Dr. Rajan Mahtani Announced Legal Owner Of Portland Cement Zambia By Court Of Appeal

It was a bittersweet moment for Dr. Rajan Mahtani at the Court of Appeal, when the final judgement for Portland Cement Zambia was announced. Dr. Rajan Mahtani and his team waited for more than ten years for this moment. On 31st January 2019, the judge from the Court of Appeal announced that Zambezi Portland Cement legally belongs to Dr. Rajan Lekhraj Mahtani, who is the current owner of Finsbury Investments. This decision from Court of Appeal came around nine months after Lusaka High Court failed to provide justice for the cement factory, despite undergoing case proceedings for more than a decade. 

According to the decision from Court of Appeal, Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder of Zambezi Portland with 58 percent shares. On the other hand, the Ventriglias own 42 percent shares and are just minority shareholders. Based on the original Shareholders Agreement and the new Court of Appeal judgement, Dr. Rajan Mahtani is the real and legal owner of the factory. 

According to this shareholding pattern, Dr. Rajan Mahtani is the clear winner and legal owner of the factory. While giving the judgement, it was also confirmed that this judgement aligned with the original shareholders agreement which was one of the prime evidences during this case trial. Justice Mwinde also said that the judge below him was wrong in declaring Ventriglias as only shareholders without any evidence or proof. As of now, the judge from the Court of Appeal has announced all parties to complete process of share regularization within three months from the judgement date.