Africa-Press – Zambia. Konkola Copper Mines KCM Provisional Liquidator Milingo Lungu has been suspended. Mr. Milingo Lungu has been suspended by the Official Receiver Natasha Kalimukwa pending the outcome of an inquiry instituted pursuant to section 69 subsection One of the Corporate Insolvency Act Number 9 of 2017.
In a statement, Ms. Kalimukwa says Mr. Lungu has been notified of the suspension, which has been made following receipt of a complaint lodged by ZCCM Investment Holdings PLC relating to contract mismanagement, financial mismanagement, and asset mismanagement.
She further says Mr. Lungu’s suspension shall neither stop the liquidation process nor lead to a handover of the mining operations to Vendatta Limited.
In May 2019, ZCCM Investment Holdings PLC had asked the Lusaka High Court to grant them an order to appoint Milingo Lungu of Messrs Lungu Simwanza and Company as provisional liquidator of KCM and the order was signed and granted.
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