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Zambezi Portland Cement awaits K580m payment from FinsburyBy Martin Musunka on 8 Feb 2019
Zambezi Portland Cement (ZPC) management has noted the shareholding verdict by the Court of Appeal, but will only comply with the decision if Finsbury Investments Limited fulfils the main condition of paying the K580 million as ruled by the court.
Last Thursday, the Court of Appeal stated that for Dr Rajan Mahtani to validate his claim as the major shareholder in Zambezi Portland Cement with 58 per cent ownership, he should pay K580 million to the respondents.
The K580 million represents 580 million shares transferred to the appellant in ZPC, which stands at 58 per cent share transfer of the one billion share capital authorised by the cement manufacturing company and allotted at K1.00 per value per share.
However, ZPC executive director and chief executive officer, Gomeli Litana explained in an interview that the Court of Appeal had set conditions in the judgement pertaining to the company’s shareholding structure, which they would adhere to.
Litana said the current management and shareholders would continue discharging the duties until the court’s set conditions were met by Finsbury Investments Limited.
“The main condition is that Finsbury Investment Ltd has to pay K580 million, plus interest, at the current Bank of Zambia short-term deposit rate from the day the case started to-date, and a further 2 per cent until the payment is received in full within 90 days from the judgement date,” said Litana.
He added that failure to pay the amount in question by Finsbury Investments Limited to the current shareholders – Antonio Ventriglia and his wife Manuela Sebastiani, would entail that the current structure would continue running Zambezi Portland Cement.
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