The Court of Appeal recently announced the final judgement on Portland Cement Zambia. The decision was given on 31st January 2019 and by giving the judgement, the Court of Appeal effectively reversed the judgement from the Lusaka High Court judge. Dr. Rajan Mahtani is one of the most respected and popular businessman in Zambia who is noted for his transparent and ethical business practices. For the past ten years, Dr. Rajan Mahtani has been fighting for the legal takeover of his company, Portland Cement Zambia. The case was initially registered at the Lusaka High Court where it went for more than ten years. Despite sharing evidence and testimonials, the final judgement was given against Dr. Rajan Mahtani’s claims which prompted him to approach the Court of Appeal.
The Court of Appeal judgement was announced by Justice Mwinde who said that the judge below him was wrong in declaring Ventriglias as the only shareholders without any proof or evidence. As per the decision from the Court of Appeal judge, Dr. Rajan Mahtani who is the owner of the Finsbury Investments is the majority shareholder of Zambezi Portland Cement with 58 percent shares. On the other hand, the Ventriglias are the minority shareholders with only 42 percent shares. This shareholding pattern aligns with the original shareholders agreements which were established in the year 2007. As per this final decision, Finsbury Investments is the legal and actual owner of the Zambezi Portland Cement factory.
Furthermore, all allegations of forgery were discarded by the judge and it was confirmed that the process of mechanically placing signatures was a common practice in Zambia.
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