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Supreme Court upholds dismissal of Finsbury application

HIGH Court.

THE Supreme Court has upheld the dismissal by the Ndola High Court of an application by Finsbury Investments Limited to appoint a provisional liquidator of Zambezi Portland Cement pending determination of the main matter.
Finsbury Investments Limited took the matter to the Supreme Court challenging the decision of the Lusaka High Court to dismiss its application.
In May last year, Ndola High Court judge Flavia Chishimba dismissed the application by Finsbury Investment Limited to appoint a provisional liquidator pending determination of the main matter.
Finsbury Investment Limited sued Ital Terrazo Limited’s (in receivership) Antonio Ventriglia, and his wife, Manuela Ventriglia over the ownership of Zambezi Cement Limited.
Supreme Court judge Albert Wood, sitting with justices Mumba Malila and Nigel Mutuna, delivered the judgment saying there was no misdirection on the part of Ms Justice Chishimba when she dismissed the appeal.
“In view of the findings we have made in the preceding paragraphs, the appeal fails and we dismiss it with costs, to be taxed in default of agreement. In doing so, we uphold the ruling of the learned High Court judge in its entirety,” Mr Justice Wood said in the judgment delivered on March 10 this year.
He said in arriving at the decision, the court had considered defence lawyer John Sangwa’s request to revisit the decision of the High Court on the grounds that it contravened the provisions of section 55 of the Companies Act.
Mr Justice Wood said the court considered Ms Justice Chishimba’s decision and understood it to be a cautionary measure on her part that it was not safe to grant the order for the appointment of a provisional liquidator in view of the challenge raised against the appellant’s status as a shareholder.
“Her decision is enhanced by the fact that this court in appeal number 141 of 2015, confirmed the order of injunction granted against the appellant and others from, among other things, purporting to act as shareholders in the company,” he said
Mr Justice Wood said the court was also of the firm view that there was wisdom in Ms Justice Chishimba staying clear of determining the issue of shareholding in the company because the issue was before another court. – Story courtesy of SUMA SYSTEMS.

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