In what has been one of the longest running business disputes in Zambia, the family of Antonio Ventriglia secured an important legal victory this week against the former Chairman of Finance Bank Rajan Mahtani, whom they accuse of illegally attempting to steal a majority shareholding in Zambezi Portland Cement Ltd.
Judge Justine Chashi of the High Court of Ndola has ruled to dismiss a request for an injunction from Mahtani seeking to restrain the Ventriglias from acting as shareholders of Zambezi Portland Cement. After reviewing the evidence, Judge Chashi ruled that Mahtani was unable to demonstrate any basis for such an injunction, and further took Mahtani’s lawyers to task after they filed arguments claiming that the court had not reviewed the entirety of the evidence, remarking that this conduct was “demeaning to the authority of the court and interference in the administration of justice, hence the need for the plaintiff (Mr. Mahtani) to be restrained.”
This ruling follows earlier legal victories, including a ruling this past May from Judge William Mweemba of the Lusaka High Court to dismiss a lawsuit brought by Mahtani in view of the facts that the Ventriglias are the true owners of Zambezi Portland Cement.
Management for Zambezi Portland Cement said that the ruling was a positive step forward:
“We welcome the court’s ruling on this matter, and we hope that the broader business community can continue to benefit from a return to rule of law and judicial independence in Zambia. Mahtani has acted in a clear criminal fashion with regard to our company, using his influence with the state to steal from successful businesses. For many years, the true owners of Zambezi Portland Cement have suffered hundreds of millions of dollars in damages from the corporate raid and theft by the once-powerful Mr. Mahtani, and we are hoping to put those days behind us,” according to a statement issued by Zambezi Portland Cement management.
The dispute over the ownership of Zambezi Portland Cement also dovetails with a recent criminal case against Mr. Mahtani. On June 2, he was placed under arrest by the Zambian Police on two counts of forgery relating to the alleged falsification of share transfer certificates of shares in the company.
“To date, Mr. Mahtani has failed to produce the original signed copies of the share transfer certificates. He has failed to produce them, because they do not exist, because he never paid for the shares. As such, the fact is that the ownership of the company firmly remains with the Antonio Ventriglia and Manuela Sebastiani,” according to the statement from management.
Mr. Mahtani was also previously found with a case to answer and put on his defence for forging the signature of the Deputy Governor of the Bank of Zambia in 2011, but the prosecution was dimissed under controversial circumstances after the government of President Michael Sata was elected. The suspended Director of Public Prosecutions, Mutembo Nchito, is currently facing investigation by an anti-corruption tribunal for alleging receiving a bribe in the form of debt forgiveness of $4.2 million from Mr. Mahtani in exchange for dismissing the case.
Zambezi Portland Cement Ltd. remains in full operation following the resumption of control by the true owners on April 7, producing high quality cement products at competitive prices from its plant in Ndola, Zambia. The company welcomes questions from media and citizens at [email protected].
Mahtani was using Finance Bank to steal other people’s business ideas. He was also using the bank to precipitate defaults on loans at which point his private company, Finsbury Investments, would swoop in to take over the rich remains of business at next to nothing. Bank of Zambia should take note about this type of abuse of a bank’s financial muscle to enrich related parties. This is quite separate from insider loans which we saw in the early 1990s.
Everyday we read news that vindicates RB. Mathani and M’membe were facing various cases before sata’s administration came in. Then they all triumphed without court rulings. What does that say about Sata? It is not even a case of RB controlling Lungu but one of -cases reaching judgement point before a judge.
I personally have trust in the integrity of Judges Chashi and Mweemba who ruled over these cases. Sata was a con artist who was on the take. His commission of enquiry on how FBZ was taken over by BoZ was never allowed to conclude before Sata handed FBZ to Mahtani. Indeed, Sata was the head of the Cartel.
It really confuses me. Mathani was a good friend of Sata.some say Mathani sponsors the ZWD which was Sata’s enermy number one.Actually Sata tried to close the SITE many times.so how were these people getting along where by Mathani sponsors PF through Sata and on the other hand he demonise Sata through sponsoring ZWD. Ok assuming SATA didn’t know the connection,atleast he should have noticed that each time news about Mathani comes up on ZWD,readers ain’t allowed to comment why?
You ask a good question but should have done a little more digging before posting your comment. Try and research what position ZWD had on Mathani at the time Sata wanted to shut the site down. That alone will de-confuse you when you compare to the upright and law abiding entrepreneur that they note portray him to be.
Except of RB, Mathani has funded ruling and opposition parties at almost every election. One may say nikuchenjela but the truth is nikuchenjela kopusa.
Which Mahtani is this? Is it the same guy who bribed PF with huge bribes in the run up to the Presidential elections using Brian Hapunda. It appears it is very easy to bribe Edgar Lungu as General Kanene has just demonstrated this. How can a man be bribed by a song?
Mutembo Nchito and Fred for you.
How does Mutembo & Fred come in? The ‘nolle’ was on instruction from the AG, now Judge Muchenga. Is he dead? You go and ask him why he gave the instruction to the DPP to give Mahtani the nolle.
It’s a great victory and demonstration of Judiciary working without intervention.
Dubiously wealthy people in Zambia ARE frequently demeaning in conduct to the authority of the court and DO interfere in the administration of justice. That Nchito must be used to demonstrate that our Justice System must never be tampered with.
Please publish the ruling from the high court so as to dispel assertions from the Mahtani camp that has rubbished this story as lies and not correct.
There is nothing smart about this man, he is merely a crook…anyway else he would have been locked up for a lengthy sentence on numerous charges a long time ago…he is very bad for business!!
It is good this crook is being stopped for once hope he could be exposed more.
What does all this say about the dispensation of justice in Zambia?
What do the LAZ say about the swings of the pendulums of judicial views of our courts with changes of governments? It’s a disgrace!
One is by no means supporting the machinations of Mahtani and his cohorts Mmembe and Kabimba who have tirelessly been working to pervert justice in Zambia.