VENTRIGLIA FAMILY QUESTIONS AG’S VERDICT ON ZPC OWNERSHIP
Lawyers for the embattled Ventriglia family in the protracted wrangle over the ownership of Zambezi Portland Cement (ZPC) have sharply reacted to the recent legal opinion by the Attorney General (AG) Mulilo Kabesha on the shareholding status of Zambezi Portland Cement that validated Finsbury Investment Limited, as a major shareholder with 58 percent in the company.
In a letter dated 10th January, 2022 to the Acting Registrar of Patents and Companies Registry Agency (PACRA), Central Chambers through Sakwiba Sikota State Counsel is of the view that the Attorney General omitted certain provisions of the judgement, on which he anchored his opinion.
In his correspondence to the registrar of Patents and Companies Registration Agency (PACRA) dated 27th December, 2021, Mr. Kabesha affirmed PACRA records must be restored in line with the 31st January 2019 judgement which gave Finsbury 58 percent shares until it is overturned.
The Attorney General’s rendered opinion therefore, restored and resolved the shareholding structure, which places Finsbury Investments in pole position, as a major shareholder with 58 percent following the request for guidance by PACRA.
And Finsbury Investment Limited lawyers have indicated that they settled all payments including interest granted by the ‘Court of Appeal’ in the respective judgement in the re- denominated currency of K580,000 plus interest accumulating into one million kwacha.
This is according to receipts at the court registry.
However, the Ventriglia’s family lawyers have insisted that 580 million Kwacha should be paid based on the old currency.