By GRACE CHAILE LESOETSATHE Lusaka High Court has declined to grant ZCCM-IH submission to have the matter where a minority shareholder is challenging the sale of KCM (in liquidation) to Vedanta Resources PLC dismissed.High Court Judge, Irene Zeko Mbewe, said the minority shareholder, Mr Dennis Mumba, was eligible to commence a derivative action sought.In this case, Mr Mumba is asking the court to review the sale of KCM to Vedanta at a cheap price.He stated that directors of KCM breached their duty of care when they made an offer of 560, 325, 511 shares that shifted control to Vedanta at a bargain price of US$0.0446169 per share.Mr Mumba said Vedanta only paid US$25 million of US$2. 909 billion that the mine should have received for its shares.He stated that KCM loss of US$2. 884 billion marked the genesis of the mine’s financial problems.Mr Mumba had cited ZCCM-IH as the respondent while Zambia Copper Investments Limited […]
MINORITY SHAREHOLDER ELIGIBLE TO CHALLENGE KCM SALE, SAYS COURT
