Vedanta Resources
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Konkola Copper Mines
London HC orders payment of $100 million+ to ZCCM-IH
Pay Zambian co $100m, UK court tells Vedanta Resources, Dec 21, 2016: The Times of India
Indian mining giant Vedanta Resources has been ordered by London high court to pay over $100 million to a Zambian investment company related to a 2013 copper price agreement, the state-owned firm claimed.
“ZCCM-IH (Zambia Consolidated Copper Mines Investments Holdings) has been successful in its application for default judgement. KCM (Vedanta's Konkola Copper Mines) has been ordered (on 16 December 2016) to pay all sums owed to ZCCM-IH pursuant to the Settlement Agree ment (plus associated contractual interest) within thirty (30) da ys,“ a ZCCM-IH state ment said.
KCM has also been ordered to reimburse ZCCMIH 80% of the costs it has incurred in pursuing its claim.
“Further directions have been given to determine whether KCM made payments to Vedanta Group Companies in breach of the prohibition on doing so under the Settlement Agreement,“ the statement said.
“If and to the extent it is determined that such payments were made, ZCCM-IH will be entitled to recover additional sums from KCM,“ it added.
London-listed Vedanta Group, led by billionaire Anil Agarwal, is yet to comment on the judgment.
