- Nov. 12, 2020
-- The case of Zambezi Portland Cement seems to never get over. After misdirected decision from the Lusaka High Court judge, Dr. Rajan Mahtani
took the right step and approached the higher Court of Appeal within legal policies and regulations. The evidences and testimonials submitted were reviewed properly and after nine months of case proceedings, final decision was given. According to this final decision, Dr. Rajan Mahtani
owned Finsbury Investments holds 58 percent shares at the Zambezi Portland Cement factory and thus becomes the owner of the factory. The higher Court of Appeal made this announcement on 31st January 2019.
However, the Ventriglias have now challenged the same decision from the higher Court of Appeal. This challenge was done via an appeal made to the Supreme Court of Zambia. In this appeal, the Ventriglias have claimed that the majority shareholding pattern by Finsbury Investments is incorrect. Furthermore, they also claimed that the amount payable to the Ventriglias against the shares received by Finsbury Investments
was not K580,000 but K580 million.
The Supreme Court established a three-bench judge for evaluating the claim and finalizing whether it can be accepted or not. After evaluation, it was found that the claim was not feasible based on law as it was not challenged within 14 days of the judgement from the higher Court of Appeal. Furthermore, it was also found that the evidences and circumstances behind establishing the claim was baseless. As a result, the challenge made by the Ventriglias
was rejected by the Supreme Court and Dr. Rajan Mahtani
owned Finsbury Investments remains the majority shareholder and legal owner of the factory.
About Dr. Rajan Mahtani
Dr. Rajan Lekhraj Mahtani is a noted businessman in Zambia with successful companies like Zambezi Portland Cement, Finsbury Investments and Mahtani Group of Companies. He is noted for his philanthropic and charitable contributions towards Zambian society and economy.