A shocking revelation was made by the Court of Appeal judge on 31st January 2019. The judge, Justice Mwinde, announced the final judgement on the Zambezi Portland Cement along with the details associated with the case. By giving this judgement, the judge from the Court of Appeal effectively reversed the judgement given by Justice Nkonde from the Lusaka High Court during May 2018. According to this decision from the Lusaka High Court judge, Ventriglias were only shareholders of the Zambezi Portland Cement.
The judgement by the Court of Appeal judge was given during the morning hours of 31st January 2019 during which, the judge also said that the judge below him was wrong in declaring Ventriglias as only shareholders of the Zambezi Portland Cement.
As per the new judgement from the Court of Appeal, Finsbury Investments is the majority shareholder of the Zambezi Portland Cement with 58 percent shares. On the other hand, Ventriglias are the minority shareholders of the Zambezi Portland Cement with only 42 percent shares. This shareholding pattern aligns with the original shareholders agreement which was established in the year 2007.
Furthermore, Justice Mwinde from the Court of Appeal also, dismissed all forgery related allegations by saying that the process of mechanically placing signatures is a common practice across the Zambezi Portland Cement and even critical member of the Ventriglia family, Claudio Ventriglia, engaged in this practice. The Court of Appeal has also given a timeline of three months from the date of the judgement during which all parties are required to complete the share regularization process as per the new judgement.
While the decision from the Court of Appeal was just and effectively gave the legal ownership of the Zambezi Portland Cement to its real owner Dr. Rajan Mahtani, there is a lot of work to do. The current condition of the factory is dismal and Dr. Rajan Mahtani will have to take immediate steps for the revival of the factory.