Vedanta Resources Slapped With $100 Million Settlement In UK Court
London:Â Indian mining giant Vedanta Resources has been ordered by London High Court to pay over $100 million to a Zambian investment company related to a 2013 copper price agreement, the state-owned firm claimed today.
Vedanta's Konkola Copper Mines Plc (KCM) based in Zambia has been ordered to pay approximately $103 million to Zambia Consolidated Copper Mines Investments Holdings (ZCCM-IH), the state-owned mining investment firm claimed.
"ZCCM-IH has been successful in its application for default judgement. KCM has been ordered (on 16 December 2016) to pay all sums owed to ZCCM-IH pursuant to the Settlement
Agreement (plus associated contractual interest) within thirty (30) days," a ZCCM-IH statement said. KCM has also been ordered to reimburse ZCCM-IH 80 per cent of the costs it has incurred in pursuing its claim.
"Further directions have been given to determine whether KCM made payments to Vedanta Group Companies in breach of the prohibition on doing so under the Settlement Agreement," the statement said.
Â
"If and to the extent it is determined that such payments were made, ZCCM-IH will be entitled to recover additional sums from KCM," it added.
Â
London-listed Vedanta Group is yet to comment on the judgement.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
