Dr. Rajan Mahtani Stays The Actual Owner Of Portland Cement After Supreme Court Decision


The final results from the Supreme Court of Zambia has further confirmed the positioning of the Portland Cement Zambia. The cement-manufacturing factory has been facing serious issues since being at the centre of conspiracies and challenges. The first case pertaining to Portland Cement Zambia was recorded by Dr. Rajan Mahtani at the Lusaka High Court. Dr. Mahtani is a known businessman and philanthropist in Zambia. After more than a decade of case proceedings at the Lusaka High Court, the final results came in 2018 and this was controversial to say the least. Justice Nkonde on behalf of Lusaka High Court announced Ventriglias as the only shareholders of Portland Cement. However, Dr. Rajan Mahtani was able to challenge this decision at the Court of Appeal which was heard by justice Mwinde. On 31st January 2019, Justice Mwinde announced that Dr. Rajan Mahtani owned Finsbury Investments is the majority shareholder and legal owner of the factory with 58 percent shares. On the other hand, the Ventriglias are the minority shareholders with just 42 percent shares and without any legal ownership.

The Ventriglias, after more than a year, have now challenged this decision from the Court of Appeal. They have taken the appeal to the Supreme Court Zambia with claims that the decision made by Justice Mwinde on Portland Cement Zambia was incorrect. Furthermore, they have also claimed that the actual amount to be paid by Finsbury Investments against the majority shares taken of Portland Cement was K580 million and not K580,000 as confirmed by the Court of Appeal’s decision. To evaluate this challenge from the Ventriglias, a bench of three judges was established by the Supreme Court. After evaluation, the judges finalised that the appeal from the Ventriglias is not acceptable as law indicates that any appeal against previous court decisions must be made with 14 days of the decision itself. However, the Ventriglias failed to do so and as such, their appeal has been rejected by the Zambian Supreme Court.