Fight for Ultimate Insurance continues in court

Fight for Ultimate Insurance continues in court

****Maybin Silavwe was being cross examined by rising star lawyer Osborne Ngoma

The court trial in which Lusaka ‘businessman’ Chanda Katotobwe is trying to take over Ultimate Insurance using the courts, DPP’s office and courts has continued in the Lusaka Magistrate court.

During the last hearing on 27 October 2020, one of Katotobwe’s witnesses consented that Marshland consortium is the majority shareholder in Ultimate Insurance, the firm at the centre of the controversy.

Maybin Silavwe also confirmed that Katotobwe was behind the infamous, fake consent judgement which Katotobwe had presented to PACRA in order to change the shareholding. Silavwe further told the court that PACRA rejected the consent judgment. He also told the court that at the time he signed the fake consent judgment, he Silavwe was no longer a shareholder of Ultimate Insurance.

This is in the ongoing case where Marshland Consortium directors Tobias Milambo, Nachi Musonda and Richard Lubemba are facing trial for allegations of forgery at the instigation of Katotobwe and his wife Felistus Chibamba.

During the previous hearing, Silavwe told the court that he had never dealt with the owners of Marshland Consortium but that he and his former partners sold the entire company to Katotobwe for K1.5 million. But in the documents he produced in court, (attached) Silavwe said Tobias Milambo, Nachi Musonda and Richard Lubemba were agents of Katotobwe’s wife during the transaction.

Silavwe failed to produce evidence to show that Katotobwe paid the K1.5M, only evidence of K1M was produced and that the receipts for K200,000 and K300,000 was fabricated.

Instead, Silavwe produced a sale agreement between himself , Justin Phiri and Klein Syanpongo, that showed that they only sold 16.5% to Felicitas K Chibamba.

Silavwe also confirmed that Katotobwe and his wife were refunded the ZMW K500,000.00

Silavwe further confirmed through a resolution which he produced in court that the former shareholders signed a resolution to appoint new directors when they existed the company.

he further confirmed having written a letter to the then Board chair informing them on the new shareholders.

But he failed to explain why he wrote a letter to PACRA to ask PACRA to change shareholding while the matter was in court and when he was not a shareholder.

Silavwe also confirmed that Katotobwe’s wife Felicitas K Chibamba first got 1,850,000 shares through injection of her property which is also in contention and only bought 1,650,000 share from the former shareholders totalling to 3,500,000.00

Silavwe then committed perjury by lying in court that he was a director when he was just a shareholder. PACRA document showed that he was just a shareholder and not a director. He went on to embarrass himself by saying when you are a shareholder in a company, you are automatically a director.

The case is being heard by Magistrate Alice Walusiku.

Marshland Consortium direcotrs are being represented by rising star lawyer Osborne Ngoma

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