Bogus Indian Investor, Vikram Reddy loses Mining Licences

The Zambian Government has cancelled mining licences of a bogus Indian Investor, Panyam Vikram Deva Reddy.
This is the same Indian Investor who has the audacity to insult to a Zambian Subordinate Court where he is appealing for forgery and theft of cheques belonging to former Vikram Investments Director Vinod Yaddula.
The Ministry of Mines and Mineral Development canceled Vikram Investments Licences because they have been dormant.
Vikram Investments is among over 800 dormant mining licences that were put off.

Ministry of Mines and Mineral Development Permanent Secretary Barnaby Mulenga disclosed that the ministry cancelled 274 large scale exploration licences, 240 small scale exploration licences, 195 small scale mining licences, 96 artisan mining rights and 12 large scale mining licences totaling 817 licences.

The permanent secretary said government was not canceling the licences without viable reasons but was doing so in order to engage people who were eager to exploit minerals.

“We are not just grabbing these licences for the sake of grabbing. You realise that this is the wealth for this country. So when people hold these licences for speculating purposes who does it help, it does not help anybody,” he said.

He said it was better people who did not have capacity to develop mines gave way to those with the ability.

“It is good for us to encourage people to own these licences but on the other hand we want to emphasise to them that if you don’t want to develop we shall grab them from you and give other Zambians who will make use of them,” Mr. Mulenga said.

Licence holders, he said, should make use of the licences so the country could benefit through taxes.

He said the licences were not for decorations and that those inactive would be revoked.
And And the Permanent Secretary said government was also on the verge of cancelling about 874 licences in next 30 days if holders do not exculpate themselves.