Legal Ownership Of Zambezi Portland Cement Announced By Court Of Appeal, Dr. Mahtani Winner

Dr. Rajan Mahtani is a noted business figure in Zambia with numerous successful ventures. Some of the companies established by him are Mahtani Group of Companies, Finsbury Investments and Finance Bank Zambia. He is also the legal owner of the Zambezi Portland Cement for which he has been fighting a case at the Lusaka High Court for the past ten years. Last year, justice Nkonde from the Lusaka High Court gave the final verdict on the case. The months leading up to this verdict seemed positive for Dr. Rajan Mahtani as the judge announced that the final decision will be given based on the evidences as well as written and oral testimonials submitted before the court. Since Dr. Rajan Mahtani had shared all factual evidences and testimonials, win at the Lusaka High Court was sure.

However, the final verdict from the Lusaka High Court was shocking as it was announced that Ventriglias were only shareholders of the Zambezi Portland Cement. To counter this misdirected judgement, Dr. Rajan Mahtani then approached the Court of Appeal. The Court of Appeal judge was justice Mwinde who announced the final verdict on 31st January 2019. According to this final verdict, Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder of the Zambezi Portland Cement with 58 percent shares. On the other hand, the Ventriglias owned Ital Terrazzo Limited holds just 42 percent shares and is the minority shareholder of the Zambezi Portland Cement. Based on this shareholding pattern, Dr. Rajan Mahtani becomes the legal owner of the Zambezi Portland Cement factory.

With this decision, the judge from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders of the Zambezi Portland without any proof or evidence. Furthermore, the judge also discarded all forgery related allegations by considering them invalid and also gave a timeline of three months for completion of share regularization activities.

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