Embattled Vikram Investment Chairperson Panyam Vikram Reddy is reportedly panicking over the impending cancellation of his mining licence No. 20147 HQ-LML in Shantumbu, Kafue District, an impeccable source close to the development has disclosed.

A source from Vikram Investment disclosed that Vikram is engaging Government officials in an effort to bribe them so that they leave out licence No.20147 HQ-LML for possible cancellation.

Government has already put off 10 of Vikram Investment licences for impropriety and failure to invest in them for a long period of time.

The Ministry of Mines issued a notice of cancellation for licence No.20147-HQ-LML, leaving Vikram, currently facing charges of theft of cheques and forgery in panic.

Now, the source says, Vikram is attempting to use underhand methods to curtail Government from cancelling his licence.

The source, however, urged Government to cancel the licence and give it to a serious investor who will invest in it for the well-being of the Zambian economy.

According to the source, licence No.20147 has a lifespan of 25 years but in the 10 years the licence was issued, no investment has been put up, prompting government to issue a notice of cancellation.

The source said the licence was secured thanks to a certain Zambian of Asian origin who had a torrid time to convince Chieftaines Nkomesha Mukamabo (II) who expressed her reservation to deal with Vikram.

Chieftaines Nkomesha was concerned that Vikram is a bogus investor who would not put up an investment that would benefit her people.

“The licence in question was secured by a certain Zambian of Asian origin and he really suffered to ensure that it was issued but Vikram has failed to invest in the mine and the Ministry has already issued a notice of cancellation. But being crooked as he is, Vikram wants to bribe his way to stop Government from cancelling the licence in question,” the source said, “But it will be in the best interest if the said licence is cancelled and given to a credible investor who will put up serious mining Investments for the betterment of the Zambian economy.”