Africa-Press – Zambia. THE MINISTER OF MINES LIED ON THE FLOOR OR THE HOUSE
By; Lusaka Lawyer – Celestin Mukandila_Esquire
This is the SENS ANNOUNCEMENT pertaining the MOPANI COPPER MINES LIMITED (MCM) transaction. Zambians may do well to download the document and understand exactly how this deal was concluded by government so that they may be making comments from an informed position.
https://www.actusnews.com/en/amp/zccm/pr/2024/02/02/zccm-ih-transaction-announcement-regarding-mopani-copper-mines-01_02_2024
The foregoing document has provided for Condition Precedents which “MUST” be completed before the transaction can close to become effective. Amongst them includes the following:
Approval of the Transaction by the shareholders of ZCCM-IH at an EGM;
and
Receipt of approval and/or consent of the Transaction pursuant to section 67 of the Mines and Minerals Development Act, 2015 (No. 11 of 2015) from the Minister of Mines and Minerals
Development;
This document has further provided that;
“The Transaction will close and become effective once all of the Conditions Precedent listed have been completed. It is estimated that closing will occur during the first quarter of 2024.”
LIES BY THE MINISTER
The Minister has lied that he did not sign the approval consent of transaction when Infact it is one of the condition precedent for the said transaction. (A Clear show of incompetence on the part of our Minister)
The Minister lied that there hasn’t been a sale or transfer of Shares when the document has provided for consideration for the subscription and that US$620 million will be provided in the form of new equity capital in return for a 51% stake in MCM in the form of the Investor Shares of 51% of the Shareholder Investors Shares.
Infact,
It’s important that we are also informed of what it means by Subscribed Share Capital. Subscribed share capital refers to any capital raised through subscribed shares. Put simply, it’s the value of all the shares that investors agree to purchase during a new issuance.
ILLEGALITY AND UNCONSTITUTIONALITY OF THE SHAREHOLDERS APPROVAL.
It is for this basis that I have maintained that ZCCM-IH’s shareholders approval is unconstitutional and illegal because it ought to have been approved by the National Assembly because there was a sale, transfer or disposal of a 51% Equity (“Major State Asset”) as provided for by Article 210(2) and (3) of the Constitution of Zambia Act No. 2 of 2016.
THIS DEAL IS A NULLITY.
THE ARROGANCE OF INCUMBENCY SHOWN BY THE MINISTER OF MINES WILL LEAVE ME WITH NO OPTION BUT TO SUE.
WE MUST PROTECT AND DEFEND THE CONSTITUTION.
@highlight Attached hereto are the relevant documents for your perusal.
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