Ultimate Insurance was sold twice

Ultimate Insurance was sold twice

New Information has emerged that Ultimate Insurance was ‘sold’ twice by the three individuals who first registered it, Klein Syampongo, Maybin Silavwe and Justine Phiri.

It has also come to light that the three are being held to ransom by Chanda Katotobwe to testify that they only sold the entire company to him. Katotobwe is threatening to have the three jailed for fraud, money laundering, and obtaining money by false pretences if they don’t say exactly what he tells them to in court. Bank statement also show that Katotobwe has been paying Justine Phiri huge sums of money.

But records show that when the three failed to run the company, they sold the insurance company to Marshland consortium as major shareholders and Katotobwe’s wife as minority shareholder in 2013.

Later, the three initial owners started cutting deals and ended up getting money from Katotobwe purporting to sale him the company which they had already sold. Even when paying, Katotobwe knew very well that the company was sold.

Maybin Silavwe (in the photo) one of the previous owners,testified before Magistrate Walusiku, that they sold Ultimate Insurance Company to Felistus Kabwe Chibamba Katotobwe and the full purchase price of K1.5m was paid by Chanda Katotobwe.

Silavwe’s partner in crime Justin Phiri also told Judge Kazimbe Chenda, that the Katotobwes bought Ultimate Insurance Company and paid the agreed full purchase price for the shareholding.

Katotobwe and three initial owners of Ultimate Insurance later forged a consent judgment by misleading judge I Z Mbewe. The matter of forgery was reported to frauds department of the Zambia police but a named senior CID officer is ‘sitting’ on the file.

Katotobwe and the three initial directors face long jail terms once they are prosecuted for forging a high court judgment.

This is the ongoing case where Katotobwe and directors of Marshland consortium are fighting for ownership of Ultimate Insurance ltd.

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