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Ventriglia, Finsbury battle over Zambezi Portland rages…


THE Ventriglia family has contended that they are the only  shareholders in Zambezi Portland Cement Limited as Finsbury Investments Limited is yet to pay them K580 Million to gain 58 percent shareholding in Zambezi Portland Cement Limited  as ordered by the Court of Appeal judgement of January 31,2019.

This is according to an application filed in the Lusaka High Court by Antonio and Manuela Ventriglia, seeking its permission to join the matter where  Finsbury has sued Patents and Companies Registration Agency (PACRA) for failing to effect the Court of Appeal Judgement of January 31, 2019, which declared the company the majority shareholder in Zambezi Portland Cement Limited (ZPC).

In its notice of originating motion filed in the Lusaka High Court, Finsbury, a company owned by Dr. Rajan Mahtani, and ZPC suing as first and second appellants seek an order that the decision of December 20, 2021, be set aside.

The applicants also seek an order that PACRA comply with the Judgement of the Court of Appeal of January 31, 2019, and the advice of the Attorney General given pursuant to section 345 of the companies Act to reflect the shareholding of 58 per cent by Finsbury.

It wants a continued maintenance of the records of Finsbury by PACRA , which reflect the position consistent with the judgement of the High Court of May 18, 2018 which stated that the Ventriglias were the only shareholders, is ultra vire section 345 of the companies, therefore null and void.

Finsbury claims that it owns 58 percent shares in ZPC and Ital Terrazzo Limited, a company the Ventriglia family have interest in held the remaining 42 percent shares.

But in their affidavit in support of summons for leave to join the proceedings as intervening parties, the Ventriglias stated that the records at PACRA ought to maintain them as the only shareholders in the cement factory.

“That the Court of Appeal discounted the shareholding of Ital Terrazzo Limited in ZPC and only certified the first appellant  and intended first and second intervening parties to this action as the only shareholders with the condition that the first appellant pays the sum of K580,000,000 to us the intended first and second intervening parties,” reads the court papers.

“Since the first appellant has not paid the sum of K580, 000,000 to acquire the shares, we remain the shareholders in the ZPC, the second appellant in this matter,” they stated.

The intending intervening parties stated that they should be joined to the case as it touches on the shares of ZPC which they have interest and have been parties to all the actions relating to it.

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