The Lusaka High Court has signed off an order in which shareholder – ZCCM Investment Holdings has been grated a the court order to appoint National Airports Board member Milingo Lungu of Messrs Lungu Simwanza and company as provisional liquidator of Konkola Copper Mine – KCM PLC until the conclusion of the hearing of the petition or further order.
ZCCM investment Holdings had today 21st May 2019 filed in an application to the High Court for an ex parte order appointing provisional liquidator for the mentioned appointment to which the high court has signed.
According to the order seen by the Zambian Business Times – ZBT, the Liquidator (Milingo Lungu) will have the following powers: To carry on the business of the respondent company as far as is necessary for the beneficial winding up, make any compromises or arrangements with creditors.
Other powers include to make all agreement on any questions in any way relating to or affecting the company or any of its asserts, to take possession and custody of all asserts of the respondent and bring or defend any action or other illegal proceedings in the name and or on behalf of the respondent.
The liquidator will also have powers to dispose of asserts by public tender or the most transparent manner under the circumstance and to sell the real property and things in action of the respondent by public auction public tender or private contract.
ZBT will keep you updated on the KCM developments…
