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Mahtani Drops Shareholding Claim on Zambezi Portland Cement

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.

10 Comments

  1. Makuzo

    Boss, we never expected this from you. You were a fighter.

  2. Lisa

    See who looks foolish now, Zambian Watchdog. For a few dollars you have been providing a window to Mahtani and he plays Donchi Kubeba on you.

  3. Mulenga

    He never had any claim. He has realised his folly that if he does not stop his dirty maneuvering he will have to face tax authorities in UK, Canada and Zambia.

  4. Mambwe4me

    I do not believe this story. Anyhow, this is good for Mahtani’s family. At last he has realised that there is a limit to stupidity.

    • Weenie

      @Mambwe4me Check the court document – it’s a fact.

      But this doesn’t mean that the fight is over. It was just one of probably a dozen lawsuits in the dispute. Mahtani will probably hold onto everything until he’s sent to jail under the next government.

  5. Brilliant

    Mahtani is the most corrupt single individual the country has ever seen. He only comes second from PF. I can’t understand the alliance which is there between Mahtani and Zambian Watchdog. I was blocked for speaking my mind off against Mahtani and right now I can’t make any comment on stories posted by Zambian Watchdog on their facebook page. Come on ZWD, Mahatni is the fool who funded PF and got us in this trouble we are now in with PF and Sata. What is there to protect him?

    • Euro

      It is a marriage of convenience and Mahtani is funding Zambian Watchdog as a proxy for HH. Mahtani is banking on HH winning next elections and his empire continues unaffected. Brilliant Mwenye business idea by the most loathed businessman of Zambia.

  6. Ola

    Zambian Watchdog are so useless that everything about Mahtani they make comments closed, since I realised that, I never take them seriously. For a few dollars they are a sell out and Malusa challenged them before they unleashed insults on them- what a useless Zambian Watchdog that that has been gagged by Mahtan.

    • Euro

      @Ola, that will be the day I will give free beer to everybody at my restaurant. He shall not pop before justice is done and he is caged for good. He has ruined many lives.

  7. Lilian Muka

    Why so much news about Mahtani? His protector Sata and him both are suffering from same illness, prostrate cancer, swollen heart and erectile disfunction.

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