The latest judgement by Court of Appeal judge made things related to Portland Cement much clearer. The criminal acts of the infamous Italian family Ventriglias have been knocked down and the Court of Appeal has ruled the final decision for Zambezi Portland Cement. This decision came on 31st January2019 when the judge at the Court of Appeal reversed the judgement by Lusaka High Court judge which had earlier announced that the Ventriglias were only shareholders of Zambezi Portland Cement. However, as per the new judgment, this is not the case and the decision given by the Lusaka High Court judge was against the law.
Several details were shared by the Court of Appeal during this judgement which segregated the truth from the various lies told to the public and the court for a long period of time. As per the Court of Appeal’s judgement, Finsbury Investment Limited has paid an amount of pre-rebased K580, 000, 000 to High Court of Zambia as Commercial Registry and interest as per the compliance of the judgment. At the same time, Finsbury Investments have also claimed K1 Billion with interest on the Zambezi Portland for payment given on 27th July 2005. This amount was paid on entirety by Zambezi Portland for gaining entire share capital for Zambezi Portland. Based on the confirmation given by Court of Appeal, share transfers were made during December 2006 & January 2007. These share transfers were valid & consequently 58 percent shares at the Zambezi Portland were provided to Finsbury Investment. At the same time, Ital Terrazzo Limited which is owned by the Ventriglias holds 42 percent shares and is only minority shareholder of Zambezi Portland. The Court of Appeal also confirmed that publications and reports made to contrary by alleged Zambezi Portland Cement CEO were inconsistent with final judgment.
As per the final decision by Court of Appeal judge, a time period of three months has been provided by the court for regularizing the sales of the shares as per the new decision given.