GRACE CHAILE LESOETSA
VEDANTA Resources Limited has asked the Lusaka High Court to strike out or dismiss the petition where ZCCM-IH wants KCM placed under liquidation arguing that the arbitral tribunal is the only competent forum for dealing with any dispute within the parties.
It also contends that the petition should be dismissed for not disclosing any reasonable cause of Section 57 of the Corporate Insolvency Act and also have the provision of Konkola Copper Mine (KCM) liquidated discharges.
This is in a matter where ZCCM-IH has asked the court to place KCM under liquidation claiming that it was being managed in a manner that is detrimental to its interests.
Among other allegations are evading taxes and for being insolvent and that it has failed to pay outstanding invoices to suppliers and contractors.
In its application for an order to strike out or dismiss the petition, Vedanta stated that it was a continuing breach on the part of ZCCM-IH to continue to pursue the winding up proceedings when the petition has been found to breach the shareholder agreement.
Vedanta submitted that the fact that the partial final arbitral award having been made in Johannesburg, South Africa, is capable of enforcement and execution in South Africa.
Further that it has neither been set aside nor suspended in Zambia or South Africa.
