Court of Appeal Announces Its Final Judgement On Zambezi Portland, Declares Dr. Mahtani As Owner

Dr. Rajan Mahtani is a noted businessman and philanthropist and has been fighting for the legal ownership of Zambezi Portland Cement for the past decade. The case was first registered at the Lusaka High Court and even after numerous proceedings and evidences; the final judgement was given against Dr. Rajan Mahtani. As such, the case was further taken to Court of Appeal and after nine months of case proceedings, the Court of Appeal announced its final judgement. As per this latest judgement, Dr. Rajan Mahtani owned Finsbury Investments is the majority shareholder of Portland Cement Zambia with 58 percent shares. On the other hand, the Ventriglia owned Ital Terrazzo Limited owns 42 percent shares and is minority shareholder of the factory with no legal ownership. This decision aligns with the original Shareholders Agreement which was created in 2007. The judgement at the Court of Appeal was given by Justice Mwinde and while giving the judgement, he also said that the judge below him was wrong in declaring Ventriglias as only shareholders without sufficient proof or evidence.

The final judgement was out and along with this, the judge also discarded all allegations of forgery by declaring that the process of mechanical placement of signatures is common business practice across Zambezi Portland Cement and since members of the Ventriglia family have engaged in similar practice for making business transactions, they cannot make any forgery claims. In a similar manner, the parties were given a timeline of three months for regularizing the share sales process.

After the final judgement was out, several reports & publications were made which were contrary to the decision at the Court of Appeal. These publications contrasted the court decision but since were inconsistent with several loopholes, they have now been discarded. The court has also provided a timeline of three months from the date of the final judgement during which, both parties are required to finalise the sales of shares and regularize the process.