Court Of Appeal Gives Back Rightful Ownership Of Portland Cement To Dr. Rajan Mahtani

The case of Portland Cement Zambia is age old. It was registered by Dr. Rajan Mahtani, almost a decade back at the Lusaka High Court. Dr. Rajan Mahtani is known for several big and successful business ventures in Zambia, including but not limited to Mahtani Group of Companies, Finsbury Investments and Finance Bank Zambia. Dr. Rajan Mahtani had claimed that his factory, Zambezi Portland Cement, was illegally and forcefully taken away from him which prompted the case at the Lusaka High Court. To support his claim, Dr. Rajan Mahtani has shared numerous evidences and testimonials in the past ten years of court proceedings. The case was delayed for such as long time majorly because of the inability of the court to provide right judgement on time as well as due to several judges being transferred at frequent intervals. Finally, justice Nkonde announced the ultimate judgement after a wait of ten years. However, this judgement turned out to be more controversial than the never ending court proceedings itself.

Dr. Rajan Mahtani

Justice Nkonde announced that the Ventriglias were only shareholders of the Zambezi Portland Cement. It was clear that this judgement was misdirected and as a result, Court of Appeal was approached for further justice. The judge at the Court of Appeal was justice Mwinde who announced the final judgement on 31st January 2019 during the morning hours. According to this judgement, Finsbury Investments is majority shareholder of Zambezi Portland Cement and holds 58 percent shares at the factory. On the other hand, Ventriglias are only minority shareholders of the Zambezi Portland Cement with 42 percent shares at the factory. With this shareholding pattern, it is clearly established that Dr. Rajan Mahtani is legal owner of the factory. This decision from the Court of Appeal also aligns with the original shareholders agreement which was established in the year 2007.

Furthermore, the judge from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders without any proof or proper evidence.

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