PACRA has reversed the change of the register of Zambezi Portland Cement (ZPC) following a threat to commence contempt of court by the Ventiglia family.
The government department mandated to register companies had made changes in the ownership of ZPC despite the matter still being in contention in court.
The Ventiglia family and Finsbury Investment Limited owned by Rajan Mhatani have been on a legal battle of ownership of ZPC.
The Ventiglia family through their lawyer Sakwiba Sikota SC of Central Chembers this week wrote to PACRA Registrar Wilson Banda informing him of their client’s intention to commence contempt proceedings against him for making changes to the ZPC register.
In a letter responding to Sikota today, PACRA has disclosed that it has reversed the changes awaiting determination of the Court of Appeal following a stay of execution.
PACRA says the decision has been made in consultation with the Attorney General who Sikota had copied in his letter.
The hostility started when on 31st January 2019 the “Court of Appeal” stated in a judgment that “ as a remedy, we order that the appellant (Finsbury Investments Ltd) pays the sum of K580,000,000 (five hundred and eighty million kwacha) to the Respondents (Antonio Ventriglia & Manuela Ventriglia) representing 580,000,000 shares transferred to the Appellant in ZPC Limited, which represents 58% shares”.
The Ventiglia family nevertheless is optimistic that the new dawn administration shall not allow illegality because it’s a government which is run by the rule of law.
They have called on Mahtani and his team to follow the law and wait for the Court of Appeal to determine the case fully.