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Monday, August 15, 2022

PACRA reverses the change of the register of Zambezi Portland Cement

Economy PACRA reverses the change of the register of Zambezi Portland Cement

PACRA has reversed the change of the register of Zambezi Portland Cement (ZPC) following a threat to commence contempt of court by the Ventiglia family.

The government department mandated to register companies had made changes in the ownership of ZPC despite the matter still being in contention in court.

The Ventiglia family and Finsbury Investment Limited owned by Rajan Mhatani have been on a legal battle of ownership of ZPC.

The Ventiglia family through their lawyer Sakwiba Sikota SC of Central Chembers this week wrote to PACRA Registrar Wilson Banda informing him of their client’s intention to commence contempt proceedings against him for making changes to the ZPC register.

In a letter responding to Sikota today, PACRA has disclosed that it has reversed the changes awaiting determination of the Court of Appeal following a stay of execution.

PACRA says the decision has been made in consultation with the Attorney General who Sikota had copied in his letter.

The hostility started when on 31st January 2019 the “Court of Appeal” stated in a judgment that “ as a remedy, we order that the appellant (Finsbury Investments Ltd) pays the sum of K580,000,000 (five hundred and eighty million kwacha) to the Respondents (Antonio Ventriglia & Manuela Ventriglia) representing 580,000,000 shares transferred to the Appellant in ZPC Limited, which represents 58% shares”.

The Ventiglia family nevertheless is optimistic that the new dawn administration shall not allow illegality because it’s a government which is run by the rule of law.

They have called on Mahtani and his team to follow the law and wait for the Court of Appeal to determine the case fully.

7 COMMENTS

  1. I’m deeply disappointed by our Judiciary due to the long time it has taken to settle this long-running court case. It has lasted as long as some tv drama series and yet it’s reality. I think this case should be one of those Chief Justice Mumba Malila will be using as an example of how superior courts and their advocates should not conduct themselves if justice is to be served. The delay has obviously hampered the company’s growth and investment.

  2. Our courts have failed to meet the aspirations of many Zambians, they’re on many occasions just a nuisance. I’m very disappointed with both Rajan Mahtani and the Ventriglia boys. Last time I had appealed to Alderman Thomas Dickson Madandaulo Mtine to bring the 2 ba Zimandola to reason together. This tiff isn’t benefiting anybody and those of us who hold Rajan in high esteem as a business mogul are short of words. I don’t wish to comment further but just appeal top both sides to come to their senses. Courts won’t settle this matter and lawyers will continue to make money out of both old family friends for nothing. Please stop it

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  3. I hv had occasion to read bits of some judgements on this case. I don’t think justice will be served without calling audit/accounting and financial regulation people as expert witnesses to help the courts to come to a conclusion that serves the interest of justice. U can’t rely only on the arguments of advocates for the parties and their witnesses to do justice to the matter.

  4. How long has this case been in court??? Both parties are being let down by this corrupt – because being appointed by Edgar China Lungu – judiciary. Time to intervene HH!

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  5. For those who may not be aware, this matter started before Edgar Lungu was even president of the Republic of Zambia.

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