- March 16, 2020
-- After a long wait of more than a decade, the final decision on the long-pending Portland Cement Zambia is out. It is Dr. Rajan Lekhraj Mahtani who is the actual owner of the Portland Cement Zambia factory. The Court of Appeal arrived at this decision after looking into all evidences and testimonials that were controversially ignored by the previous judge at the Lusaka High Court. Most of these evidences were straight forward which can be described as one of the reasons for quick judgement by the Court of Appeal judge, given within a time span of nine months from the date of the judgement.
According to the first major evidence, Dr. Rajan Mahtani obtained 58 percent shares of the Zambezi Portland Cement with a contract established in the year 2005 in which he paid a sum of 1 billion kwachas or USD 250,000 to Zambezi Portland Cement. The evidence of this payment was further found in the original shareholders agreement established in the year 2007, specifically on page number 662 of the 'Record of Appeal' volume 2 of the agreement. With this significant evidence, it is clearly established that Dr. Rajan Mahtani is the legal owner and majority shareholder of the Portland Cement Zambia factory.
Some of the other evidences acquired by the Court of Appeal judge included the financial details of the fund transfer for covering the value of entire share capital issues to Finsbury Investments on behalf of Portland Cement and the factual evidence that mechanical placement of signatures is a common practice in Zambia which makes the claim of forgery and frauds void.
About Dr. Rajan Mahtani
Dr. Rajan Lekhraj Mahtani is the owner of Portland Cement Zambia, Finsbury Investments, Mahtani Group of Companies and many other companies and organisations and is an established and respected businessman in Zambia.