The latest turn of events in the dispute between Dr. Rajan Mahtani and the Ventriglias has revealed various facts associated with the case. The case was launched at the Lusaka High Court almost 9 years back. Since then, claims and counterclaims as been made dragging the case over the years.
Dr. Mahtani’s claim that his company Finsbury Investment held 58 percent shared in Zambezi Portland Cement was recently examined by the judge and confirmed as true evidence. It was confirmed from the Shareholder Agreement that was signed the parties on 26th February 2007. Furthermore, Dr. Mahtani also claimed that the amount of share capital was paid entirely by Finsbury Investments. This amount was USD 20,000 and the Ventriglias have not investment a single penny in this share capital. As per the exhibits, shareholding agreement and other signed documents, Dr. Mahtani has been able to establish the fact that he is the Joint Venture partner of Zambezi Portland Cement with higher shares, making his the rightful owner of the establishment. Another independent Audit Report from Dr. Rajan Mahtani’s evidence revealed that the total investments made by Finsbury into ZPC have been more than USD Seven million over the years. On the other hand, the Ventriglias’ owned Ital Terrazzo has invested only around USD Five million over the years. This independent report is supported by the joint shareholder presentations given to PTA Bank which had written confirmation of the investments.
From the above evidence, it is quite clear that Dr. Mahtani and his company Finsbury Investments had all evidence and factual confirmations since the start of this case. At the same time, Ventriglias have kept changing their statements and have continuously asked for more time to gather evidence. However, they have failed many times to gather evidence for defending them. The judge has given final oral and written submission time till December 2017. After the final submission of evidence, the judgement date will be announced.