ZCCM-HI SUES FQM FOR $1.8 BN

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Laf1986

Messages: 2800

Inscription: Jeu 30 Juil 2009 19:54

Message Lun 10 Avr 2017 15:25

ZCCM-HI SUES FQM FOR $1.8 BN

https://www.dailynation.news/2017/04/10 ... or-1-8-bn/

An intriguing case in which ZCCM Investment Holdings has sued Zambia’s largest mining conglomerate First Quantum Minerals Limited for US $1.8 billion over matters that took place in 2007 may be dismissed even before it starts.

FQM chief executive Mr. Philip Pascall has submitted that “The facts forming the basis of the plaintiff’s claims were known to the plaintiffs as at 2007 and I am advised by my counsel and believe the same that these claims are rendered statute barred in Zambia.”

The case involves the deposit of excess funds by Kansanshi Mine in an FQM Finance service account which ZCCM claims was irregular as it was made without its knowledge.

But Mr. Paschall has argued that “That the deposit of excess funds of the 7th defendant in an inter-company, interest-bearing account which was in part utilized by the 2nd defendant was documented on the financial statements of Kansashi Mining PLC (KMP) and were subsequently approved by the material board of each year,” he said.

FQM has also questioned whether ZCCM which has no formal board had the authority to commence the proceedings.

When the matter came up for hearing on Wednesday before High Court judge Dr Winnie Mwenda, ZCCM-IH applied for an adjournment on the basis that they were not served the skeleton arguments.

The judge granted the adjournment in favour of ZCCM-IH but with costs for their unnecessary delays, causing the case too drag.

But ZCCM-IH has insisted that in the name of justice they be granted an extension of time in which to apply for leave to continue the legal action.

“Further, we submit that the defendants herein do not stand to suffer any prejudice by the extension of time sought as the plaintiff’s application to continue the action will be tested and only granted of sound on the merit,” ZCCM-IH submitted.

This was after the FQM lawyers observed that ZCCM applications was out of time.

Earlier the lawyers had argued that the application by ZCCM should be dismissed on the grounds that it involved parties that were not resident in Zambia.

This therefore meant the case would only proceed at the discretion of the court and, if not allowed, the case would have collapsed.

According to law, ZCCM should have obtained leave if they had to continue with their action within 21 days after defence was filed, which had forced them to apply for an extension of the time on responding to the matter.

ZCCM-IH commenced legal proceedings against FQM Limited, FQM Finance Limited, Philip K. R. Pascall, Arthur Mathias Pascall, Clive Newall, Martins R. Rowley and Kansanshi Mining PLC as 1st, 2nd, 3rd, 4th, 5th 6th and 7th defendant respectively in their US $1.8m claim.

And Mr Philip Pascall submitted the matter was statute barred in Zambia because ZCCM-IH has been aware of the proceedings since 2007.

FQM is expected to pump another $1billion into its operations in Zambia.

Director of Operations Matt Pascal last month revealed that the company was Zambia’s largest tax payer having paid over $3.6billion in taxes in a period of ten years this was in addition to the company building a 600km electricity power line from Lusaka West to Kalumbila in Solwezi at a cost of $206 million.
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phili675

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Inscription: Mar 8 Sep 2009 08:03

Message Lun 10 Avr 2017 16:46

Re: ZCCM-HI SUES FQM FOR $1.8 BN

En décodé , que faut-il en conclure ?
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bobded

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Messages: 2234

Inscription: Dim 30 Aoû 2009 21:22

Message Lun 10 Avr 2017 20:12

Re: ZCCM-HI SUES FQM FOR $1.8 BN

Il faut en conclure qu'ils ne manquent pas d'air les FQM
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Laf1986

Messages: 2800

Inscription: Jeu 30 Juil 2009 19:54

Message Lun 10 Avr 2017 20:23

Re: ZCCM-HI SUES FQM FOR $1.8 BN

Est ce que le montant est une erreur du journaliste ou zccm demande plus que les chiffres que l'on avait vu passé?
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mbury

Messages: 737

Inscription: Sam 19 Sep 2009 09:49

Localisation: Nord de l'Alsace, dans le Parc Régional des Vosges du nord

Message Lun 10 Avr 2017 21:48

Re: ZCCM-HI SUES FQM FOR $1.8 BN

bobded a écrit:Il faut en conclure qu'ils ne manquent pas d'air les FQM


Toutes sortes d'arguments: délai de prescription, ZCCM-IH était au courant.... et, pour conclure, en plus, un petit chantage, à peine déguisé, en disant que FQM allait (probablement) injecter prochainement 1 milliard de $ en Zambie....
Et pour enfoncer le clou, FQM a payé beaucoup de taxes à la Zambie...
Tout est mélangé, car le 2 derniers points n'ont absolument rien à voir avec le procès...
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phili675

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Inscription: Mar 8 Sep 2009 08:03

Message Mar 11 Avr 2017 08:34

Re: ZCCM-HI SUES FQM FOR $1.8 BN

Pour moi , en décodé , leur ligne de défense est bien fragile.
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mbury

Messages: 737

Inscription: Sam 19 Sep 2009 09:49

Localisation: Nord de l'Alsace, dans le Parc Régional des Vosges du nord

Message Mar 11 Avr 2017 09:32

Re: ZCCM-HI SUES FQM FOR $1.8 BN

phili675 a écrit:Pour moi , en décodé , leur ligne de défense est bien fragile.

Un peu de méli-mélo tous azimuts... de plus, lors d'un procès, tu ne fais pas déclaration à la presse! C'est mon impression.
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Laf1986

Messages: 2800

Inscription: Jeu 30 Juil 2009 19:54

Message Mar 11 Avr 2017 09:37

Re: ZCCM-HI SUES FQM FOR $1.8 BN

Il est possible que l audience soit public.
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bobded

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Inscription: Dim 30 Aoû 2009 21:22

Message Mar 11 Avr 2017 10:08

Re: ZCCM-HI SUES FQM FOR $1.8 BN

mbury a écrit:
phili675 a écrit:Pour moi , en décodé , leur ligne de défense est bien fragile.

Un peu de méli-mélo tous azimuts... de plus, lors d'un procès, tu ne fais pas déclaration à la presse! C'est mon impression.


Point de départ pour un arrangement a l'amiable
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Laf1986

Messages: 2800

Inscription: Jeu 30 Juil 2009 19:54

Message Mar 11 Avr 2017 10:08

Re: ZCCM-HI SUES FQM FOR $1.8 BN

FQM ayant de nombreux projets en cours, je pense qu ils essayent surtout de gagner le plus de temps possible pour l instant

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