Judgement reserved in Portland Cement dispute
THE Court of Appeal has reserved judgement in the dispute between former Finance Bank owner Rajan Mahtani and the Ventriglia family over ownership and shareholding in Zambezi Portland Cement (ZPC). In May, High Court judge Sunday Nkonde declared Ital Terrazzo Limited, a private company owed by Antonio Ventriglia and Manuela Ventriglia as the only shareholders of ZPC and not Dr Mahtani. This was a battle over shares and management of ZPC of which Dr Mahtani’s firm Fensbury Investment Limited and Ital Terrazzo Limited, a company owned by the Ventriglias, both made claims of ownership. Dr Mahtani was dissatisfied with the High Court verdict and appealed to the Court of Appeal arguing through State Counsel John Sangwa that the court below misdirected itself by considering the Ventriglia’s claims when neither Ital Terrazzo Limited nor ZPC were parties to the proceedings.