HLB Zambia, the local unit of an international firm of Accountants, has confirmed the receipt of $245 million in the Escrow account intended for Konkola Copper Mines (KCM) payments.
This confirmation comes after Vedanta Resources Holdings Limited indicated that it had deposited $245 million into the escrow account as designated by the High Court.
HLB Zambia, a member of HLB International of the UK, has exclusively confirmed to the Zambian Business Times – ZBT, that the $245 million has been paid, although they could not confirm the domicile of the bank account and the name of the bank stressing that their role as a scheme of arrangement is to ensure the accuracy of the account and facilitate the payment process.
Speaking in an exclusive interview, HLB Zambia’s Executive however assured that this week, suppliers will commence receiving their ultimate benefits.
“Remember what was ruled at the High Court was that month end so month end is Wednesday 31st July 2024 so even if people may be impatient let them wait between today and Wednesday they should start getting their monies.”
Asked if the Bank account is domiciled in Zambia and the name of the Bank, HBL Zambia could not confirm stating that, “we are not preview to the Escrow account details.”
“The Escrow account mind you we are not signatories as we have just done the payment lock up and sent it to KCM so basically what we are doing as a scheme of arrangement is just to confirm if the account is correct and the money can be paid that’s our role.”
“So where the money is sitting and the name of the Bank that we cannot confirm but what we are confirming is that the money has been deposited and this week suppliers will be paid.”
