The Zambezi Portland Cement, whose case was pending at the Lusaka High Court for the past nine years, received a new update. The judge handling the case announced that the case hearing has been closed. However, final judgment date is yet to be announced. The case is between Dr. Rajan Mahtani and the Ventriglias family over the shareholding and ownership of the cement factory.
Both parties have contended that they have the rightful shares and ownership of the factory. The case was first registered by Dr. Mahtani after the factory was taken over by the Ventriglias by force. After that counterclaimed was launched making it a full-blown case. Both parties have been submitting evidence and facts to prove their claims. Preliminary investigation suggests that claims and evidence submitted by the Ventriglias are nowhere close to those shared by Dr. Mahtani. It is also important to note here that the cases were launched in the names of Finsbury Investments Limited under Dr. Rajan Mahtani and Ital Terrazzo Limited, a private limited firm with the Ventriglias as the sole beneficiaries. As per the claims and evidence, Finsbury Investments holds 58 percent shares and the rest is divided among various shareholders as well as the Ventriglias family. This claim has been substantiated by shareholder agreements and various exhibits. Furthermore, it has also been claimed that the factory was run under joint venture partnership with Dr. Rajan Mahtani as the sole joint-venture partner with the highest share. This claim was further substantiated by audit reports by independent auditors as well as signed exhibits.
At the same time, the Ventriglias have not been able to submit any substantial claim. Instead, they have been only making false allegations and accusations on Dr. Mahtani to discredit him. It is hoped that the court will make right justice.
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