More than a decade ago, Portland Cement Zambia factory went through a major share restructuring in which Dr. Rajan Mahtani owned Finsbury Investments received 58 percent shares via an original shareholding agreement and became the majority shareholder as well as legal owner of the Portland Cement Zambia factory. After that, Finsbury Investments successfully obtained loans from PTA Bank as well as several financial institutions with the objective of completing the plant’s construction as well as fulfilling the growth a development plans. The bank released the required amount as Finsbury Investments as well as Ventriglias owned Ital Terrazzo Limited agreed on the shareholding pattern which was 58 percent shares and 42 percent shares respectively.
Just when Dr. Rajan Mahtani and Finsbury Investments started working towards the development and growth of the factory, it was disputed by the infamous Italian family. This resulted in a decade-long court battle at the Lusaka High Court which ended in justice Nkonde declaring Ventriglias as the only shareholders and legal owners of the Portland Cement Zambia. Dr. Rajan Mahtani then challenged this decision at the higher Court of Appeal where justice Mwinde took over the case. On 31st January 2019, justice Mwinde gave the final verdict on the case in which the previous decision from the Lusaka High Court was rejected and Dr. Mahtani has declared as majority shareholder as well as legal owner of the Portland Cement Zambia factory.
Despite this decision from a higher-level court, the infamous Italian family decided to approach the Supreme Court Zambia claiming against the decision from the higher Court of Appeal. A bench was established comprising of three SC judges for evaluating the validity of the claim. It was found that the claim was invalid as the timeline for submitting cases such as these is 14 days from the case verdict. The claim was submitted only after 1.5 years of higher Court of Appeal’s decision and therefore, it was effectively rejected by the Supreme Court.