New Zambezi Portland boss blocked
THE newly-appointed joint chief executive officer (CEO) at Zambezi Portland Cement Limited, Phesto Musonda, was yesterday blocked from entering the company premises by security personnel.
Mr Musonda who was appointed by majority shareholder, Finsbury Investment Limited, was ordered to leave as he went to report for duties at the cement plant in Ndola on Chiwala Road.
He confirmed in an interview with the Daily Nation that security personnel at the gate prevented him from getting into the cement plant.
He was appointed last week. “Naturally, I went to report as CEO at the plant and when I got to the gate I introduced myself to the officers at the gate. I showed them my identity card. They told me to wait and upon coming back they told me they had been
Finsbury was additionally ordered to pay K580,000,000 and so far K580,000 has been paid with lawyers representing minority shareholders explaining that the former cannot make any management appointment until the full amount was settled.
issued with an instruction not to allow me inside,” he said.
Mr Musonda said the move was the highest level of insubordination as security or any other employee had no right to stop him from assuming his office.
He stated that he went at the site as a single person with no aggression, noting that his appointment came from the majority shareholders who had the “sweeping” powers to appoint full management.
Recently, the Court of Appeal ruled that Finsbury Investment Limited was the majority shareholder at 58 per cent with Antonio Ventriglia and Manuela Sebastian holding 42 per cent shares.
Finsbury was additionally ordered to pay K580,000,000 and so far K580,000 has been paid with lawyers representing minority shareholders explaining that the former cannot make any management appointment until the full amount was settled.
The judgement states “As a remedy, we order that the appellant pays the sum of five hundred and eighty million (580, 000, 000) to the Respondents representing five hundred and eight million (580, 000, 000 shares transferred to the appellant in ZPC Limited, which represents the 58% share transfer of the one billion (1, 000,000,000) share capital authorised by ZPC and allotted to the Respondents at K1.00 par value per share.
“In view of the fact that the payment of the sum of K500, 000, 000 and USD60, 000,000 was the Respondent’s remedy in the court below in the alternative as representing the 58% shares agreed to be transferred to the Appelant, we order that interest on the amount payable for the shares shall be at the short term fixed deposit rate from the date of the writ until judgement and thereafter, at 2 (two) per centum until final date”.