Zambezi Portland Cement needs attention

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%.

Portland Cement ZambiaThe confusion has remained for almost a decade, but finally has decided to take the matter in its own hand and determine the true owner of the factory. Sadly, it is the Ventriglias (owner of ITL) who are constantly avoiding hearing dates from time to time. In the last year itself, there was at least 3 occasions where the Court had asked Mr. Antonio Ventriglia to appear on a given date and he had failed to produce himself before the court. The reason of absence was later on supported by a medical certificate which indicated his poor health. Another instance came in September 2016. The Court had asked both, Mr. and Mrs. Ventriglia to be present from 27th to 30th September, but around 21st September, they were seen leaving the country.

Now one looks into the matter, it becomes evident that the owners of Ital Terrazzo Limited as clearly trying to avoid the scene and are trying to implement their own mechanism of taking the factory from the hands of Finsbury Investments. A glimpse of such mentality was seen in 2015 when the Ventriglias hired goons to take over Zambezi Portland Cement Factory in the early hours of April 7, 2015.

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