Majority shareholding of Portland cement goes to Dr. Rajan Mahtani; Court of Appeal announces final judgment

On 31st January 2019, Dr. Rajan Mahtani won the long pending case of Portland Cement Zambia. It is one of the longest cases for Dr. Rajan Mahtani as the case dragged for more than a decade. Dr. Rajan Mahtani is a noted businessman in Zambia and despite always following an ethical, transparent and honest path; he has faced only challenges and roadblocks in his business ventures. The case of Portland Cement Zambia is similar wherein Dr. Rajan Mahtani had to fight with two different courts for justice. First it was Lusaka High Court where Dr. Mahtani registered the case claiming that his factory was illegally taken away from him. After the Lusaka High Court failed to provide justice, Dr. Rajan Mahtani did not lose hope and approached the Court of Appeal with a case re-appeal.

The judge at the Court of Appeal was justice Mwinde who gave the final judgement on 31st January 2019. This judgement was given after looking into all evidences and testimonials which were conveniently ignored by the previous judge. According to this judgement, Dr. Rajan Mahtani is the actual owner of the Portland Cement Zambia factory as his company; Finsbury Investments holds 58 percent shares at the factory. On the other hand, Ventriglias are the minority shareholders of the Portland Cement Zambia as his company; Ital Terrazzo Limited holds just 42 percent shares at the factory. This decision from the Court of Appeal aligned with the original shareholders agreement established in the year 2007. As per this decision, it is clearly established that Dr. Rajan Mahtani is the actual owner of the Portland Cement Zambia factory.

While giving this judgement, justice Mwinde from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders as this decision was misdirected and without any evidence. The judge also gave a timeline of three months from the date of the judgement for completing the share sales and regulations related processes.