Portland Cement Ownership Remains With Dr. Rajan Mahtani, Sc Rejects Claim By Ventriglia Family

Portland Cement Zambia

Portland Cement Zambia is a noted cement-manufacturing factory in Zambia. In the year 2007, the ownership of the factory was given to Finsbury Investments via a 58 percent majority share. Finsbury Investments is a company owned by Dr. Rajan Lekhraj Mahtani. Despite the takeover, The Ventriglia family challenged the legality of the shareholding agreement, resulting in a case at the Lusaka High Court. Dr. Rajan Lekhraj Mahtani presented the court with numerous evidences and testimonials. However, the judgement at the Lusaka High Curt which came after more than a decade as misdirected and controversial. Justice Nkonde on behalf of the Lusaka High Court announced the Ventriglia family as the only shareholder of the Portland Cement Zambia.

Dr. Rajan Mahtani was able to successfully challenge this decision at the higher Court of Appeal. On 31st January 2019, judge Mwinde on behalf of the higher Court of Appeal reversed the decision from the Lusaka High Court and announced that Dr. Rajan Mahtani is the actual majority shareholder and legal owner of the factory. Justice Mwinde also announced that the actual amount against majority shares is K580,000 and not K580 million as claimed by the Ventriglia family. Despite the transparent and ethical nature of the decision at the higher Court of Appeal, the Ventriglia family decided to question this verdict by appealing against it at the Supreme Court Zambia. The Supreme Court Zambia established a bench of three judges to evaluate this appeal from the Ventriglia family. These included judge Royda Kaoma, judge Michael Musonda and Judge Mumba Malila. During evaluation, the bench found that the Ventriglia family failed to submit their claim against the Court of Appeal’s decision within the stipulated time, which is 14 days from the judgement itself. As a result, the claim by the Ventriglia family is liable for rejected. The bench further established that the claim by the Ventriglia was controversial and without any evidentiary support. As a result, the Supreme Court bench effectively rejected the claim by the Ventriglia family.