ZAMBEZI PORTLAND SUES FORMER DIRECTORS

17/06/2014

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THE Zambezi Portland Cement Limited (ZPCL) has sued its former directors, Antonio, Manuela and Cludio Ventriglia demanding for more than US$38, 000,000, 423,000 pounds and K588, 600 for damages and breach of duty.
In a Statement of claim filed in the Lusaka High Court, ZPCL contends that it transferred a total of US$ 26,049,686.79 in account number 012014026601 at Standard Chartered Bank, 991 A1 mankhool, Dubai, United Arab Emirates in favour of Fin Leasing Limited between September 26 2011 and January 4, 2013.
That the defendant caused the payment of K10, 917,949.80 as legal and professional fees between 2010 and 2012 and another US$ 5,370,539,49 in excess of what was rightfully due to them as salaries between May 2010 and 2012.
The plaintiff also claimed that K 585,912.53 they caused Zambezi Portland to pay to ENS forensics (Pty) limited of South Africa between October 5 2011 and September 3, 2012 while a total sum of K1,539.589 for plot number 748/ Y20/ Y17/ Ndola between May 2010 and December 2013.
That between June and December 2012 the defendants also caused the plaintiff to pay 327,436 pounds to Gambarotta Gschwendt Sri and another 92,744 pounds to Fonderia Gelly both of Italy for the supply
of various spare parts.
Zambezi Portland also caused to pay another US$ 3,444,322 for the value of cement produced but went unaccounted for and another 22,603 tonnes of cement amounting to US$ 3,892,407 was produced but the money was never received.
Zambezi Portland also caused the plaintiff to pay a debt of K1, 077,900.10 owed to the plaintiff by A.B Logistics Limited to be written off.
A.B Logistics Limited is owned by former republican president Rupiah Banda’s son, Andrew and police have since warned and cautioned him in connection with the same.
The plaintiff claimed that the action by the defendants in all the transactions caused deprivation of the value of the produced cement and in turn making the defendants to act in breach of their obligations.
“In causing or procuring the payments the defendants acted in breach of trust and their obligations as trustees in respect of the assets and funds of the plaintiff as the company never received any value or benefits in return,” read the statements.