on ZCCM (EPA:MLZAM)
ZCCM-IH Faces Confidential Arbitration with Trafigura
ZCCM Investments Holdings Plc, incorporated in Zambia, is currently engaged in confidential arbitration proceedings with Trafigura Pte Limited. This follows Trafigura's request for arbitration under the London Court of International Arbitration Rules 2020. The issue stems from a guarantee signed by ZCCM-IH's former CEO in favor of Trafigura on 28 July 2021. On 21 November 2023, Trafigura demanded payment under this guarantee, related to a US$100 million prepayment agreement involving Konkola Copper Mines Plc, in which ZCCM-IH holds shares.
ZCCM-IH is challenging these claims vigorously. The outcome remains undecided and could impact share prices. Investors are urged to remain cautious when trading ZCCM-IH securities until further updates are disclosed. Professional advice is recommended for any concerns regarding this situation.
R. H.
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