Dr. Mahtani through Finsbury owns 58% shares in Portland Cement Zambia whereas the Ventriglias owns 42%. The Ventriglias actually wanted more power but as they were minority shareholders they couldn’t control the company. This made them use unethical means for taking control over the company.
The Ventriglias ultimately took over the company in 2008 after the death of Levy Mwanawasa. There was a change in the government at that time and to take over the company, they used government machinery. The senior government officials were actually paid more and in no time Dr. Mahtani was ousted and accused of forgery and many other criminal activities. Even his lawyer was harassed and threatened by Sakwiba Sikota, the lawyer of the Ventriglias. However, it was only when the government changed again that Rajan Mahtani did the same thing that was done to him in 2008. The only difference was that this time in 2012 it was the real owners of Zambezi Portland Cement asserting their rights.
When the Ventriglias reigned supreme at Portland Cement Zambia after 2008 till 2012, they looted 40 million USD in that short period. Some of the money was externalized to the offshore accounts, some were used for hiring the handwriting experts for pinning down Dr. Mahtani and some cash were used for bribing the politicians. The lawyers also had unlimited access to free cement for renovating their houses.
It is quite clear that the misappropriation of 40 million dollars, money laundering and outright theft adversely affected Zambezi Portland Cement and put into risk the employment of thousands of Zambians.
We should surely ask the Ventriglias about what have they done for the community in Ndola the time when they were operating Portland Cement other than just polluting the neighborhood? Did they build any social amenities, renovate any old building or contribute to charity? All that they did was evaded tax and externalized money to far east or other parts of the world where they have such other operations.