New information has been announced in the shareholders’ dispute case between Dr. Rajan Mahtani and the Ventriglias. The dispute is for Zambezi Portland Cement, a noted cement factory in Zambia for which both parties have made claims of ownership. Dr. Rajan Mahtani is a famous businessman with various businesses under his belt. Dr. Mahtani’s businesses have seen rapid growth and development in years. At the same time, he is noted for his strict honesty and ethical policies when conducting businesses. Many investors and business partners were not given opportunity even after having resources because Dr. Mahtani is not ready to conduct businesses with unethical elements.
The case was initially launched by Dr. Rajan Mahtani at the Lusaka High Court after the cement factory was taken over by the Ventriglias. It has been almost nine years since the case was registered as has been going since. Dr. Mahtani owned Finsbury Investment holds 58 percent share in the ZPC while Ventriglias’ owned Ital Terazzo held 42 percent of the shares. As per the holding pattern, Dr. Mahtani is the owner of the cement factory. The HC justice, Sunday Nkonde, re-examined the case and it was confirmed that Finsbury Investment held 58 percent shares as per Shareholding Agreement that was signed by all party members on 26th February 2007.
Furthermore, Dr. Mahtani has also claimed that the total Paid-up Capital share of ZPC which was USD 250,000 has already been paid by the Finsbury Investments and the Ventriglias family did not paid even single cent. To support this claim, Dr. Mahtani even presented a testimonial confirming it. Till date, Finsbury Investments have invested more than USD Seven million into ZPC while the total investment made by Ital Terrazzo is just shy of USD Five million.
As per the High Court, both parties have been given time till December 2017 to submit their oral and written submission after which a final date for judgement will be announced.