Mr Mosho is a senior partner in Lewis Nathan Advocates, a corporate law firm which worked acted as Corporate Secretary for Shoprite Checkers.
The judgement brings to an end, a protracted, acrimonious and even fractious legal battle spanning over half a decade between Mr Mosho and Shoprite.
This is in a matter where Shoprite South Africa has lodged a complaint that 2,220,897 of its shares worth US$10million where sold on the Lusaka Stock Exchange without the company’s authority or consent from the year 2005- 2011.
In a letter dated 21st December 2011 written and signed by DEC Commissioner Mrs. Alita Mbahwe, to Stockbrokers Zambia Ltd, Lewis Nathan Advocates and The Lusaka Stock Exchange, DEC stated that they were investigating theft of up to K50billion (Unrebased) obtained through the sale of Shoprite shares at the Lusaka Stock Exchange.
Shoprite Zambia had since withheld dividend payments to 20,000 Zambian shareholders and suspended trade on the LuSE until the theft of K50billion worth of shares and its proceeds is established.
The transfer saga of shares dates back to the year 2009 when the DEC ignored Mosho’s letter in which the lawyer was alerting the commission that Shoprite Checkers had instructed him to remit proceeds amounting to about K49 billion to a South African agent T. van Tonder without following procedure.
Lusaka High Court Deputy Director Joshua Banda, sitting as Chief Resident Magistrate in Lusaka delivered the judgement on Friday July 1st 2016 and determined that there was “no merit in the case brought against Mr Mosho”.
The court found Mr Mosho with no case to answer on each of the 43 charges.
And Mr Mosho says he is only, “happy that the truth has set me free and this case is now behind us. I can concentrate on business and family now without court matters.”
He said his aspiration now is to ensure that he does everything in his power to ensure that foreign investors comply with local laws as much as Zambians are expected to do in other countries saying there must be no sacred cows.
Shoprite had argued that from January 2005 to June 2006, Mr Mosho breached his obligation and traded its shares on the Lusaka Stock Exchange without consulting Shoprite Checkers.
The supermarket also wanted the court to order a mandatory injunction directing LuSE to correct its records to reflect Shoprite Checker’s ownership and title to the treasury.
The judgement also means Mosho who claims to have lost millions of dollars during the period his passport and assets were frozen at the request of Shoprite is now at liberty to claim damages, as the law sees fit, and as he sees right.