This article was added by the user . TheWorldNews is not responsible for the content of the platform.

Vedanta defrauded Zambia, it’s shocking that the President Hichilema is oblivious to all this-Fred M’membe

Socialist Party President Fred M’membe has said that given Vedanta’s dishonesty in the manner it managed KCM, Zambians do not believe it has enough moral and corporate responsibility to come back to operate KCM.

Reacting to reports suggesting the return of KCM, Dr M’membe, posting on his Facebook page said that it was therefore shocking that president Hakainde Hichilema and his UPND government were oblivious to all this.

“Vedanta defrauded this country of billions of dollars in the form of underpricing the mined copper it sold to its subsidiary company in Dubai. It also got the internally generated cash flow and used it as a loan to invest in KCM. These facts were presented in the London High Court in 2014.

“The suffering of our people on the Copperbelt is partly because of the very low contribution to taxes being made by the mining transnational corporations. Zambian workers have to be the burden bearers – collectively paying more taxes and higher electricity tariffs than the mining corporations. The mining corporations have been given tax holidays” he said

Dr M’membe said that their mineral royalty payments have been made deductible in corporation tax computations, meaning mining transnational corporations will be paying very little corporation tax, if not nothing.

“Given the type of people handpicked by Mr Hichilema to handle KCM, we will not be surprised if special purpose vehicles are set up to establish personal interests in this company,’ concluded the post.