ZESCO enters consent judgment with Chitundu

Cyprian Chitundu

ZESCO has entered a consent order with its former managing director Cyprian Chitundu over the 10,000 shares he held in the Kafue gorge lower project.

This is in a matter in which ZESCO sued Cyprian Chitundu for holding on to the shares in Zesco’s special purpose vehicle known as Kafue Gorge Lower power development corporation limited.

A consent order signed by High Court judge Sharon Newa stipulates that Zesco shall reimburse Chitundu’s money as earlier agreed by both parties.

Judge Newa has also ordered that Chitundu should relinquish his share holding in the company by signing share transfer forms to the incumbent managing director Victor Mundenda.

The court has also ordered that both parties shall not have claims against one another in relation to the matter.

The 10,000 shares were allotted tom Chitundu by virtue of his position.
According to the provision of SPV share holding structure, Zesco held 990 shares with a balance of 10,000 shares held by Chitundu as MD then.

         

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