KCM given 10 days to pay US29.6m debt owed to CEC
By GRACE CHAILE
KONKOLA Copper Mines (KCM) has been given a 10-day ultimatum by the Lusaka High Court to pay 40 percent of the US$29.6 million debt owed to Copperbelt Energy Corporation (CEC) under the Creditor’s Scheme of Arrangement.
Judge Charles Kafunda ruled that KCM’s appeal against the scheme’s approval does not justify delaying payment to CEC, which is classified as a Class 2 creditor.
According to CEC’s Chief Financial Officer, Mutale Mukuka, KCM has started paying other Class 2 creditors but has refused to pay CEC, citing the ongoing appeal.
However, Judge Kafunda in a ruling dated December 2, 2024, held that the appeal does not CLICK HERE TO READ MORE
