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Zambia presses on with liquidating Vedanta unit assets despite ruling

An earlier ruling halted the liquidation of Vedanta’s KCM unit.
Zambia's mines minister rejects the ruling, which was made in a South African court, saying foreign judgments are not enforceable in Zambia until registered locally. Picture: Waldo Swiegers, Bloomberg

Zambia said on Tuesday it was proceeding with the liquidation of Vedanta Resources’ Konkola Copper Mines (KCM) even after South Africa’s High Court granted the firm an urgent interdict halting the liquidation until a final decision is made through arbitration.

Read: Court grants urgent interdict halting disposal of Vedanta unit assets

Mines minister Richard Musukwa said foreign judgments are not enforceable in Zambia until they are registered in local courts.

“To that effect, it has no effect on the processes that are going on in Zambia,” he said, referring to the South African judgment.

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What a waste for time and money.

Not far behind Nigeria by the looks of it.

End of comments.

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