Final Judgement On Zambezi Portland Cement Announced, Dr. Rajan Mahtani Emerges As Winner

Dr. Rajan Mahtani has been fighting for the legal takeover of the Zambezi Portland Cement for more than ten years. First, it was the Lusaka High Court where the case was registered, almost ten years back. The final decision by the Lusaka High Court judge was announced during May 2018. However, this decision by the Lusaka High Court judge shocked everyone as despite evidences stating otherwise, the judge announced that Ventriglias were only shareholders of the Zambezi Portland Cement. As such, Dr. Rajan Mahtani took the right decision and approached the Court of Appeal in Zambia.

Dr. Rajan Mahtani

The Court of Appeal announced its decision on 31st January 2019. According to this decision, Dr. Rajan Mahtani was the legal and authentic owner of the Zambezi Portland Cement factory with majority of the shares. The judge, Justice Mwinde, also said that the judge below him was wrong in declaring Ventriglias as the only shareholders without looking into the evidences and the testimonials. The judgement from the Court of Appeal also aligns with the original shareholders agreement established in 2007.

As per the decision by the Zambian Court of Appeal which was given on 31st January 2019, Finsbury Investments has paid a sum of K 580,000,000, pre-rebased with interest. This sum has been given for commercial registration of the factory and in compliance with the judgement. In a similar manner, Finsbury Investments also made claims of K1 billion with interest on the Zambezi Portland Cement. This claim is made for payment made on 27th July 2005 which was for entire share capital issues for Zambezi Portland Cement. According to the further confirmations of the Court of Appeal, share transfers made during January 2007 and December 2006 are valid and as such, Finsbury Investments holds 58 percent shares as well as Ital Terrazzo Limited holds 42 percent shares of the total share capital issues for Zambezi Portland Cement.

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