Capital Markets Tribunal – Ruling – SEC Vs Zambia Breweries and National Breweries

The Capital Markets Tribunal dismissed an appeal by Zambia Breweries PLC, Anheuser-Busch PLC, and National Breweries PLC against the Securities and Exchange Commission's decision to charge authorization fees for a takeover transaction. The Tribunal determined that the Commission had lawful authority to levy these fees under the Securities (Licensing, Fees and Levies) (Amendment) Rules, Statutory Instrument No. 82 of 2013, rejecting arguments that the fees were ultra vires or applied retrospectively. Consequently, the Tribunal upheld the Commission's demand for payment of the authorization fees, which had previously been subject to a 60% waiver.

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IN THE CAPITAL MARKETS TRIBUNAL
HOLDEN AT LUSAKA

2021/CMT/A/003

BETWEEN:

ZAMBIA BREWERIES PLC
ANHEUSER-BUSCHI PLC
NATIONAL BREWERIES PLC

1ST APPELLANT
2ND APPELLANT
3RD APPELLANT

AND

SECURITIES AND EXCHANGE COMMISSION

RESPONDENT

CORAM:

Mrs. C. N. Tembo - Chairperson
Mr. M. Lukwasa - Vice Chairperson
Mr. M. Muyawala - Member
Mr. B. Kashinga - Member

For the Appellants: Mr. R. Peterson appearing with Ms. M. Mbulo, Messrs Chibesakunda and Company

For the Respondent: Mrs. D. Sichone appearing with Ms. D.
Mulondiwa and Mr. K. Sakala, In-House
Counsel, Securities and Exchange Commission

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Lineage: In force

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Source: Securities and Exchange Commission Zambia — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works