After scoring several lucrative deals across Africa, the Global commodities trader Trafigura has found itself on the receiving end of a substantial legal settlement with Zambia, worth $92 billion.
A recent report shows that an arbitration tribunal in London has ordered ZCCM Investments Holdings Plc, Zambia's majority state-owned investment company, to compensate Trafigura with $92 million in a dispute over a prepayment agreement with Konkola Copper Mines.
According to an announcement by ZCCM on the Lusaka Securities Exchange, the tribunal awarded a total sum comprising $69.3 million in principal and $19.7 million in accrued interest as of March 31, along with arbitration costs and Trafigura's legal fees.
Furthermore, the Zambian investment firm was mandated to settle arbitration fees amounting to £73,525 and reimburse £1.78 million, representing 90% of the legal costs incurred by Trafigura.
Trafigura initiated legal proceedings in February 2024 pursuant to the London Court of International Arbitration Rules 2020, concerning a prepayment agreement with Konkola Copper Mines during its management by ZCCM.
