By GRACE CHAILE LESOETSA
THE Court of Appeal has ruled that it will go ahead to hear the contempt proceedings commenced by the Ventriglia family against Finsbury Investments Limited chief executive officers.
In a ruling delivered by Justice Justin Chashi, the court dismissed the preliminary issues raised by Finsbury Investments objecting to the contempt proceedings against its chief executive officer Mr Phesto Musonda and his co-accused, Mr Jimmy Kalunga for allegedly attempting to take over the operations of Zambezi Portland Cement Limited in September last year.
The two are alleged to have ignored the Court of Appeal order dated December 4, 2020 which stayed the order of the single judge of the High Court.
Finsbury Investment argued that the notice of motion for an order for committal for contempt against Mr Musonda and Mr Kalunga was irregular and did not comply with orders 45/5 and 7 and 52/4 and that it was an abuse of court process.
It submitted that it would be inappropriate to proceed with the hearing of the contempt proceedings in the motion filed into court and served on Finsbury Investments.
In opposing the motion, Antonio and Manuela Ventriglia contended that the motion for contempt proceedings spelt out what the alleged contemnors did and left nothing to speculation.
They stated that Finsbury Investment directors did attempt to embed themselves into management of Zambezi Portland by their action of September 12, 2021.
In its ruling, the Court of Appeal judges – Mr Chashi, Judge Betty Majula and Judge Dominic Sichinga – dismissed the preliminary issues raised by Finsbury Investments and ordered for commencement of contempt proceedings.
The Court of Appeal in its judgement dated January 31, 2019, had discounted the shareholding of Ital Terrazzo Limited in ZPC and only certified Finsbury and the Ventrigilas’ as the only shareholders with the condition that Finsbury Investment pays the sum of K580, 000, 000 to them to take over ownership.
