On August 13 2015, the High Court has passed an order where Portland Cement Zambia has been entitled to receive US $ 40 million from its minority shareholders, the Ventriglia family. The judgement was passed after taking into account the level of cash embezzlement, which took place in between 2009-2012, when the Ventriglia family took over the factory through illegal means.
Internal sources are offering confirmed reports that the cash embezzlement took place by way of facilitating offshore transfers and funding political parties during election campaigns. Additionally, it is also being regarded that heavy fund usage was made while hiring a handwriting expert from South Africa during a claim against the former Finance Bank Chairman, Dr. Rajan Mahtani. Portland Cement Zambia has been facing a contrast drain of resources ever since the Ventriglia family got its deportation order lifted and took over the factory in April 2015.
Here is the Court’s order which was received:
The Ventriglia family has committed numerous criminal offences in recent past. The latest from them was in respect of making forced changes in PACRA’s register. According to verified sources, a lawyer of the Ventriglias visited the Kitwe Office of PACRA and forced a junior officer to make changes in the register. Previously, the register had Finsbury Investments as its registered owners. The same was now replaced by the name of the Ventriglias.
When PACRA came to know about this incident, the affected changes were immediately reversed and the ownership of Portland Cement Zambia was restored to Finsbury Investments.
What will Portland Cement Zambia get from the Ventriglia family?
In the present case, the Ventriglia family is liable to pay US $ 40 million to the Portland Cement Zambia which they had previously looted from the factory. Additionally, they will also be liable to pay the charges for various damages.