KCM NOT PAYING OFF VEDANTA DEBT BUT POST-LIQUIDATION DEBT WHICH IT HAS BEEN OWING TO LOCAL ENTERPRISES-NAIR

By Michael Kaluba

Konkola Copper Mines-KCM- Provisional liquidator Celine Nair has clarified that the mine is not paying off Vedanta debt but the post-liquidation debt which the company has been owing to local enterprises.

Reacting to a statement by Social Anthropologist James Musonda who has questioned the rationale by KCM to pay off debt owed to Small and Medium Suppliers and Contractors which was allegedly left by Vedanta, which he described as “irrational and irresponsible.”, Ms. Nair says KCM is fully aware of what the law says on payments of debt for a company under liquidation and that the mine’s

business model is anchored on support to small and medium local enterprises which have immensely contributed to the growth of the asset in recent years.

Ms. Nair tells Phoenix News that it is therefore, surprising that a well-intended action by KCM has deliberately been misunderstood to a point where accusations are being cast on the company and officers that are managing this national asset.

She asserts that KCM will not stop conducting noble undertakings, which will not just assist local businesses to grow, but also aid the growth of the national economy, regardless of unwarranted criticisms the company may face.

PHOENIX NEWS

You might also like More from author