According to the aggrieved party, the VENTIGLIA family, PACRA reversed the change of the register of Zambezi Portland Cement (ZPC) following a threat by the family to commence contempt proceedings against Banda.
The Government department mandated to register companies had allegedly made changes in the ownership of ZPC despite the matter still being in contention before the court.
The Ventiglia family and Finsbury Investment Limited owned by Rajan Mahtani have been on a legal battle of ownership of ZPC.
The Ventiglia family through their lawyer Sakwiba Sikota of Central Chambers this week wrote to PACRA Registrar Wilson Banda informing him of their Client’s intention to commence contempt proceedings against against him for making changes of the ZPC register.
In a letter responding to Sikota yesterday, PACRA disclosed that it had reversed the changes awaiting determination of the Court of Appeal following a stay of execution.
According to a letter copied to the family lawyer Sikota, PACRA made the decision in consultation with the Attorney General.
In 2019 the Court of Appeal ordered that that Finsbury Investments Limited pays the sum of K580,000,000 to the respondents (Antonio Ventriglia & Manuela Ventriglia) representing 580,000,000 shares transferred to the appellant in ZPC Limited, which represents 58% shares.
The Ventiglia family hopes that the government will not allow illegality because it’s a Government which is run by the rule of law.