Portland Cement Zambia Now A Legal Ownership Of Dr. Rajan Mahtani, Confirms Court Of Appeal

It was a moment of pure joy and relief for Dr. Rajan Lekhraj Mahtani when the Court of Appeal announced its final decision on Zambezi Portland Cement, nine months after Dr. Mahtani approached the court. This decision from Court of Appeal came on 31st January 2019, during the morning hours. The judgement was given by Justice Mwinde from the Court of Appeal. As per this judgement, Dr. Rajan Mahtani owned Finsbury Investments is the majority shareholder of the Zambezi Portland Cement with 58 percent shares. On the other hand, the Ventriglias who own Ital terrazzo Limited hold 42 percent shares and are the minority shareholders without any legal ownership. This decision was also confirmed with its alignment with the original shareholders agreement which was established in the year 2007. With this judgement, Dr. Rajan Mahtani effectively reversed the judgement from Lusaka High Court. Justice Mwinde iterated that the judge below him was wrong in declaring Ventriglias as only shareholders without any evidence.

 

Dr. Rajan Mahtani had approached the Court of Appeal after the Lusaka High Court failed to provide required justice for the cement factory, despite sharing numerous evidences and testimonials. The case was pending at the Lusaka HC for more than ten years during which numerous transfers of judges occurred. Despite sharing critical evidences which clearly proved Dr. Mahtani’s legal ownership over the factory, the final judgement from Justice Nkonde from Lusaka HC was extremely controversial. The Judge gave the decision that Ventriglias were only shareholders of the Zambezi Portland Cement. Nevertheless, this unfair judgement was effectively reversed and Dr. Rajan Mahtani is now the majority shareholder of the Zambezi Portland Cement.