Supreme Court Throws Out Appeal By Ventriglias Regarding Portland Cement Zambia

The final decision on the majority shareholding of the Portland Cement Zambia was given by Higher Court of Appeal, justice Siavwapa.
By: Dr. Rajan Mahtani
 
LUSUKA, Zambia - Nov. 9, 2020 - PRLog -- The Supreme Court of Zambia is the highest court system of the nation. The court recently threw out an appeal by the Ventriglias regarding reopening the case of Zambezi Portland Cement. The final decision on the majority shareholding of the Portland Cement Zambia was given by Higher Court of Appeal, justice Siavwapa. In his final statement after vetting the evidences and testimonials, it was found that Dr. Rajan Mahtani owned Finsbury Investments held 58 percent shares at the factory and Ventriglias owned Ital Terrazzo Limited held 42 percent shares. Based on this shareholding pattern, Finsbury Investments was announced as the majority shareholder and actual owner of the Portland Cement Zambia factory. Furthermore, the judge also confirmed that the amount payable to the Ventriglias against the majority shareholders received was K580,000. This decision from the higher Court of Appeal came on 31st January 2019.

After more than a year of this decision, the Ventriglias challenged the higher Court of Appeal judgement by appealing to the Supreme Court of Zambia. In this appeal, the Ventriglias claimed that the declaration by the Higher Court of Appeal making Finsbury Investments as majority shareholder of Portland Cement was incorrect. In their appeal, the Ventriglias also claimed that the actual amount payable to them was not K580,000 but K580 million. With these claims, the Ventriglias approached the higher Court of Appeal.
However, a bench comprising of three judges at the Supreme Court of Zambia rejected this plea. This plea was rejected on various grounds, namely the law forbidding re-appeals that pass the 14-day mark after the initial judgement from the previous court.  Furthermore, the judges also said that the appeal did not have any evidence for an appeal and as such, was rejected by the Supreme Court Zambia.

About Dr. Rajan Mahtani
Website: http://drmahtani.com

Dr. Rajan Lekhraj Mahtani is a noted businessman in Zambia with successful companies like Zambezi Portland Cement, Finsbury Investments and Mahtani Group of Companies. He is note for his philanthropic and charitable contributions towards Zambian society and economy.
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Tags:Zambezi Portland Cement
Industry:Business
Location:Lusuka - Lusaka - Zambia
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