Ultimate Insurance Was Bought by the Katotobwe’s says witness.

A witness has told the Lusaka Magistrate Court that Ultimate Insurance Company was sold to Chanda Katotobwe and his wife, Felistus Kabwe Chibamba.
Mr. Justin Phiri who was testifying on behalf of other previous shareholders namely Klein Syampongo and Maybin Silavwe.
He has told the court that Marshland Directors namely; Tobias Milambo, Nachi Musonda and Richard Lubemba did not pay any money towards the purchase price of the shareholding of the company, in cash or in kind.
Mr. Phiri said as previous owners, they sold the entire company Ultimate Insurance Company Ltd to Mr Chanda Katotobwe who paid them a total sum of K1.5m.
Mr. Phiri stated that as previous shareholders, they have never received any other payment in respect of this transaction from anyone else, except Mr. Chanda Katotobwe.
This is in the case where Marshlands Directors, Tobias Milambo, Nachi Musonda and Richard Lubemba are appearing in court facing 16 counts of fraud and forgery.
Mr. Phiri also testified that Marshland Directors used fraudulent valuation reports to transfer property into Marshland Consortium and all the values were signed for by Marshland Consortium Chairman Tobias Haanyimbo Milambo.
He said it is these fraudulent values that were used under the umbrella of Marshlands Consortium to fraudulently acquire shares in Ultimate Insurance Company Ltd.
He said Mr. Nachi Musonda duped the previous owners by giving them false instructions claiming the instructions were purportedly given by Mr. Katotobwe.
The defense lawyers applied for adjournment to study Mr. Phiri’s testimony before they could cross examine him.

Magistrate Walusiku adjourned the matter to Thursday 19th November 2020, for cross examination and continued trial.