Malawi Supreme court ready with petroleum company’s ownership wrangle judgement

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The Malawi Supreme Court of Appeal is on 23rd  November, 2015 expected to make a land mark ruling to determine who the owner of Press Cane Limited is.

According to communication posted on the notice board of the Judicial offices in Blantyre, the case is coming up before  the judges at 9 Am local time.

Press Cane Limited

Press Cane Limited hit with ownership wrangles.

According to Malawi Supreme Court of Appeal Civil Appeal Case No 42 of 2015 Between Rolf Patel and Others versus  Press Corporation Limited(PCL), addressed to the concerned parties reads “Take notice that the Malawi Supreme court of Appeal will on Monday the 23rd day of November, 2015 at 9;00 O’clock in the forenoon sit in Blantyre to hear the appeal herein,”

Press Corporation Limited and Cane Products Limited and Rolf Patel and Others entered into working Joint Venture Agreement in  2001 where PCL would have 50.1%  majority shares.

Following conversion of PCL’s investment into Loans in September 2003 and recovery of the said loans, Justice Dr Michael Mtambo ordered in February 2014 that PWC Auditors should verify if  PCL had any  amount  outstanding in PressCane Ltd whose finding was that PCL has no investment  in company.

This appeal is on Justice Dr Michael Mtambo‘s judgment  being Commercial Case No. 120 of 2012 Court.

PressCane Limited is an ethanol distillery which is a subsidiary of the conglomerate Press Corporation Limited and began operations in June 2004. The plant is located in Chikhwawa on the  west bank of the Shire River about 30 km north of Nchalo (55km south of Blantyre) and employs 118 Malawians including management.

The main products of the distillery are fuel ethanol also known as anhydrous alcohol (AA 99.8% v/v) and industrial alcohol (rectified spirit 96.5% v/v). Sugar cane molasses are procured from Illovo in Nchalo and fermented into ethanol. The molasses is a byproduct (effluent) for the Illovo Sugar Mill process whose environmental disposal issues have been solved by the establishment of PressCane Limited.

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