KCM loses bid to stop property seizure
By Mast Reporter
THE Court of Appeal has allowed the Copperbelt Energy Corporation Plc (CEC) to sell seized Konkola Copper Mines (KCM) assets in a bid to recover an outstanding debt of over US$11 million.
Court of Appeal judge Annessie Banda-Bobo dismissed an application by KCM Plc, seeking to halt further execution and sale of its seized assets by CEC in a bid to recover an US$11.8 million debt.
Justice Banda-Bobo ruled that the application was improperly before her court, stating it should have been made first to the High Court, which issued the initial enforcement order of seizure.
“Having found thus, I deem the applicant’s [KCM] application for a stay of further execution and sale of seized goods incompetent and it is dismissed accordingly,” Justice Banda-Bobo ruled.
She further discharged the ex-parte order which acted as a stay that had temporarily halted the sale of the seized assets.
“My view is that the application for a stay of further execution and sale of seized goods is incompetently before this court. That this court therefore lacks jurisdiction to determine the application. Consequently, and despite the variant efforts of the respondent to have the ex-parte order discharged, based on the grounds proffered, my view is that the Applicant’s application fails on the issue of jurisdiction,” Justice Banda-Bobo said.
On June 28, 2024, the Lusaka High Court directed KCM to pay CEC US$11.84 million as the first installment of a US$29.6 million debt.
After KCM failed to comply within the stipulated 10 days, CEC obtained a Writ of FiFa on March 17, 2025, instructing the Sheriff of Zambia to seize KCM’s assets to enforce payment.
