TOMORROW Investments Limited Founder and Chief Executive Officer Chanda Katotobwe fraudulently acquired shares of Ultimate Insurance Company Limited through a forged consent judgement.
Katotobwe working with three other directors, Justin Phiri, Klein Syampongo and Maybin Silavwe, but unknown to other shareholders in the company, conspired and signed a consent judgement that enabled him to illegally take ownership of Ultimate Insurance Company Limited.
According to documents discovered at the Lusaka High Court commercial registry, Katotobwe became the sole owner of the entire issued capital of Ultimate Insurance company Limited which was also a defendant in the matter.
Katotobwe, who has been using his close ties to State house silently took over the company in May last year but only claimed it in March this year.
Using his connections to State House, Katotobwe has been intimidating and harassing business associates at Ultimate Insurance company.
In the consent judgement, Katotobwe was represented by Siamutwa and Company, while directors Justin Phiri, Klein Syampongo and Maybin Silavwe were represented by Mulenga and Company.
Ultimate Insurance Company Limited was represented by Imasiku and Company, a law firm that was non existent at the time of the alleged takeover.
Late former President Patrick Mwanawasa banned Tomorrow Investments Limited after the company failed to construct Shangombo District Hospital despite being paid K15 billion.
The company only resurfaced after his death.
In March this year, Katotobwe had Lusaka Police pick up three directors of Ultimate Insurance Company Limited for questioning in relation to alleged fraud and forgery.
Police Officers, who were clad in plain clothes from the Central Police Division, picked up the trio at the Pensions and Insurance Authority (PIA) Head Office this afternoon.
The Directors, who went for a meeting at the PIA Head Office to resolve the dispute with the owners, were picked up and driven to the station for further questioning.
This followed the quashing of Ex-Parte stay which was granted by Judge Mapani Kawimbe on 12th November, 2019, which stopped the police effecting arrest, detentions and investigations into alleged fraud and forgery at Ultimate Insurance Company Limited.