Vendatta will not hold us to ransom over KCM – Siliya
Chief Government Spokesperson Dora Siliya says government will not be held to ransom by Vendetta with claims that Zambia is not a sure investment destination following the liquidation of KCM.
Ms. Siliya was responding to purported media reports that Vedanta Resources Group Chairman Anil Agarwal said Zambia is not a sure country for investment following the placing of Konkola Copper Mine under liquidation.
But Ms. Siliya says to the contrary, government is indebted with people who are willing to invest in KCM and that even if Vendatta left the country, more investors are still flying into Zambia willing to take-over.
Ms. Siliya says KCM was served with a default notice over a year ago and government has decided to now put it under liquidation noting that Vendatta now owes Zambia K3.01 billion in unremitted taxes against the K1.9 billion it claims to be owed.
Ms. Siliya says KCM is an asset that belongs to the people and the liquidation was taken in their interest because the company has been claiming not to be making profit while only 4 licenses out of 8 Vendetta was given in 2002 are operational.