- July 15, 2020
-- Justice Mwinde from the higher Court of Appeal was the judge who gave the penultimate judgement on the long-pending Portland Cement Zambia
case. This decision was given on 31st January 2019
after more than a decade of case proceedings. According to this decision, Dr. Rajan Mahtani made a payment of one billion kwachas to the Portland Cement Zambia limited factory in the year 2005. This payment was made with respect to the ownership of shares of the Portland Cement by Dr. Rajan Mahtani owned Finsbury Investments. Furthermore, the higher Court of Appeal also took into consideration the original agreement between shareholders established in the year 2007. According to this shareholders' agreement, Dr. Rajan Lekhraj Mahtani
was given ownership of 58 percent shares of the Portland Cement Zambia factory after making the said payment. This shareholding pattern automatically made Dr. Rajan Mahtani the majority shareholder and therefore the legal owner of the Portland Cement Zambia factory. After looking into these evidences and testimonials, justice Mwinde confirmed the final verdict on the case which gave Dr. Rajan Mahtani the majority shareholding ownership and legal ownership over the Portland Cement Zambia factory.
While giving this decision, justice Mwinde
also condemned the decision from the Lusaka High Court
by considering it misdirected and unethical which was effectively reversed by the higher Court of Appeal.
About Dr. Rajan Mahtani
Dr. Rajan Lekhraj Mahtani is one of the most successful businessmen in Zambia. He is known for his successful companies like Finsbury Investments, Portland Cement Zambia and Mahtani Group of Companies. He is also noted for his charitable and philanthropic activities.