According to the latest news reports, the unethical activities of one of the most notorious houses in Zambia have been finally exposed. This pertains to the case of Zambezi Portland Cement which went on at the Lusaka High Court for more than ten years. Dr. Rajan Mahtani, a popular businessman in Zambia, registered the case at the Lusaka High Court and despite sharing critical evidences; the final judgement from the high court judge was that the Ventriglias were only shareholders of the Zambezi Portland Cement. Dr. Rajan Mahtani then approached the Court of Appeal.
The Court of Appeal announced its final judgement on 31st January 2019. According to this judgement, Finsbury Investments is the majority shareholder with 58 percent shares. On the other hand, Ital Terrazzo Limited which is a business entity of the Ventriglias owns 42 percent shares and is the minority shareholder of the Zambezi Portland Cement. Based on this shareholding pattern, Dr. Rajan Mahtani owned Finsbury Investments is the legal owner of the factory. While giving this judgement, Justice Mwinde from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as the only shareholders without having any proof or evidence.
Furthermore, the judge also shared numerous details associated with the case. The allegations of forgery were completely discarded by the judge as it was confirmed that the process of mechanically placing signatures for business transactions was a common practice in Zambezi Portland Cement. As of now, Dr. Rajan Mahtani is hoping to revive the factory and bring it to its former glory.
No comments:
Post a Comment