Ruling reversed in Finsbury…case

Judge Mallet; Hammer
Judge Mallet; Hammer

The Supreme Court has reserved ruling in the matter where Finsbury Investments Limited and its agents have contested the Lusaka High Court’s injunction to restrain them from acting as shareholders of Zambezi Portland Cement.

ZNBC’s Hannock Kasama reports that this comes after hearing of oral submissions in Kabwe by lawyers representing the appellant -Finsbury Investments Limited and defendants Antonio Ventriglia and Manuela Ventriglia.

The panel of three Supreme Court Judges consisting Hildah Chibomba, Evans Hamaundu and Roydah Koama heard the oral submissions.

State Counsel John Sangwa who is representing Finsbury Investments Limited contended that there was no legal basis for the Lusaka High Court to restrain the company from holding itself as a holder of Zambezi Portland.

Mr Sangwa argued that the injunction could only be granted if there were serious issues to be determined.

But, Silas Mambwe -a lawyer representing the defendants- argued that the Lusaka High Court observed the settled laws in granting an injunction.

On May 28 ,2015 Lusaka High Court Judge Justin Chashi granted an Exparte Order of Interim Injunction to restrain Finsbury Investments Limited and its agents from acting as share-holders of Zambezi Portland Cement.

Judge Chashi confirmed the injunction in question on July 9,2015.

Earlier, Finsbury Investment Limited had filed a claim to restrain the Ventriglia brothers from acting as beneficial owners of 580 thousand- Kwacha rebased issued share in Zambezi Portland Cement.