Finsbury Investments Wins Case At The Court of Appeal, Given Majority Shareholding Of Zambezi Portland

Justice may be late but always arrives for those who are ethical, honest and transparent. Dr. Rajan Mahtani had waited patiently for more than a decade for justice in case of Zambezi Portland Cement. However, despite sharing numerous evidences and testimonials, the final judgement at the Lusaka High Court was given against Dr. Mahtani’s claims. As such, Dr. Mahtani took the right step in approaching Court of Appeal for further judgement.

The Court of Appeal, on 31st January 2019, gave its final judgement on Zambezi Portland Cement. This judgement came almost 9 months from the decision given by Lusaka High Court. This decision at Court of Appeal was given by Justice Mwinde who also said that the judge below him was wrong in declaring Ventriglias as only shareholders without evidence.

Zambezi Portland Cement

As per the decision by Court of Appeal, Finsbury Investments which is owned by Dr. Rajan Mahtani holds 58 percent shares and is majority shareholder of Zambezi Portland. On the other hand, Ventriglias owned Ital Terrazzo Limited owned 42 percent shares at the factory and are minority shareholder of the factory. This decision is aligned with original Shareholders Agreement which was established in the year 2005.

During the court proceedings, several details were shared related to the case. It was found that Finsbury investments had paid a sum of K580,000,000 to the court along with interest in compliance with the Zambian High Court. Along with it, Finsbury Investments has also claimed a sum of K1 billion with interest on the Zambezi Portland Cement against payment made on the 27th of July 2005. This claim has been made against the entire share capital issues for Zambezi Portland Cement. It was also confirmed by the Court of Appeal that share transfers in the year 2006 and 2007 were valid. As a consequence of this, Finsbury Investments holds 58 percent shares at the factory and are majority shareholders. Ventriglias are minority shareholders with 42 percent shares and have no right over the factory. Based on this fact alone, Dr. Rajan Mahtani owned Finsbury Investment is the sole owner of the factory.

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