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Vedanta is in $2 billion debt, it can’t save KCM , M’membe

Filed under: Latest News |


Socialist Party president Fred M’membe says Vedanta, the Investor the Hakainde Hichilema administration has given to run Konkola Copper Mines (KCM) is falling due to a huge debt.

Last week the Hichilema administration gave the KCM back to Vedanta to run it.

But information has emerged that Vedanta is in a debt stress. According to media reports by prominent International News Agency, Vedanta owes it’s debtors in access of $2 billion.

“It doesn’t make sense to expect an equally drowning person to save you. This is exactly the case of highly financially troubled Vedanta coming in to try and rescue drowning KCM.
Vedanta itself is looking for SoS from all sorts of financiers. Clearly, Vedanta is coming in not to save KCM but to save itself – to be rescued by KCM’s resources, to leverage its assets,” says M’membe.

Dr M’membe wonders why the UPND Administration failed to see this.

“How can our leaders fail to see this? What has blinded them from seeing all this? What has Vedanta smeared on their eyes? Is it bribes? We are told in Sirach 20:29 that “Gifts and bribes make even the wise blind to the truth, and prevent them from being honest in their dealings”.


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