Since the latest announcement made by the Lusaka High Court regarding Zambezi Portland Cement, most of the supporters of Dr. Rajan Mahtani have rejoiced. It is expected that this announcement is a positive move to an end to this long running case, which is being dragged on for almost nine years. Dr. Rajan Mahtani is a noted industrialist and owner of various establishments such as Mahtani Group of Industries and Finsbury Investments Limited. He also successfully managed Finance Bank Zambia before it was handed over to another organisation. It is also known that during his leadership at the Zambezi Portland Cement, the factory flourished with surplus production, good work environment and above industry wages for its workers. However, the condition of the factory is in ruins since it was illegally captured by the Ventriglias.
As per the case contents, it is known that Dr. Mahtani has shared various documents, exhibits and shareholder agreements that appropriately prove his rightful ownership at the factory. Some of these critical documents are shareholder agreement signed by all concerned parties, audit report prepared by an independent auditor, financial exhibits and expenses stating his investment of USD 8 million dollars plus total investment in share capital and independent auditor’s report stating that his is the sole joint venture partner in the factory establishment.
At the same time, the Ventriglias has failed to submit any document or evidence that claim their rightful ownership at the factory. At the same time, they have been accused of making false allegations on Dr. Mahtani with the objective of discrediting him. These situations clearly indicate lack of confidence from the Ventriglias end. The judge will be announcing final decision soon.
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