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Contempt proceedings in which Finsbury Investment Limited Chairman Rajan Mahtani and his agents Phesto Musonda and Jimmy Kalunga are accused of orchestrating a failed hostile takeover of Zambezi Portland Cement (ZPC) have commenced in the Court of Appeal(s) in Lusaka.
The three are accused of instigating and leading a group of Ndola youths in an attempt to takeover operations at the Ndola based cement plant where company and worker’s properties were damaged.
Finsbury Investment limited sued Mahtani and three others for contempt of court for being in breach of the courts ex parte order dated December 4, 2020 which effectively stayed the execution of the ruling of the single judge of the court of appeal court dated March 29, 2019 pending an inter partes hearing which still awaits a return date of hearing.
It is alleged that Musonda and Kalunga, conducted themselves in breach of the law by parading several persons appearing as thugs at the premises of Zambezi Portland cement limited to forcefully enter the said premises for the purpose of taking over management at Zambezi Portland cement limited on behalf of the appellant herein in breach of the order of December 4, 2020 which stayed the ruling of the single judge dated March 29, 2019.
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And Zambezi Portland Cement workers Godfrey Chonde – IT Specialist, Lituay-Chief Security Officer and D. Ventriglia – Operations Director all took to the stand to testify on how the youths led by Kalunga and Musonda stormed the ZPC in an attempt to gain entry to the plant.
The workers also produced video evidence which captured the violent takeover attempt of the cement plant which left some employees injured.
Musonda and Kalunga defied the Stay issued by the Court of Appeal and contempt proceedings after they launched an attempted hostile takeover of Zambezi Portland Cement ZPC in November 2021.
Musonda and his counterpart along with 70 thugs defied The Stay issued by the Court of Appeal and Court Contempt proceedings by attempting to take over ZPC in a hostile manner that left some Guards at the Plant injured.
This happened while the shareholders’ case was active at the Court of Appeal.
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