Mahtani blocks order to transfer K14m to Zambezi Portland Cement

 

FORMER Finance Bank Zambia Limited chairman Rajan Mahtani has obtained an ex-parte order stopping the Ndola High Court order that directed him to transfer K14 million from the accounts held by Leasing Finance Company and Finance Bank Zambia Limited to Zambezi Portland Cement.

The Ndola High Court last month ordered that Leasing Finance Company and Finance Bank should transfer K14 million from their different accounts at First Alliance Bank and Finance Bank to the accounts of Zambezi Portland Cement following an application by Antonio Ventriglia.

But Dr Mahtani on 21st July, 2015 obtained an ex-parte order staying the ruling of the Ndola High Court and all other proceedings pending the hearing and determination of the appeal in the Supreme Court.

This is in the matter between Zambezi Portland Cement and Leasing Finance Company, Finance Bank, Finsbury Investment, Peter Kanaganayam and Rajan Mahtani who are the first, second, third, fourth and fifth defendants.

Dr Mahtani was ordered to transfer K14,202,638,58 to Zambezi Portland Cement accounts within a specified period but the Supreme Court has halted the ruling of the lower court through an injunction.

“Upon hearing counsel for the appellants and upon reading the affidavit of John Sangwa filed in support herein, it is hereby ordered that the ruling of the court below delivered on 21st July, 2015 and all proceedings in Cause No 2015/HN/089, be stayed pending the hearing and determination of the appeal by the Supreme Court. And it has further been ordered that the inter parte hearing of this application shall be held in Chambers on the 24th August, 2015,” read the court order.

Categorized | Court News

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