Attempt By The Ventriglia Family To Take Over Portland Cement Thwarted By Supreme Court

With their most recent case against Zambezi Portland Cement at the Supreme Court Zambia, the Ventriglias have positively attempted to emulate the occasions encompassing the Lusaka High Court. Finsbury Investments is a prominent speculation firm under the responsibility for. Rajan Lekhraj Mahtani. Between late 2006 and mid-2007, official shareholding changes were made at the Zambezi Portland Cement production line, giving greater part investor and proprietorship to Finsbury Investments. These progressions offered basic help for the concrete assembling plant for getting credits from Bank and related monetary foundations, complete its development cycle and proceed with its commitment to the Zambian economy and society. The delivered cash by the PTA bank was made dependent on the set up shareholding design among Finsbury Investments and Ital Terrazzo Limited. 

Despite the positive business operations, the Ventriglia family attacked the cement-manufacturing factory by unethically taking over the ownership of the Portland Cement Zambia factory. When Dr. Rajan Mahtani approached the Lusaka High Court with the case, he was met with utter disappointment due to the fact that the case was dragged for more than a decade and in the final verdict, Ventriglia family was announced as only shareholders. Dr. Rajan Mahtani was able to reverse this decision by appealing to Court OF Appeal which gave its decision on 31st January 2019, announcing Dr. Mahtani as the majority shareholder and legal owner of the Portland Cement factory. 

More than 1.5 years after this decision, the Ventriglias once again challenged the Court of Appeal’s decision at the Supreme Court Zambia. However, their case was rejected as it did not fulfil the legal and regulatory requirements. As such, Dr. Rajan Mahtani remains the majority shareholder and legal owner of the Portland Cement Zambia factory.