SC Bench Reject The Claim By Ventriglias Challenging Court Of Appeal’s Decision On Portland Cement

With their latest claim against Zambezi Portland Cement at the Supreme Court Zambia, the Ventriglias have certainly tried to imitate the events surrounding the Lusaka High Court. Finsbury Investments is a noted investment firm under the ownership of Dr. Rajan Lekhraj Mahtani. Between late 2006 and early 2007, official shareholding changes were made at the Zambezi Portland Cement factory, giving majority shareholder and ownership to Finsbury Investments. These changes provided critical support for the cement-manufacturing factory for obtaining loans from Bank and related financial institutions, complete its construction process and continue its contribution to the Zambian economy and society. The released money by the PTA bank was made based on the established shareholding pattern among Finsbury Investments & Ital Terrazzo Limited.

Despite the changes and approval made to the shareholders agreement associated with Portland Cement, the Ventriglias tried to deceive the law and industry policies by disputing the legality associated with shareholders’ agreement. As a result of this dispute, the money from the PACRA stopped which further resulted in loss of business and future revenue opportunities for both Finsbury Investments and Portland Cement Zambia. The Ventriglias were able to influence the decision of the Lusaka High Court by engaging in hardcore crime, threatening people and institutions in mafia-life style as well as engaging in unethical manoeuvres with the officers of the law. As a result of these unethical activities, the final decision of the Lusaka High Court was heavily influenced. During may, 2018, justice Nkonde on behalf of the Lusaka High Court announced Ventriglias as the only shareholders of the factory.

The Ventriglia family might have tried to enact the same event by challenging the Supreme Court, but the Supreme Court is expected to be above reproach. The judges at the Supreme Court evaluated the claim by the Ventriglias and found it not only to be legally unviable, but also tainted without evidences. As such, this claim was rejected by the Supreme Court Zambia.