According To The Latest Judgement From Court Of Appeal, Dr. Rajan Mahtani Is Legal Owner Of Portland Cement Zambia

On 31st January 2019, the Court of Appeal announced its final decision on Portland Cement Zambia. According to this decision, Dr. Rajan Mahtani owned Finsbury Investments was the majority shareholder of the Zambezi Portland Cement with 58 percent shares. On the other hand, Ventriglias owned Ital Terrazzo Limited was found to be the minority shareholder with only 42 percent shares at the factory. As per this decision, Dr. Rajan Mahtani becomes the legal owner of the Zambezi Portland Cement factory. This judgement from the Court of Appeal judge aligns with the original shareholders agreement established in 2007. By giving this decision, the judge from the Court of Appeal effectively reversed the judgement from Lusaka High Court which was given during May 2018. According to the Lusaka High Court decision, Ventriglias were announced as only shareholders of the Zambezi Portland Cement factory.

Dr. Rajan Mahtani

The case proceedings from Lusaka High Court were completely hush-hush and no information was shared with the public regarding the case. Only the final results were announced after ten years of wait and that too was controversial. However, the judge from the Court of Appeal opened all details associated with the case which might require media attention. The first detail announced was that Finsbury Investments paid a sum of K580,000,000 to the court on 6th February 2019. This payment was made in compliance with the judgement on 31st January 2019 and for commercial registration of the case. The payment was made with interest. At the same time, Finsbury Investments have also claimed a sum of K1 billion against the entire share capital issues of the Zambezi Portland Cement factory. This payment was made on 27th July 2005 and was confirmed by the official share transfer records from January 2007 and December 2006. These documents further establish the fact that Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder of the Zambezi Portland Cement.