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ZCCM-IH Announces Arbitration Proceedings with Trafigura
ZCCM Investments Holdings Plc (ZCCM-IH) has issued a cautionary announcement regarding arbitration proceedings initiated by Trafigura Pte Limited. The proceedings concern a guarantee signed by ZCCM-IH's former CEO in favor of Trafigura on July 28, 2021. Trafigura filed a request for arbitration on February 24, 2024, under the London Court of International Arbitration Rules 2020.
The dispute follows a demand for payment made by Trafigura on November 21, 2023, linked to a ZMW1,663 million (US$100 million) prepayment agreement with Konkola Copper Mines Plc, in which ZCCM-IH is a shareholder. The arbitration details remain confidential.
ZCCM-IH is actively contesting the claims, and the outcome remains pending. Shareholders are urged to exercise caution in dealing with ZCCM-IH securities and to seek professional advice as needed.
R. E.
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