The stripping of the assets of ZPC by the Ventriglia family [Antonio Ventriglia, Manuela Sebastiani Ventriglia, Claudio Ventriglia, Daniel Ventriglia and Valerio Ventriglia](Italian Mafias) has been condoned by a Ruling of a Judge of the High Court for Zambia despite the disputed shareholding and the illegal possession of the cement plant by the Italian mafia family.
The High Court of Zambia has heard from the Ventriglias that they have transferred the entire fleet of trucks of ZPC to a company belonging entirely to themselves called Miloto Transport. The Ventriglias have also confirmed that they have obtained Duplicate Title Deeds of ZPC properties and transferred them to a company called Astrea Investments also entirely owned by them. This is despite PTA Bank informing them in writing that the Original Title Deeds are with the Lawyers for ZPC.
In or about May, 2015 Finsbury Investments Limited filed a Petition to Wind Up ZPC on the ground that it was Just and Equitable. Upon presentation of the Petition, which the Ventriglias have not answered to date, the said Ventriglias have resorted to stealing ZPC assets so as to render the Court cases academic. This prompted Finsbury to file an application for the appointment of a Provisional Liquidator to preserve the assets of ZPC until determination of Court cases.
On 19th May, 2016 Honourable Judge Flavia Chishimba delivered a Ruling in which she reluctantly refused to appoint a Provisional Liquidator for ZPC due to the continued shareholding dispute which has been raging on since 2008 between Finsbury Investments Limited and the Ventriglias.
Judge Chishimba’s Ruling read in part as follows:
“For the avoidance of doubt, I am not holding that the Petition or application for appointment of Provisional Liquidator is without merit nor that the Petitioner is not a shareholder, I am merely stating the view that the dispute on the allegation of whether or not the Petitioner is a shareholder should be determined first before this application or case before me.”
The Judge further stated as follows:
“In my view this is a prima facie case shown that the Petition may likely succeed on the basis alleged of deadlock by the shareholders. There is in my view a bona fide application constituting sufficient ground for the Petition sought based on the alleged deadlock between shareholders.”
The Witness Statement filed in court giving the entire history of ZPC and the dispute can be read here.
[see Witness Statement and ruling here]Witness Statement of Rajan Mahtani