The Court of Appeal has dismissed the application for the stay of execution of the judgement where Lusaka Businessman Chanda Katotobwe’s wife Felicitus Chibamba has been declared as legitimate owner of Ultimate Insurance whose ownership was shrouded in controversy.
Court of Appeal President Fulgency Chisanga has dismissed the application on grounds that the appeal against the High Court’s judgement has no likelihood of success.
The applicants and appellants are Marshland Consortium Limited and its directors Tobias Milambo of Lusaka Nachi Musonda of Chongwe and Richard Lubemba -31 of Lusaka.
In their applications for the stay of execution the appellants stated that they had legally brought the shares of Ultimate Insurance Company . They further stated that they were running the company afloat resulting in the turnover of over K19 million in 2019 against over two million Kwacha in 2017.
However the respondents Felicitus Chibamba, Chanda Katotobwe Justin Phiri, Klein Syampongo and Maybin Silavwe contended that the appellants had mismanaged the affairs of the company ,culminating into the termination of its operating licence by the Pension and Insurance and Insurance Authority in 2020.
The respondents also averred that 65 percent of shares of Ultimate Insurance Company were allotted to the appellants illegally.
Recently the Lusaka High Court declared Felicitus Chibamba the wife to Lusaka business man Chanda Katotobwe, as the legitimate owner of Ultimate Insurance Company ,ending the two years controversy over the ownership of the company.
Lusaka High Court Judge Kazimbe Chenda ruled that the evidence adduced showed that Ms Chibamba , financed by her husband had paid K1,500 for the entire share of Ultimate Insurance Company.
Judge Chenda has thus ordered that that that three directors of Marshland Consortium Limited Tobias Milambo of Lusaka’s Woodlands, area, NACHI MUSONDA-Of CHONGWE and Richard Lubemba -31 must not hold themselves as directors of Ultimate Insurance company .