6 June 2014

Zambia: Govt Pretense On KCM Shocks Lawmaker

Parliamentary Accounts Committee chairperson Vincent Mwale says it is shocking that government wants to pretend that they are shocked by the revelation by Vedanta boss Anil Agarwal that he bought Konkola Copper Mines for a song.

Mwale said there is a lot of pretense by Zambians despite having been warned several times by Non Governmental Organizations that the mines were not remitting enough funds to the Zambian treasury.

"There is a lot of pretense that has been going on, we have known for a long time as Zambians because there are a lot of civil societies that have said we are not getting anything from the mines," he said.

"And the mining companies are making false declarations of how much they are making, false declarations of equipments they are bringing in, we have known this as a country for a long time. "

Mwale added: "What the Vedanta boss said is not new, it is actually a reminder of the things that we have known for a long time."

Recently Agarwal told an audience in his native India that he bought KCM at US$25 million instead of US$400 million which was its true value.

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