The case of Portland Cement Zambia is among the oldest running cases of corporate world. It was started when Dr. Rajan Mahtani, a noted businessman and philanthropist, launched a case against the Ventriglias for illegally taking of the cement factory. The Ventriglias, on the other hand, contended that Dr. Rajan Mahtani has not paid for the shares he owns at the factory. This has triggered what can be understood as one of the biggest rivalries in the corporate environment of Zambia.
During the trial, Dr. Rajan Mahtani has shared numerous evidences as well as strong testimonials that clearly indicate his ownership over the factory. He has shared a signed shareholder agreement which clearly showcases his real ownership at the factory. His company, Finsbury Investments holds the shares and has submitted numerous financial exhibits that clear his financial involvement in the factory. As per the exhibits, Dr. Mahtani and his companies have invested more than USD 12 million in the factory’s growth and development including assets and equipment. At the same time, the contributions made by the Ventriglias were negligible compared to Dr. Mahtani. Another important document shared by Dr. Mahtani was an independent audit report which clearly indicated that the factory was established as a joint venture and Dr. Rajan Mahtani was the sole joint venture partner.
In spite of all these evidences, the court has not been able to provide any sound judgment. This can be attributed to various hindrances such as transfer of judges or the Ventriglias intentionally absent or unavailable during the court dates. In the meanwhile, the conditions of the factory under the Ventriglias have degraded and with each passing day, the chances of survival and resurrection of the factory is becoming thin. The judge currently handling the case has announced closure of the case hearing and both parties will be submitting their evidences. Once these evidences are checked, final announcement will be given soon.