The Court of Appeal has today 31st January, 2019 reversed the High Court Judgment delivered by High Court Sunday Nkonde in May 2018 which held that the Ventriglias were the only shareholders of Zambezi Portland Cement Limited.
In a Judgment delivered by Justice Mwinde Siavwapa on behalf of the Court of Appeal, which lasted about an hour and a half this morning, Judge Siavwapa saud that the high court Judge misdirected himself in law and fact when he said that the Ventriglias were the only shareholders in Zambezi Portland.
What this now means is that Finsbury Investments Limited is the majority shareholder in Zambezi Portland Cement Limited with 58% shares whilst the Ventriglias own 42% shares as the minority shareholders. This is in line with the Shareholders Agreement which was entered into between the parties in January, 2007.
In relation to the allegation of forgery, the Court of Appeal totally dismissed this allegation and held that it was in fact an established practice in Zambezi Portland Cement Limited of mechanically placing signatures on documents as Claudio Ventriglia had mechanically placed similar signatures on employment contracts for members of staff who were recruited from India by Zambezi Portland Cement.
The Court of Appeal has further stated that the parties should now proceed to regularize the sale of shares, which took effect in December, 2006 in line with the Shareholders Agreement of January, 2007 within 3 months from the date of Judgment.