A new development recently emerged on the case of Zambezi Portland Cement. It is a shareholder dispute case between Finsbury Investment Limited owner Dr. Rajan Mahtani and sole owners of Ital Terrazzo Limited, the Ventriglias. The Ventriglias are infamous in Zambia as outsiders.

The case is almost a decade old when Dr. Rajan Mahtani registered a case at the Lusaka High Court after the cement factory was illegally taken over by the Ventriglias. Before this hostile takeover, the cement factory was under the ownership of Dr. Rajan Mahtani. Under his ownership, the factory flourished in terms of revenue and production. It even produced surplus and was considered among top producing cement factory of Zambia during that time. However, the situation turned around negatively when the Ventriglias captured and took control over the factory by force. While they have claimed that the factory is their property, the evidence and facts suggest otherwise. As per the shareholder agreement signed by all concerned parties as well as various related exhibits, 58 percent shares of the factory are held by Dr. Rajan Mahtani and the rest by the Ventriglias. Furthermore, the investment in the ZPC share capital has been made by Finsbury Investment in the entirety with no involvement or support from the Ital Terrazzo Company. On top of that, an independent audit conducted on the factory finances clearly identifies Dr. Mahtani as the sole joint venture partner of the factory. These exhibits and statements have been signed by both parties.

From the above facts it is clear that Dr. Rajan Mahtani owns majority of shares and he is the sole joint venture partner. While his ownership over the factory is clear, the right judgement has still not been provided. Among all this, the major loss is to the employees of Zambezi Portland Cement who have been either unemployed or lost any hope of development and progress for the factory.