ZESCO Agrees To Redress Maamba Collieries, with $518 Million By August 2023
State power utility ZESCO has agreed in international arbitration in London to pay Maamba Collieries Ltd $518 million by August to settle arrears outstanding arrears for power supplied. Maamba through its parent company Nava has been pursuing international arbitration against ZESCO for outstanding debt. The arbitral tribunal has issued a consent award, and as per the award, ZESCO shall, by August 2023, discharge the outstanding and overdue arrears aggregating to about $518 million. “This is a consent award issued by an international arbitration tribunal based in London,” Sultan Baig, chief…
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