File Photo: A video of Anil Agarwal in March 2014 revealed how he bought KCM for just $25m but claimed it was giving him $500 every year in profit at the time he declared losses, so why re-engage Vedanta with it's dark past?
After months of dodging payments and courtroom acrobatics, KCM has finally hit rock bottom as the High Court orders bailiffs to seize its assets to settle a K338 million debt owed to CEC.
Lusaka, Mar. 18 – The Lusaka High Court has ordered the seizure of Konkola Copper Mines (KCM) assets to recover over K338 million owed to the Copperbelt Energy Corporation (CEC). Bailiffs were deployed to KCM premises in Chingola to enforce the order following the company’s failure to make a partial payment of $11.8 million by December 12, 2024, as mandated by an earlier court ruling.
Also Read: The decision to re-engage Vedanta reeks of corruption! Only a visionless or extremely corrupt government would re-engage Vedanta to save KCM after such a disastrous initial mining operation.
The directive, issued through a Writ of Fieri Facias (Fi-Fa) dated March 17, 2025, instructs the Sheriff of Zambia to seize KCM’s goods, chattels, and other eligible assets to recover the outstanding amount. It further mandates the immediate payment of the recovered funds to CEC, along with any legal and incidental costs.
Presiding Judge Charles Kafunda reaffirmed CEC’s right to payment as a Class 2 creditor under the Creditors’ Schemes of Arrangement, dismissing KCM’s claims that pending appeals justified withholding the funds. He emphasized that no stay of execution had been granted by the Court of Appeal, making the ruling fully enforceable.
KCM had previously attempted to delay payments by citing an ongoing appeal and later sought a stay of execution, arguing new material evidence. However, the court ruled that the evidence presented, including claims by Lumwana Mining Company Limited and a dispute notice from Barrick Gold Limited, did not qualify as fresh material under legal provisions.
On March 7, 2025, the High Court upheld its original ruling, dismissed KCM’s request for a review, and lifted the temporary stay of execution. This decision paved the way for the seizure of KCM’s assets to ensure CEC recovers its dues.
Also Read: Canadian looting of Zambian resources led to debt crisis. “In 2006, Zambian royalties from copper represented about $24m on $4 billion worth of copper extracted. The taxing of the mining companies wasn’t any better, too. Between 2000 and 2007, Zambia exported US$12.24bn in copper but the government only collected US$246m in tax.”
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