Things may not have been merry for Zambezi Portland Cement Factory from April 2015 onwards. A major share for this upset goes to the Ventriglia family who have constantly withdrawn cash in huge amount from the factory cash box and have disrupted the harmony. The series of cash embezzlement was brought to the notice of the High Court and recently the High Court ordered the Ventriglia family to pay US $ 40 million to the ZPC along with other damage charges.
The issue of cash embezzlement was prevailing in Zambezi Portland Cement Factory from 2009 itself when the Ventriglia family had taken over the factory through illegal means. Ever since, the funds were transferred to external bank accounts and the resources of the factory were neglected. As per investigation, it is being reported that these funds were later on used to fund RB’s campaign during elections and hire a handwriting expert who was called from South Africa.
The order to pay US $ 40 million to the Zambezi Portland Cement Factory was made with an intent to restore the lost resources of the factory. Moreover, this payment is exclusive of the damage charges which the minority shareholders would be required to pay in addition to the mentioned amount.
One of the latest criminal offence of the Ventriglia family is editing records of PACRA. A lawyer of the Ventriglia family had approached a junior officer of PACRA in the Kitwe Office and forced him to make changes in the register of Zambezi Portland Cement Factory without obtaining an order from the Court. Later on, PACRA had to reverse the changes and put the name of Finsbury Investments under the owner. This is perhaps one of the most shameful incidents that PACRA has ever witnessed.
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The copy of High Court’s order is attached below:
