The latest announcement from the Lusaka High Court has given a bit of relief for Dr. Rajan Mahtani. The judge concluded the case hearing between the Ventriglias family, especially the husband Antonio Ventriglia and Wife Manuela Ventriglia and Dr. Rajan Mahtani. The case was registered in the names of Finsbury Investments Limited owned by Dr. Mahtani and Ital Terrazzo Limited, owned by the Ventriglias. The case was first registered by Dr. Rajan Mahtani and then counterclaimed by the Ventriglias.
In this case, the Ventriglias have claimed that the shareholding by the Finsbury Investments Limited over Zambezi Portland Cement is not valid as it is not paid. On the other hand, Dr. Rajan Mahtani has claimed that he is the sole joint venture partner of the cement factory with higher share percentage, making him the rightful owner. Dr. Rajan Mahtani currently holds 58 percent shares in ZPC while the Ventriglias own 42 percentage shares. Also, he is the sole joint venture partner having the highest percentage of shares. This automatically gives him the control over the Zambezi Portland Cement. Dr. Mahtani has proved his claim with shareholder agreement and independent audit reports.
Accusations were also raised that the shares given to the defendant were a gift. However, these accusations were dismissed as Dr. Rajan Mahtani said that since he honored the joint venture partnership, it was not a gift. During the course of the case proceedings, Finsbury Investments have shared various documents, shareholder agreements and exhibits proving all claims made by Dr. Rajan Mahtani. The Ventriglias, on the other hand, have not been able to submit worthy documents to prove their claims.
The case has been long pending due to various reasons. Sometimes the judges are not available or they get transferred. More often, the defendant has either skipped the proceedings or has not been able to bring appropriate evidentiary support. The final date for producing oral and written submissions has been given by December 2017.