A legal challenge over the ownership of Zambian cement company, Zambezi Portland Cement, has been resolved after a decade-long legal battle between Zambian businessman Rajan Mahtani and the firm’s founders, the Ventriglia family.
According to media reports, the High Court of Zambia ruled that Mahtani has no stake in the company and awarded full ownership to the Ventriglia family.
“Mahtani has been unable to produce the original signed copies of the share transfer certificates because they simply do not exist and he never paid for the shares,” a spokesperson for Zambezi Portland Cement told Forbes. “As such complete ownership of the company firmly rests with the Antonio Ventriglia family.
The Zambian cement industry is dominated by Lafarge Cement Zambia and Dangote Cement, both of which have an installed capacity of 1.5 million tpy. Zambezi Portland Cement has installed capacity of 0.53 million tpy – but actual production has been hit by the legal battle over ownership.
Read the article online at: https://www.worldcement.com/africa-middle-east/24052018/ownership-of-zambezi-portland-cement-resolved/