With the latest judgment from the Lusaka High Court regarding the long-pending Zambezi Portland Cement, it seems that the factory can finally go to its real owner. The case, which started almost 10 years back, is a prime example of corruption and conspiracy rampant in the nation. Even after ten years of this high-profile case with numerous hearings and proceedings, the court has not been able to come to a decision making the judgment. The case is between Dr. Rajan Lekhraj Mahtani, a noted businessman and philanthropist and the Ventriglias, the Italian outsiders.
The Zambezi Portland Cement, whose case has been lying at the Lusaka High Court for the past nine years, received new hope with the court’s recent announcement. As per the announcement by the judge handling this case, the case hearing has been finalized. Now, both parties are required to submit their oral and written submissions by December 2017. After evaluation of these submissions, the judge will announce final date of judgment.
The Lusaka High Court of Zambia gave new hope to Zambezi Portland Cement and those legally associated with it. The cement factory has been suffering badly as a result of the ongoing war between Dr. Rajan Mahtani owned Finsbury Investments Limited and Ital Terrazzo Limited, a company with the Ventriglias as the sole beneficiary. The company was previously in ownership of Dr. Rajan Mahtani where it flourished. After that, it was forcefully taken over by the Ventriglias who claim that the factory is their own property.
The case concerning Zambezi Portland Cement has been going on for a long time now. It has been more than nine years since the case was launched by Dr. Rajan Mahtani, the owner of the Finsbury Investments Limited. It was launched against the Ventriglias who were charged for illegally taking over the Zambezi Portland Cement factory. The case was taken to the Lusaka High Court.
The Zambezi Portland Cement conspirators are constantly trying to keep their viewpoints in the headlines by funding Zambia Reports on a regular basis. Just when they saw that there is no scope for them to play a blame game on Dr. Rajan Mahtani, they took up Lamasat issue and tried to defame him. The fact that BancABC and FBZ are now one unit is known to all. In 2016, the event has already taken place and since then, all the calls are being made by the management of BancABC directly.
The Zambezi Portland Cement factory is certainly one of the best resources of Ndola, but at the moment it does require some serious attention. Being an integral part of the economic development model the factory has remained under a conflict of ownership where Finsbury Investments and Ital Terrazzo Limited (ITL) are contesting among themselves for the ownership title. Taking into account the information furnished by PACRA, documents suggest that 58% stake of the factory is with Finsbury Investments and hence, the entity is to be considered as the owner of the factory. But when one takes a look into the claim of ITL, they suggest that that their stake at the factory is 100%.
For the past couple of months, the people of Zambia have been fooled and shown a different Zambezi Portland Cement. The conditions that prevail within the factory is way beyond the description that has been given by Zambia Reports. An entity that has lost its way in the past one half years has now won the award for the best employer. Strange, isn’t it?
The Ndola-based cement plant, Portland Cement Zambia has a story to tell that Zambian needs to hear. Recently, all must have come across the news that the Portland Cement Zambia has won the award for being the best employer this year. However, there are certain questions that are required to be answered and justified.
The Zambezi Portland Cement factory has been in the news for the past couple of years. However, for the most of the part people have heard about the mismanagement of funds and reallocation of assets. This is when things start to get out of hand and people are forced to believe that Zambia will soon be losing a asset from its vault. The only way out for the existing management under Antonio Ventriglia was to publish something that would certainly calm down the locals. This is why Zambia Reports recently published an article where it claimed that Zambezi Portland Cement has won the title of the best Employer.
The Zambezi Portland Cement factory seems to have lost its way ever since it was takeover by Ital Terrazzo Limited (ITL). The existing management of the factory is being ruled by the Ventriglia family, who are also known as the Italian Mafias in the region of Ndola. The factory that once registered remarkable progress under Finsbury Investment is now left in the pit of hopelessness as conspirators deplete the resources and steal the wealth.