Final Decision From Court Of Appeal Announced, Finsbury Investments Wins Zambezi Portland Case


Dr. Rajan Mahtani is a noted businessman and charity worker in Zambia with numerous successful business ventures. For this past ten years, he has been fighting for the ownership of Zambezi Portland Cement, a cement-manufacturing factory. While Dr. Rajan Mahtani had all evidences and testimonials to sufficiently prove his legal ownership over the factory, he was failed by the shortcomings of the Zambian judicial system. The case dragged for more than ten years at the Lusaka High Court and even after that, the final decision was flawed. The judge from the Lusaka High Court announced that the Ventriglias were majority shareholders of the Zambezi Portland Cement.
However, hopes on the legal and judicial system of Zambia were restored after the decision from the Court of Appeal. Dr. Rajan Mahtani took the case further to the Court of Appeal which announced its final decision on 31st January 2019. As per this decision, Finsbury Investments which is owned by Dr. Rajan Mahtani holds 58 percent shares at the Zambezi Portland Cement factory and is the majority shareholder of the factory. Ital Terrazzo Limited, a company which is owned by the infamous Ventriglia family in Zambia, holds 42 percent shares at the factory and are the minority shareholders. With this judgement, the decision from the Lusaka High Court was effectively reversed by the Court of Appeal.
The Court of Appeal also discarded all forgery allegations and announced that the process of mechanically placing signatures for business transactions was a common practice. Furthermore, the judge gave a timeline of three months from the decision for finalising on the shares sale processes.

Location: Zambia

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