2 creditors of KCM asks court to hear them on the millions of dollars they are owed
By Staff Reporter
TWO creditors of Konkola Copper Mines (in liquidation) have asked the Lusaka High Court to be heard on the winding up proceedings, claiming that they are owed millions of United States dollars.
According to separate notices of intention to be heard on the winding up petition filed in court, Grant Distributing Agents and Patrick Chanda stated that it would be just for the court to grant the order for them to be heard on the petition as the said creditors had interest in the proceedings and would be affected by the outcome if an order to join was not granted.
The duo stated that the order by the court would accord them an opportunity to recover the debts owed by KCM in a fair and transparent manner.
They stated that no prejudice will be occasioned on the proceedings should the creditors be heard on the petition as the creditors support the petition for winding up of KCM.
In May this year, ZCCM-IH petitioned the court seeking an order that KCM be wound up for engaging in tax evasion and being managed in a manner detrimental to its interests, among other allegations.
High Court Judge Anessie Banda-Bobo appointed Lusaka lawyer Milingo Lungu as the provisional liquidator for KCM.
“Take notice that Grant Distributing Agents of plot no. 3053, Euclid road, Industrial area, Kitwe, a creditor for US$710, 866.52 intends to appear on the hearing of the above intended petition to support it”read the notice.
And Chanchal Pareek of Parklands in Kitwe, the country manager for Grant Distributing Agents, stated that the creditor was owed well over US$700,000 including interests and costs.
Pareek said the indebtedness had not been liquidated and that KCM had failed and neglected to settle it.
He stated KCM’s affairs have been managed in a manner contrary to the creditor’s interest repulsing in the non-payment of U$719,866.52 with interest and costs.
Pareek added that the creditor had instituted attempts and steps to execute on the assets of KCM to claim US$700,000 but the claim has been overtaken by the commencement of the winding up petition and the appointment of a provisional liquidator.
Meanwhile, Chanda stated that he was the creditor owed well over US$3,330,334.82 together with interests and costs.