The judge handling the Zambezi Portland Cement case at the Lusaka High Court confirmed that case hearing is closed and final judgement will be announced very soon. This is a huge relief for Dr. Rajan Lekhraj Mahtani, a noted businessman who has been fighting the case for legal ownership of Zambia. This case has become one of the most talked about corporate cases in town and is going on for almost 10 years now. The Ventriglias, on the other side of the case, have been accused of illegally taking over the factory by using goons. At the same time, they have contended that the shared owned by Dr. Mahtani at the factory is not paid for.
During the trial of this case, Dr. Mahtani and his team submitted various documents that prove his rightful ownership at the factory. He submitted the signed shareholder’s agreement in which it is clearly mentioned that he is the joint venture partner with 58 percent shares. The Ventriglias, on the other hand, hold only 42 percent shares which are distributed among the family members. Also, various financial exhibits have proved his investment of around USD 12 million for the development of the factory. Also, Dr. Mahtani’s company Finsbury Investments have paid for the entire share capital without the Ventriglias investing even a penny in this share capital. Important evidence submitted was the audit report from independent auditor who conducted an audit on the Portland Cement Zambia. As per the audit report, Dr. Rajan Mahtani is the sole joint venture partner of the factory.
In spite of all these compelling evidences, bureaucratic issues, corruption and lack of government to take quick decisions has resulted in the case stretching this far. The current process in the case has been termed as a milestone and it is expected that the case will be closed soon with positive results for Dr. Mahtani.