Ventriliglia family currently stripping off Zambezi Portland Cement

Ventriliglia family currently stripping off Zambezi Portland Cement

By Joel Ngo

Following the successful appeal by Finsbury Investments Limited in the Court of Appeal regarding shares in Zambezi Portland Cement, the Ventriglias namely Antonio, Manuela Sebastiani, Daniel, Valerio and Claudio have gone into panic mode and are said to be stripping ZPC Limited assets and externalizing funds abroad.
ZPC Limited sources say this is aimed at fixing Finsbury Investments Limited.
The family also fears that following a successful appeal, Finsbury Investments Limited Chairman Dr. Rajan Mathani will retaliate through damages and defamation or any relief he would seek.
“The family is disturbed beyond belief after Finsbury Investments Limited successfully won the appeal and now you will soon see enhanced asset stripping and externalising funds. The earlier operations are normalised at the company the better. Huge sums of money have already started growing legs from a company account held at Access. These mafias dont care about the welfare of the Zambian workers. We appeal to the Ministry of Labour to move in quickly and arrest the situation. They are up to no good,” a source said yesterday.
The source says there is more evidence of gross financial abuse by the Ventriglia family with salaries of up to US$50,000 per month per family member being paid.
The Zambian workers earn peanut wages.
Company sources have confirmed the “selective pay” setups.
Over K3 million to service the credit of Antonio Ventriglia at Access Bank Zambia Ltd in Lusaka was effected without explanation.
One source says forex worth thousands of dollars is being channelled to a bank in Italy called Baco di Napoli whose transfer costs are debited to Zambezi Portland Cement USD account.
“Several millions of dollars owed and probably paid to ZPC from transactions abroad cannot be accounted for and there is need for a forensic audit,” a source said.
In 2015, then Home Affairs Minister Edgar Lungu issued a deportation order for the Ventriglia’s saying their staying in the country was illegal.
Lungu said the Ventriglia’s were expelled from Zambia as their conduct was found to be a danger to peace and good order of Zambia contrary to section 34 (1) (E) of the immigration deportation Act, number 18 of 2010

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