{"id":35825,"date":"2022-12-04T04:21:02","date_gmt":"2022-12-04T04:21:02","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/vedanta-defrauded-zambia-its-shocking-that-the-president-hichilema-is-oblivious-to-all-this-fred-mmembe"},"modified":"2022-12-04T04:21:02","modified_gmt":"2022-12-04T04:21:02","slug":"vedanta-defrauded-zambia-its-shocking-that-the-president-hichilema-is-oblivious-to-all-this-fred-mmembe","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/vedanta-defrauded-zambia-its-shocking-that-the-president-hichilema-is-oblivious-to-all-this-fred-mmembe","title":{"rendered":"Vedanta defrauded Zambia, it\u2019s shocking that the President Hichilema is oblivious to all this-Fred M\u2019membe"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Zambia. <\/strong><\/span>Socialist Party President Fred M\u2019membe has said that given Vedanta\u2019s dishonesty in the manner it managed KCM, Zambians do not believe it has enough moral and corporate responsibility to come back to operate KCM.<\/p>\n<p>Reacting to reports suggesting the return of KCM, Dr M\u2019membe, posting on his Facebook page said that it was therefore shocking that president Hakainde Hichilema and his UPND government were oblivious to all this.<\/p>\n<p>\u201cVedanta defrauded this country of billions of dollars in the form of underpricing the mined copper it sold to its subsidiary company in Dubai. It also got the internally generated cash flow and used it as a loan to invest in KCM. These facts were presented in the London High Court in 2014.<\/p>\n<p>\u201cThe suffering of our people on the Copperbelt is partly because of the very low contribution to taxes being made by the mining transnational corporations. Zambian workers have to be the burden bearers \u2013 collectively paying more taxes and higher electricity tariffs than the mining corporations. The mining corporations have been given tax holidays\u201d he said<\/p>\n<p>Dr M\u2019membe said that their mineral royalty payments have been made deductible in corporation tax computations, meaning mining transnational corporations will be paying very little corporation tax, if not nothing.<\/p>\n<p>\u201cGiven the type of people handpicked by Mr Hichilema to handle KCM, we will not be surprised if special purpose vehicles are set up to establish personal interests in this company,\u2019 concluded the post.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/zambia\">Zambia<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Zambia. Socialist Party President Fred M\u2019membe has said that given Vedanta\u2019s dishonesty in the manner it managed KCM, Zambians do not believe it has enough moral and corporate responsibility to come back to operate KCM. Reacting to reports suggesting the return of KCM, Dr M\u2019membe, posting on his Facebook page said that it [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":35824,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9,248],"tags":[234,235,233],"class_list":["post-35825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","category-to-homepage","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Vedanta defrauded Zambia, it\u2019s shocking that the President Hichilema is oblivious to all this-Fred M\u2019membe - Zambia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/vedanta-defrauded-zambia-its-shocking-that-the-president-hichilema-is-oblivious-to-all-this-fred-mmembe\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vedanta defrauded Zambia, it\u2019s shocking that the President Hichilema is oblivious to all this-Fred M\u2019membe\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; Zambia. Socialist Party President Fred M\u2019membe has said that given Vedanta\u2019s dishonesty in the manner it managed KCM, Zambians do not believe it has enough moral and corporate responsibility to come back to operate KCM. 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