Zambezi Portland Cement has been in the midst of an ugly fight for a long time now. The factory was once owned and run by Dr. Rajan Mahtani, a noted businessman in Zambia. He is owner of various successful establishments such as Finsbury Investments Limited and Mahtani Group of Industries. According to the reports, since the takeover of the factory by the Ventriglias, its condition has worsened. The factory is no longer productive and half of the employees have been let go. The equipment is malfunctioning and factory finances have been depreciated. This fight at the court has taken a toll on the factory and all those who once gained livelihood from it.
The case at the Lusaka High Court was launched by Finsbury Investments under the leadership of Dr. Rajan Mahtani. It was launched against Ital Terrazzo Limited, a privately held company with the Ventriglias as the sole beneficiaries. Dr. Mahtani has claimed that the factory is under his ownership and it has been illegally taken over. To support his claim, he has shared the signed shareholder agreements and financial exhibits which clearly indicate that he holds 58% shares of the factory and the rest is distributed among others, including the Ventriglias. Furthermore, he is also the sole investor in the ZPC share capitals. Third, Dr. Mahtani is the joint venture partner of the factory which is supported by the agreements shared during the audit conducted by an independent auditor. Finally, his company has invested more than USD 8 million in the factory which is substantially higher compared to the investments made by other parties.
After concluding the case, the judge announced date for submitting oral and written submissions for both parties by December 2017. Post analysis of these submissions, final judgement will be given. From the preliminary report, it is clear that Dr. Mahtani is the actual owner with all evidences supporting in his direction. It is upon the judge and the court to make the right decision now.