Kamanga opens illegal Finance Bank Account

Wed, 23 Jan 2013 11:45:23 +0000

In-complete disregard of the three court orders, Andrew Kamanga the appointee of Finance Bank chairman Rajan Mahtani currently illegally running Zambezi Portland Cement has now opened an account with Finance Bank number 00254937800 to which billions of Kwacha are being channelled everyday.

This is in spite of a court order by judge Lishimba declaring the appointment of Kamanga by Rajan Mahtani as being null and void.

This order was further reinforced by Judge Chishimba’s rejection to a proposal by Mahtani who wanted a receiver to be appointed for the company.

Judge Chishimba ruled that the management appointed by deported Ventriglia’s was adequate to manage the affairs of the company.

ZPC management complained that it would be difficult to recover the monies that were being deposited in the new account.

However when contact Mahtani’s lawyer John Sangwa could not comment on the new account and referred all queries to Mr Kamanga.

ZPC management have also said assertions that the company was not paying its loans and that it owed government billions of Kwacha were not true as the company had met all its financial obligations

ZPC technical director Claudio Ventriglia explained that a total of K14, 223, 340. 766.31 was paid to government as VAT while K 5,69,762,018.44 was paid in PAYE requirements.

Mr Ventriglia said the monies were paid from June to November 2012 and wondered why government was making false claims on the company.

He said only the PAYE for December 2012 had not yet remitted because it was supposed to be done by January 10th 2013 and the VAT was supposed to be paid by 19th January 2013.

The company had also made other payments in form of loans amounting to $ 40, 727,758, 78 since May 2010.

The loans were paid to Finance Bank, Leasing Finance, Trust Merchant Bank and the PTA Bank.

By June 2011 the company paid Trust Merchant about $ 8,500,100. 00 and a total of $ 14.966.351.56 was also paid to PTA bank by October 2012 leaving outstanding arrears of $ 1.392.667.00.

And Finance Bank chairman Rajan Mahtani was also paid a total amount of $10.766.571.89 and another $5,185, 521.89 was paid on this account Number 0011051088401 on 25th September 2012.

The ZPC manager has since denied allegations that the company was not servicing its loans as claimed by some government officials.

And ZPC management has also questioned the continued presence of Dr Mahtani’s appointed CEO Andrew Kamanga and police officers on the company premises when the court had nullified Mahtani’s moves to own the firm.