The Lusaka High Court recently announced a judgment in a case regarding the Zambezi Portland Cement. Though it was not the final judgment, the announcement was big as the case hearing is closed as of now. This means both parties have presented their statements and arguments before the judge. This announcement is clearly indicating that the case is near closure. It is definitely a great achievement for the court as well as all those associated with the case as it has been going on for the past nine years without any progress.
The case is between Dr. Rajan Mahtani, a noted industrialist and businessman in Zambia and the Ventriglias, a powerful Italian family holding their base in Zambia. Dr. Mahtani has claimed that his establishment, Zambezi Portland Cement, has been illegally captured by the Ventriglias. This led to the launch of the case and after the initial claim, the Ventriglias also made a counterclaim. According to them, they took over the factory because Dr. Mahtani and his company did not pay for the Zambezi Portland Cement’s shares they took. While the case is still undergoing, it is a known fact that the Ventriglias are outsiders who have been frequently accused of using force on honest individuals in the past.
As per reports directly from the case, Dr. Rajan Mahtani and his company Finsbury Investments have submitted various agreements and exhibits to support their claims. Dr. Rajan Mahtani has claimed that he holds 58 percent shares in the cement factory which is supported by the signed shareholder’s agreement. Furthermore, he also conducted an audit report on the factory by an independent auditor and as per the report; Dr. Mahtani is the sole joint venture partner. All these factors clearly indicate that Dr. Mahtani has the legal ownership of the bank, even though the court dragged this case for these many years.
Nevertheless, the judge has announced progress and by December 2017, both parties have been asked to submit their final oral and written submissions post which, the judge will announce final judgment.