The Court of Appeal Declared Its Final Judgment On Zambezi Portland Cement, Dr. Mahtani Relieved


Portland Cement Zambia is a noted cement manufacturing factory in Zambia. This cement factory is being contested by Dr. Rajan Mahtani and the Ventriglias at the Lusaka High Court. In the month of May 2018, the judge from the Lusaka High Court announced that Ventriglias were only shareholders of the Zambezi Portland Cement. After this, the case was taken to the Court of Appeal wherein the final judgment and the fate of the Zambezi Portland Cement were announced. As per this judgment, Finsbury Investments is majority shareholder of Zambezi Portland with 58 percent shares and Ventriglias are minority shareholders with 42 percent shares. With this decision, Dr. Rajan Mahtani owned Finsbury Investments automatically becomes the legal owner of the Zambezi Portland Cement. Also, this decision aligns with the original Shareholders Agreement which was established in the year 2005 between the original members.
Unlike Lusaka High Court, the judgment by the Court of Appeal was absolutely based on the facts, evidences and testimonials. The Court of Appeal was also transparent by ensuring that all details associated with the case are shared to the public. From the case details, it was revealed that Finsbury Investments paid a sum of K580,000,000 to the court. This payment along with interest was paid on 6th February 2019 in response to the compliance request made by the court judgment. The payment also confirmed the commercial registration of the Zambezi Portland Cement in the name of Finsbury Investments. At the same time, Finsbury Investments also claimed a sum of K1 billion against payment made for entire share capital of the Zambezi Portland Cement. It was confirmed by the Court of Appeal that the share transfers conducted between January 2007 and December 2006 was valid. These claims have been completely valid and also consistent with the judgment. This clearly gave the real ownership of the Portland Cement Zambia to Finsbury Investments and to Dr. Rajan Mahtani.

Location: Zambia

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