Lusaka High Court Shares New News for Portland Cement Zambia Case

The judge handling the Portland Cement Zambia case recently made an important announcement. As per the judge, the final hearing is closed and both parties have been asked to submit their testimonials and evidences in written and oral formats. The judge will be evaluating these documents and post evaluation, final judgement will be made. This step has been considered as a milestone for a corporate case which has been going on for the past 10 years without any results. 

Portland Cement Zambia is a cement manufacturing plant. It is legally owned by Dr. Rajan Mahtani, a noted businessman and philanthropist in Zambia. Dr. Mahtani has made a name for himself with his honest and transparent business activities, and is also famous for his charitable activities. During his leadership, Portland Cement was among the top manufacturers of cement in Zambia. The factory was also among the top industrial employers, with above-industry salary and wages for its workers and employees. However, things have changed since the factory’s illegal takeover by the Ventriglias. The factory was forcefully taken over by goons and the Ventriglias have defended themselves by saying that the shares of the factory owned by Dr. Mahtani are not paid for. However, they have not been able to share any strong evidence that supports their claim. 

Dr. Rajan Mahtani, on the other hand, has shared numerous evidences such as signed shareholder’s agreement, independent audit report and financial exhibits that sufficiently prove his rightful ownership over the factory. Though it has taken almost 10 years for the court to find a resolution, it is expected that this time, Dr. Mahtani will finally get true justice.

Zambian Government Scoops to a New Low with the Latest Money Laundering Scandal

One of the biggest shocks Zambia receive recently was the money laundering case investigated and released by the FIC. This report has certainly brought the country to a halt and has pushed the nation to and its activities to a dismal situation. 

As per the FIC, a list has been released with named of lawyers and other who are involved in this money laundering act. Among the names in this list, Masozi M. Banda from Avic International is at the top. He is working with Avic International and is known to have worked with top corporate as well as government bodies. Another interesting name in the list was of Sakwiba Sikota, the owner of Central Chambers. Sikota’s name is known for his more infamous relationship with the Ventriglias as their legal counsellor. Sikota has been working with the Ventriglias for many years and has practically represented the family in almost all cases. One of the most famous among them is the case of Portland Cement Zambia. Experts have clearly indicated that the cement factory, which was illegally taken over by the Ventriglias by using force, actually belongs to Dr. Rajan Mahtani, a noted and honest businessman in Zambia who holds the legal papers for the bank. In spite of this, Dr. Rajan Mahtani is fighting the case at the Lusaka High Court for almost 10 years now. 

These events clearly indicate the fact that even though the crimes of these individuals is known to all, the government has been unable to act against them. Therefore, the government should give strict punishment to the individuals found guilty in this money laundering case. 

Dr. Rajan Mahtani Looks To Continue His Fight For The Zambezi Portland

Dr. Rajan Mahtani is a noted figure in Zambia. He is responsible for various businesses in Zambia as well as across foreign nations too. Some of his top companies are Finsbury Investment and Mahtani Group of Industries. He is also the ex-chairman of Finance Bank Zambia and legal owner of the Zambezi Portland Cement, for which he is fighting for the past 10 years. The fight starts when the Ventriglias tool over the factory illegally. Since then, a case was launched at the Lusaka High Court. At the same time, the Ventriglias claimed that the shared owned by Dr. Mahtani were not paid for. This and the continued transfer of judges or unavailability of the defendants (the Ventriglias) during court proceedings have resulted in one of the longest pending high-profile court cases in Zambia.

Going by the internal reports, it can be said that the actual facts are very much different from what is being portrayed by the media, especially those conspiring against Dr. Mahtani and his companies. As per the official statement presented by the court, Dr. Mahtani and his team have submitted various evidence to support their claim. One of them is signed shareholder’s agreement that clearly indicates Dr. Mahtani’s 58 percent shares in the factory. This statement has been accepted by the court. Major evidence was the audit report by independent auditor clearly stating the project as a joint venture and Dr. Mahtani as the sole joint venture partner.

The high court has announced closing this case soon. Documents and evidence from both sides will be evaluated and final judgement will be given soon.  

Finance Bank Zambia And Dr. Rajan Mahtani Win Over Conspiracy

Few months back, Finance Bank Zambia was on the verge of closure. The bank suffered heavy losses due to a negative reputation that left the bank with no customers, clients or businesses. Banks belong to a very sophisticated industry wherein any bad publicity or news can hugely impact the reputation and thereby the businesses. The same occurred with Finance Bank, an establishment of Dr. Rajan Mahtani. The accusations were made by Simaata Simaata, who was once an employer of the bank itself. After Simaata was ousted from the bank due to his engagement with unlawful practices and after he signed an agreement with the bank, he started spreading these negative rumors, essentially breaching the agreement.

A case was launched at the Supreme Court Zambia by Finance Bank taking support from Dr. Rajan Mahtani. The case went for many months, during which Finance Bank also suffered reputational loss and financial damage due to other coordinated attacks. The final judgment was delivered by the Supreme Court judges on June 2017. The statement of the judges is as follows, “Even in the absence of a contractual commitment, honesty and integrity demand that people follow through on what they say they are going to do. Their credibility is after all built on their words and actions. Betrayal of compromises and settlements is a tragedy that only evidence diminished integrity. All circumstances considered, we are satisfied that the respondent (Simataa) did in fact breach clause 5 of the Settlement Agreement.”