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    VEDL   INE205A01025

VEDANTA LIMITED

(VEDL)
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Delayed NSE India Stock Exchange  -  03:17:58 2023-02-09 am EST
310.00 INR   -1.31%
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Vedanta : Zambia's Konkola Copper Mines liquidator arrested, calls money-laundering charges "baseless"

09/29/2021 | 06:14am EST

LUSAKA, Sept 29 (Reuters) - The state-appointed provisional liquidator of Konkola Copper Mines (KCM), Milingo Lungu, has been arrested and charged with laundering more than $2 million, Zambia's money-laundering authority said on Wednesday.

"The money is said to have come into his possession by virtue of being the Provisional Liquidator for Konkola Copper Mines Plc," the Drug Enforcement Commission, which handles such cases, said.

Lungu called the allegations levelled by the commission "baseless and untrue" in a statement issued by KCM's corporate affairs department later on Wednesday.

"I welcome the opportunity to clear my name in Court," Lungu said in the statement. "This will be done following due process and not in the Court of public opinion."

The commission alleged that Lungu, acting with others, "did engage in theft" involving 110.4 million Zambian kwachas and $250,000 between May 22, 2019 and Aug. 15, 2021, and "obtained money by false pretences" amounting to $2.2 million.

"He has also been charged for money laundering for the said amounts," the commission said.

Zambia's previous government handed control of KCM to the provisional liquidator in May 2019, triggering a legal battle with Vedanta Resources, KCM's parent company.

The government accused Vedanta at the time of failing to honour licence conditions, including promised investment. Vedanta has previously denied KCM broke the terms of its licence.

Lungu has been released on police bond and will appear in court soon, the commission said.

Vedanta declined to comment on the arrest. (Reporting by Chris Mfula in Lusaka, Writing by Helen Reid in Johannesburg; Editing by Emma Rumney, Timothy Heritage and Louise Heavens)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GOLD 0.33% 1882.08 Delayed Quote.2.45%
S&P GSCI GOLD INDEX 0.30% 1103.98 Real-time Quote.2.92%
SILVER 0.99% 22.488 Delayed Quote.-7.00%
VEDANTA LIMITED -1.31% 310 Delayed Quote.1.85%
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Financials
Sales 2023 1 414 B 17 095 M 17 095 M
Net income 2023 99 479 M 1 203 M 1 203 M
Net Debt 2023 573 B 6 928 M 6 928 M
P/E ratio 2023 11,2x
Yield 2023 25,8%
Capitalization 1 165 B 14 088 M 14 088 M
EV / Sales 2023 1,23x
EV / Sales 2024 1,25x
Nbr of Employees 8 129
Free-Float 29,9%
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 314,10 INR
Average target price 367,31 INR
Spread / Average Target 16,9%
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Managers and Directors
Sunil Duggal Chief Executive Officer & Executive Director
Ajay Goel Chief Financial Officer
Prerna Halwasiya Secretary & Compliance Officer
Upendra Kumar Sinha Independent Non-Executive Director
Din Dayal Jalan Independent Non-Executive Director
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