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ZCCM-IH ready to meet FQM

 

 

ZCCM- IH says it is willing to settle the fraud case with First Quantum Minerals -FQM-outside the courts of law.

 

Chief executive officer Pius Kasolo says negotiations with FQM are already underway and that if both parties cooperate the matter will be settled out of court.

 

Dr. Kasolo has told ZNBC news in an interview that he did not want to drag FQM to court or bring in a third party.

 

He says it is vital to settle the case outside and not waste time going to court.

 

ZCCM-IH has argued that FQM took out a loan from Kansanshi at non-commercial interest rates and used it for company operations outside Zambia, disadvantaging ZCCM-IH as a 20 percent shareholder in the mine.

 

ZCCM-IH accuses FQM of fraud and is seeking 1 point 4 Billion US dollars and FQM CEO Matt Pascall has described the allegation as “vexatious and untrue”.

 

ZCCM-IH is a successor company to Zambia Consolidated Copper Mines Limited (ZCCM) in which the Government of Zambia holds 87.6 percent of the shares with the remaining 12.4% held by private investors.

 

 

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