Finance Bank Chairman Rajan Mahtani has ordered his legal team to discontinue a court case against Antonio Ventriglia and Manuela Ventriglia, the founders of the Zambezi Portland Cement (ZPC) company.
According to a court documents dated 19 May 2014, the plaintiff in case has signed a Notice of Discontinuance Pursuant to Order 17 Rule 1 of the Rules of the High Court, Chapter 25 of the laws of Zambia.
No reason was given for the decision to pull out of the case, although there is speculation that Mr. Mahtani may be getting cold feet in his dispute over ZPC after documents surfaced showing a forensic expert’s opinion that share transfer documents were had been forged.
The discontinuance of the case 2008/HPC/0366 was the matter in which Finsbury Investments (the plaintiff) instituted proceedings against Antonio Ventriglia and Manuela Sebastiani Ventriglia for a claim that Finsbury allegedly held 58% shareholding and Ital Terrazzo Limited holds 42% shareholding in ZPC.
This case represents one of several parallel legal proceedings in the long-running struggle for control of the $160 million cement plant in Ndola, where the original owners accuse Mahtani of unlawfully seizing control of the company – accusations that the Finance Bank chairman has consistently denied.