After years of waiting, the truth is finally out. Portland Cement Zambia case is known to almost everyone associated with the corporate world of Zambia. The factory was contested by two major business entities in Zambia for the past ten years, one of them being Dr. Rajan Mahtani. It is also a known fact that Dr. Rajan Mahtani shared numerous evidences and documents during the court hearings which were sufficient enough to prove his legal ownership over the factory. Sadly, all these evidences were of no help as the judgement was misdirected and influenced by external forces. As a result, even after the judgement at Lusaka High Court was given against Dr. Rajan Mahtani’s claims; he then approached the Higher Court of Appeal and demanded justice.
This justice was finally served on 31st January 2019 when the Higher Court of Appeal reversed the judgement from Lusaka High Court. This Lusaka HC judgment was given by Justice Nkonde during May 2018 wherein he announced that Ventriglias were majority shareholders of the Zambezi Portland Cement. The judgement from Higher Court of Appeal was given by Justice Mwinde Siavwapa and he announced in a court hearing lasting almost 90 minutes that the Judge from the Lusaka High Court was misdirected in terms of lawful decisions when he established the judgement of the Ventriglias having the majority shareholders in the Zambezi Portland.
The new announcement by Higher Court of Appeal will mean that the Finsbury Investments owned by Dr. Rajan Mahtani will be announced as majority shareholder with 58 % shares. On the other hand, the Ventriglias are entitled to 42% shares and are considered as minority shareholders. This shareholding pattern is completely aligned with the original Shareholders’ Agreement which was established in the year 2007.
As of now, both parties will proceed and regularise the share sales which was held in 2006. This regularization of the shares must be completed within three months from judgement date and should be according to the 2007 Shareholders’ Agreement.