- June 12, 2019
-- The final decision on Portland Cement Zambia was announced by the Court of Appeal on 31st January 2019. While the Court of Appeal took around nine months to given final decision, it was pending at the Lusaka High Court for more than ten years. Despite this long court proceedings and sharing numerous evidences and testimonials, the final decision from the Lusaka High Court was a big controversy which led Dr. Mahtani to approach the Court of Appeal.
The judge at the Court of Appeal was Justice Mwinde who announced that Finsbury Investments was majority shareholder of the Zambezi Portland Cement with 58 percent shares. On the other hand, Ventriglias were the minority shareholders of the Zambezi Portland Cement with only 42 percent shares. Thus, Dr. Rajan Mahtani who owns Finsbury Investments was announced as the majority shareholder and legal owner of the Portland Cement factory. With this announcement, the judge at the Court of Appeal effectively reversed the judgement from the Lusaka High Court. The judge from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders as this decision was made without taking into consideration the evidences and testimonials.
As of now, a timeline of three months has been provided by the Court of Appeal during which the parties will have to complete the share regularization and share sales process as per the new decision from the Court.
About Dr. Rajan Mahtani
Dr. Rajan Lekhraj Mahtani is a noted businessman, philanthropist and charity worker, with numerous successful businesses and ventures under his name. He is also known for regularly working for the welfare of the underprivileged part of the society as well as for the economic and social growth of the poor. However, there are people who are jealous of his success and love he is receiving and want to destroy his reputation.