The Court of Appeal has dismissed the application for the stay of execution of the judgement where Lusaka Businessman Chanda Katotobwe’s wife Felicitus Chibamba has been declared as legitimate owner of Ultimate Insurance whose ownership was shrouded in controversy.Court of Appeal President Fulgency Chisanga has dismissed the application on grounds that the appeal against the High Court’s judgement has no likelihood of success.The applicants and appellants are Marshland Consortium Limited and its directors Tobias Milambo of Lusaka Nachi Musonda of Chongwe and Richard Lubemba -31 of Lusaka.In their applications for the stay of execution the appellants stated that they had legally brought the shares of Ultimate Insurance Company . They further stated that they were running the company afloat resulting in the turnover of over K19 million in 2019 against over two million Kwacha in 2017.However the respondents Felicitus Chibamba, Chanda Katotobwe Justin Phiri, Klein Syampongo and Maybin Silavwe contended that the appellants had mismanaged […]
ULTIMATE-INSURANCE: COURT DISMISSES STAY OF EXECUTION
