Witness tells it all?
A WITNESS has produced in court documents that Marshlands Consortium Limited presented to the Pensions and Insurance Authority (PIA) to acquire shares in Ultimate Insurance Company Limited in an alleged fraudulent manner.
This is in a case three Marshlands Consortium Limited directors Nachi Musonda, Tobias Hanyimbo Milambo, and Richard Lubemba are facing 15 counts of forgery, obtaining money by false pretences and uttering false documents, among them Ultimate Insurance Company Limited shareholder resolutions.
Milambo, 48, a chartered insurer of Woodlands, Musonda, 33, of Chongwe and Lubemba, 31 of Chalala, are alleged to have forged documents purporting to show that they had been appointed as directors at Ultimate.
It is alleged that between January 1, 2018 and December 31, last year, Milambo, Musonda and Lubemba, with intent to defraud, forged a Bitrust Real Estate Innovative Solution Valuation Report dated January 6, 2018 for stand 9192/35 Mununga Road, Ndola.
The three, all insurers, allegedly forged the document by purporting to show that it was genuinely issued and signed by authorised Bitrust Real Estate Innovation Solution for Investors, when it was not the case.
It is also alleged that between the same dates, Milambo, Musonda, Lubemba, and Marshlands Consortium
Limited obtained goods by false pretenses and stole over US$41, 000 belonging to Ultimate Insurance.
Testifying in the case yesterday, PIA manager- audit and risk Chitoshi M uta bu ki lang’ om be said in 2018 Ultimate was not issued with a licence because it failed to meet new capital requirement of K10 million as its paid up share capital was K1, 650, 000.
Mr. M uta bu ki lang’ om be said on February 28, 2018 the company informed the PIA that it had found new investors who had brought in new investment of 8.350 million shares at K1 per share, bringing the paid up capital to the required K10 million.
He said according to documents presented to PIA, Marshlands Consortium Limited had acquired 65 percent shares, Ms. Felicitas Kabwe Chibamba 18.5 percent shares, while Ultimate Insurance founding shareholders Klein Siampongo, Justin Phiri, and Maybin Silavwe had 6.6 percent shares, another 6.6 percent shares, and 3.3 percent shares respectively.
He said the documents further showed that the shareholders in Marshlands Consortium Limited were Milambo, Musonda, and Lubemba with 33.33 percent shares each.
Mr. M uta bu ki lang’ om be said consideration for the 8.350 million shares was based on properties whose (allegedly forged) valuation reports, certificates of title, and deeds of transfer Marshlands Consortium presented to the PIA.
Trial Continues.