Corporate wars are ugly. The same is visible from the ongoing war between Finsbury Investments Limited and Ital Terrazzo Limited. Both organizations have spent significant resources, time and finances on the shareholder dispute case of Zambezi Portland Cement, while claiming ownership for the same. The fight started at the Lusaka High Court when Dr. Rajan Mahtani, owner of the Finsbury Investments Limited launched a case against the Ventriglias, owner of Ital Terrazzo Limited. The case was launched for the rightful ownership of the Zambezi Portland Cement. It has been almost nine years and the case is still running without any results.
As per the latest update, the judge handling this case has announced that case hearing has been concluded. This means that the case will be evaluated based on the evidences and statements already submitted by both parties. This update has been hailed as a major milestone for the case that was launched almost a decade ago. Over the years, Dr. Mahtani has submitted various evidences and statements that prove his worthiness as the true owner of the factory. First, signed shareholder agreements that prove his 58 percent shareholding in the Zambezi Portland Cement. The rest is owned by the Ventriglias family. Second, financial exhibits that prove that his company Finsbury Investments paid for the ZPC share capital amounting to USD 250,000 plus over USD 8 million investment in the factory since its inception. This investment is visible in the marked growth and development of factory during which the company production were surplus and employees were given heavy bonuses. Third, independent audit statements clearly indicate that the factory was established as joint-venture with Dr. Mahtani as the sole joint venture partner.
Both parties will share their final submission by December 2017. After that, final judgment will be announced.