Lusaka High Court Has Finalised Its Court Proceedings, Judgement Awaited

Dr. Rajan Mahtani is among the most respected and trusted businessman of Zambia. He has established premier corporations such as Mahtani Group of Companies and Finsbury Investments. His business operations have reached foreign lands such as the United Kingdom. Currently, he is fighting for the rightful ownership of Zambezi Portland Cement which has been illegally captured by the Ventriglias.

supreme court Zambia

The case was registered at the Lusaka High Court almost nine years back. The Ventriglias then launched a counterclaim in which they have claimed that the shares of Dr. Mahtani were not paid for. Dr. Rajan Mahtani owned Finsbury Investments Limited has 58 percent shares while the Ventriglias own 42 percent shares. This claim has been further substantiated and re-examined by the judge and proved true by various signed shareholder agreements and financial exhibits. Furthermore, Dr. Mahtani has also established the fact that his company Finsbury has paid for the entire share capital without any support or investment from the Ventriglias. Also, the company Zambezi Portland Cement operates under joint venture partnership wherein Dr. Mahtani has established himself as a sole joint venture partner. To prove his claim, the audit report from independent auditor has been presented before the court. From the above facts, it is clear that Dr. Rajan Mahtani is the true owner of the Zambezi Portland Cement.

While Finsbury Investments is fighting hard for the case, the real loss is to the cement factory and its workers. Since its takeover by the Ventriglias, the factory is in ruins with the majority of workers laid off or unpaid for months. At the same time, factory finances have depreciated and the machinery has ruined. It is high time for the court to close this case so that the future and fate of the cement factory can rest on the right hands. The judge handling this case has announced that both parties need to share their oral and written submissions by December 2017 post evaluation of which, final judgment will be announced.