Dr. Rajan Mahtani is legal owner of Portland Cement Zambia, announced Court of Appeal

Dr. Rajan Lekhraj Mahtani is a noted businessman and philanthropist in Zambia. He is also the owner of Portland Cement Zambia for which he fought a case at the Lusaka High Court for more than a decade. The case of Portland Cement Zambia was first launched at the Lusaka High Court where Dr. Mahtani shared numerous evidences and testimonials. Despite these, the final decision from the Lusaka High Court judge was extremely controversial as he announced that Ventriglias were only shareholders of the Zambezi Portland Cement. To counter this decision, Dr. Rajan Mahtani then approached the Court of Appeal. 


The final decision from the Court of Appeal was announced on 31st January 2019 and was given by Justice Mwinde. According to this decision, Finsbury Investments holds 58 percent shares at the factory and is the majority shareholder. Finsbury Investments is a company owned by Dr. Rajan Mahtani. On the other hand, Ital Terrazzo limited owns just 42 percent shares at the factory and is the minority shareholder. Ital Terrazzo Limited is an entity owned by the Ventriglias. Based on this shareholding pattern, the Court of Appeal judge confirmed that Dr. Rajan Mahtani was the legal owner and majority shareholder of the cement manufacturing factory. 

While giving this decision, the Court of Appeal judge also said that the judge below him was wrong in declaring Ventriglias as the only shareholders as this decision was misdirected and against the interests of the public policies. As of now, a timeline of three months from the date of the judgement had been provided by the Court of Appeal judge for completion of share sales processes.
Location: Zambia

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