Judgement From Court Of Appeal Announced, Dr. Rajan Mahtani Owner Of Zambezi Portland

On 31st January 2019, a major announcement was made on the Zambezi Portland Cement. The judge from the Court of Appeal effectively reversed the judgement from Lusaka High Court by giving the full ownership of Zambezi Portland to Dr. Rajan Mahtani owned Finsbury Investments. The Lusaka High Court had given a judgement during May 2018 which was condemned by many. According to the Lusaka High Court judgement, Ventriglias were given ownership of the Zambezi Portland. However, the new judgement from Court of Appeal has cleared things up and now Finsbury Investments holds 58 percent shares at the factory and the Ventriglias hold 42 percent shares at the Zambezi Portland. This clearly gives ownership to Dr. Rajan Mahtani owned Finsbury Investments.

Rajan Mahtani

Unlike Lusaka High Court which announced its judgement without looking into the facts and details, the Court of Appeal shared numerous details and information related to the case to ensure that the public understands how the decision was made. At the same time, several new details were shared during the court proceedings which were made public later. Dr. Rajan Mahtani owned Finsbury Investments have paid a sum of K580,000,000 to the Court of Appeal on 6th February 2019. This amount was paid as commercial registry including interest to comply with the above judgement. Similarly, Finsbury Investments also claimed a sum of K1 billion with interest on the Zambezi Portland factory. This sum was claimed against the share transfers made during January 2007 and December 2006. The share transfers were valid and with this, Finsbury Investments received 58 percent shares at the factory and on the other hand, Ital Terrazzo Limited which is owned by the Ventriglias received 42 percent shares of the total share capital associated with Zambezi Portland Cement. This share capital detail itself is enough to establish the fact that Dr. Rajan Mahtani owned Finsbury Investments is the majority shareholder and legal owner of the Zambezi Portland Cement.

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