Supreme Court Zambia Evaluates And Rejects Claim From The Ventriglia Family



Dr. Rajan Lekhraj Mahtani is a noted businessman in Zambia. Some of the top companies owned and lead by Dr. Mahtani include Mahtani Group of Companies and Finsbury Investments. He is also known for his several philanthropic and charitable activities. In the year 2007, Dr. Mahtani owned Finsbury Investments received 58 percent shareholding stake of the Portland Cement Zambia, a cement-manufacturing factory. It was a strategic move made by the original shareholders of the Portland Cement and an official shareholding agreement instrument was established for completing the transfer of shares. After this transfer, Finsbury Investments was able to secure significant loans and funds from PTA bank and other financial institutions with the objective of finishing off the construction process within the plant as well as secure projects and deals and ensure growth of the factory. 

Despite this official transfer of property, the Ventriglia family decided to disrupt the business operations of the Portland Cement by claiming the legality of the shareholding instrument and therefore, depriving Finsbury Investment of the majority shares and ownership. When this issue was taken over to the Lusaka High Court, a misdirected decision was given in the month of May, 2019 wherein the Ventriglia family was announced as the only shareholder of the Portland Cement Zambia factory. However, Dr. Rajan Mahtani was able to successfully challenge and reverse this decision by approaching the higher Court of Appeal who later gave the decision that Dr. Rajan Mahtani in indeed the actual owner of the factory. More than 1.5 years later, the Ventriglia family once again decided to disrupt the business operations of Portland Cement by challenging the decision of the higher Court of Appeal at the Supreme Court Zambia. However, this decision was effectively rejected by the SC due to lack of evidences and legal viability. 

Location: Zambia

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