As per the latest development, the Lusaka High Court that was handling the high profile case of industrialist Dr. Rajan Mahtani and Business owners the Ventriglias took a new turn. The High Court announced that the case, that started almost nine years back, has completed its hearing process. This is a big milestone for both the case contestants and even the High Court. The case was launched by Dr. Rajan Mahtani claiming that the Ventriglias have illegally taken over his factory, Zambezi Portland Cement. On the other hand, the Ventriglias have counter-claimed saying that the shares of Dr. Mahtani in the cement factory has not been paid.
Just like other judges over the years, who have been either transferred or are no longer associated with the case, this judge also went through the entire spectrum of documents, factual sheets, statements, agreements and other evidence, both old and new. During this re-examination procedure, it was confirmed that Dr. Mahtani owned Finsbury Investments holds 58 percent shares in the Portland Cement factory. This claim was substantiated by the signed shareholder agreement. Dr. Mahtani has also claimed that the majority shares of the cement factory were under his name and he was the registered custodian of the establishment. There are many exhibits and financial statements that prove that the factory was a joint-venture partnership and Dr. Mahtani is written as the sole JV partner with majority shares, automatically transferring the assets under his name.
The Ventriglias, on the other hand, have failed to share any substantial data or evidence to support their claim. Sources have also revealed that in order to gain the confidence of the court, they have also tried to discredit Dr. Rajan Mahtani and his bank during many occasions. However, all these strategies have been thrashed and condemned by the court. Both parties have been asked to share their submissions in written and oral format by December 2017. Post evaluation of this submission, the judge will provide a final date for judgment.