The Supreme Court sitting in Lusaka yesterday restored Zambezi Portland Cement Limited directors – Antonio Ventriglia and Manuela Ventriglia as directors of the company, taking over from Lusaka lawyer, Robert Simeza who was operating it in receivership.
This was in a matter in which the two directors had appealed against the High Court’s refusal to grant them an injunction restraining Mr Simeza and Eastern and Southern Trade and Development Bank from taking over the operations of the company.
In a judgment yesterday, Supreme Court Judge Lombe Chibesakunda sitting with Hildah Chibomba said the court was satisfied that there was need for an interlocutary injunction to be granted to the appellants to protect company property.
“We have considered the arguments advanced by both parties in their heads of arguments; first we agree that there was evidence on record that the appellants were still directors of Zambezi Portland Cement Limited using the authority of Avalon Motors Limited in receivership going by the evidence on record.
“We are satisfied that the learned trial judge based his rejection to grant the appellant an injunction on his conclusions which were not supported by any evidence on record. He concluded wrongly that the appellants were to be punished because they had failed to disclose the facts that they ceased to be shareholders; so he misdirected himself,” Ms Justice Chibesakunda said.
The court held that there were two main contentious issues, which were to be dealt with at trial stage concerning the bank and Mr Simeza who were the first and second respondents respectively.
Ms Justice Chibesakunda said the first was whether or not the first respondent was right to appoint the second respondent as a receiver at that stage and secondly whether or not there was a breach of the loan.
The respondents had argued that the PTA Bank, which secured the loan, could not be sued because it enjoyed diplomatic immunity.
But the Supreme Court stripped the bank of its immunity and said it could be sued.
[Times of Zambia]
Wasn’t this the Company whose share certificates DEC was looking for in Manthani’s Company and has his lawyer facing charges?
Finally the Ventriglias have been vindicated. I just wonder where all this loop entangles Rajah Mahtani???
Could this be the down fall of the the powerful business empire of his in Zambia taking into account of what transpired in Malawi vis a vis Finance Bank??
like the saying goes…its not over until the fat lady sings
this just looks like some political score being setteled with rajan. the issue of shares is just the tip of the iceberg. what about ventriglias fraud against pta bank regarding morgaging zpc to some congo bank?and misuse of loan funds for personal gain and pleasure?
hats of to the receiver, simeza for starting up zpc which the venti’s had left in a mess. this simeza is a brilliant lawyer who got the plant working and producing and now that the ventis with some greedy politicians see the $$$ …. they want….for nothing. just another day in a developing country
This is what happens when you tramp on too many peoples toes!
The begining of the end of Mahtani!
Rajan grabbed RB’s house too because of a loan from Finance Bank.
This is very sad story, its all about fixing Mahtan. Basically, these guys failed and its only the receiver who has finished the project. and the quality of cement is far better than Chilanga
Zambia! Even high court judges are corrupt. Everyone who knows this case will also know that a certain greedy and dodgy banker was behind this.
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