across the 74 participating districts under the e-Voucher.” Mtolo said the system has not only streamlined input distribution but also allowed farmers to select inputs tailored to their needs, boosting productivity. He said the system has also created opportunities for agro-SMEs and rural youth while improving liquidity through timely supplier payments. “The input distribution under the Direct Input System (DIS) across 42 districts was highly successful, with 42,775.20 Metric Tons (MT) representing 100 percent of Compound D and 100 percent of Urea fertilizers distributed, along with all contracted seeds.” “As of 26th December, 2024, out of the 285,168 targeted farmers, a total of 285,044 beneficiaries representing 99.96 percent had successfully redeemed their farming inputs,” said Mtolo. Local fertilizer producers, including United Capital Fertilizer (UCF) and Nitrogen Chemicals of Zambia (NCZ) Limited, played a key role in ensuring timely delivery of the inputs and the minister could not hide his pride in Government’s efforts of positive segregation to support the companies producing fertiliser in the country. By Moses Makwaya Kalemba December 30, ,2024
Stay informed, entertained, and inspired. Kalemba is your go-to source for authentic Zambian news, culture, and lifestyle. Discover the stories that matter, told with passion and insight.
Local6 days ago
Local6 days ago
Local5 days ago
Local5 days ago
Local4 days ago
Local5 days ago