Finsbury demands K1billion from Zambezi Portland

Finsbury demands K1billion from Zambezi Portland

*On 6 February 2019, Rajan Dr  Mahtani paid K580,000 to actualise his 58% majority shareholding in Zambezi Portland as decided by the court of appeal.

At the same time, Finsbury Investments Limited  made a claim of K1 Billion plus interest on Zambezi Portland Cement Limited for the payment made on 27th July, 2005 for the entire issued share capital of Zambezi Portland Cement Limited.

The Court of Appeal further confirmed that the share transfers in December 2006 and January 2007 are and have been valid and consequently Finsbury Investments Limited holds 58% (Fifty eight Per Centum) and Ital Terrazzo Limited (In Receivership), which is owened by the Ventrilglia family holds 42% (Forty two Per Centum) of the entire issued share capital of Zambezi Portland Cement Limited.

What this means is that Finsbury is the one that should run the cement plant and appoint the Management unlike what the Italians have been doing.

Pursuant to the Judgement of the Court of Appeal of Zambia holden at Lusaka (Appeal No. 117/2018) delivered on 31st January, 2019 Finsbury Investments Limited paid into the High Court of Zambia at the Commercial Registry under Cause No. 2008/HPC/366 on 6th February 2019 K580,000,000 (pre-rebased) plus interest in compliance of the said Judgement (J40).

‘Reports and publications made to the contrary by the alleged CEO of Zambezi Portland Cement Limited are inconsistent with the said Judgement,’a statement issued late evening says.

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COMMENTS

WORDPRESS: 3
  • comment-avatar
    UPND forward 7 days ago

    Kubeja badala. Mike Tyson said his defence is impregnable, Lennox Lewis thought otherwise

  • comment-avatar
    Kubeja badala 7 days ago

    The mafias have been caught pants down, they thought mahtani would fail to pay ZMW580,000. Just own up and hand over management of ZPC to majority shareholders

  • comment-avatar
    nineo 7 days ago

    wina azalila!