Finsbury Investments Legally Owned By Dr. Rajan Mahtani, Court Of Appeal Shares Final Decision

Dr. Rajan Lekhraj Mahtani is a noted businessman, charity workers and philanthropist in Zambia. For more than a decade, Dr. Mahtani fought for the legal takeover of the Zambezi Portland Cement factory. The case for the cement factory started when Dr. Mahtani registered it at the Lusaka High Court. This high court took more than ten years to announce a definite decision. It was majority due to the various limitations associated with the Zambian judiciary system, unethical practices by other parties delaying the court proceedings and frequent transfer of judges. Justice Nkonde was the judge announcing the final judgment for the case during the month of May, 2018. However, this judgement was extremely controversial as the judge announced that Ventriglias were only shareholders of the Zambezi Portland Cement. As a result, Dr. Mahtani was left with no choice but to take the case to higher court. 

The case was then approached to the Court of Appeal, one of the highest civil judiciary courts in Zambia. The judge at the Court of Appeal was justice Mwinde and he announced his final decision on 31st January 2019 after looking into the evidences and testimonials. As per this final decision, Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder at the Zambezi Portland Cement factory with 58 percent shares. On the other hand, Ventriglias owned Ital Terrazzo Limited holds only 42 percent shares at the factory and is the minority shareholder without any legal ownership over the factory. Based on this shareholding pattern, it is clear that Dr. Rajan Mahtani is the legal owner of the factory. The Court of Appeal judge also confirmed that this decision aligned with original shareholders agreement. 



Location: Zambia

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