The Shareholders’ dispute case of Zambezi Portland is a long pending case that has been going on for more than nine years now. The case is between Dr. Rajan Mahtani and the Ventriglias. Dr. Mahtani is the owner of Finsbury Investments Limited and Mahtani Group of Industries. He is also the ex-chairman of Finance Bank Zambia and sole owner of the Zambezi Portland Cement. Dr. Rajan Mahtani has established a strong business portfolio in Zambia with international connections such as the United Kingdom. The Ventriglias, on the other hand, are infamous for their unethical practices and getting away with the laws by either forcing them or bribing them. They are the owner of Ital Terrazzo Limited, a private entity with the Ventriglias as the sole beneficiaries.

The ZPC shareholder’s dispute case started when the factory was forcefully taken over by the Ventriglias. Dr. Mahtani then launched a case at the Lusaka High Court against them. After that, the Ventriglias launched a counter-claim stating that the shares of Dr. Mahtani were not paid for. Finsbury Investment holds 58 percent shares in the ZPC and the rest is owned by Ital Terrazzo Limited. This claim was recently re-examined by the HC Justice Nkonde and was found to be true as per signed shareholders agreement dates 27th Feb 2007, signed by each member. Furthermore, Dr. Mahtani has also claimed that the total paid-up share capital which amounts to USD 250,000 was given by Dr. Mahtani without any investment support from the Ventriglias. Also, the shares given to the Ventriglias were not a gift and were as per the agreement. The factory ZPC is under joint venture structure with Dr. Mahtani as its joint venture partner. All these claims have been substantiated by various financial exhibits, independent audit reports, and shareholder agreements

At present, the court has concluded the hearing process and will announce final judgment after looking into the submissions submitted by both parties. We hope that the judge will provide a sound judgment.