The Zambian Court of Appeal announced its decision on Zambezi Portland Cement on 31^st January 2019. As per this decision, Dr. Rajan Mahtani is the majority shareholder and the legal owner of the factory. On the other hand, Ventriglias are the minority shareholders and have no legal ownership over the factory. This decision comes around nine months after the final decision on the case was given by Lusaka High Court. The judge at the Lusaka High Court was Justice Nkonde who said that the Ventriglias were only shareholders of the Zambezi Portland Cement. After this, Dr Rajan Mahtani approached the Court of Appeal.

On 31^st January, the Court of Appeal announced that Finsbury Investments holds 58 percent shares at the Zambezi Portland Cement factory and is majority shareholder of the factory. On the other hand, Ital Terrazzo Limited which is owned by Ventriglias was considered minority shareholder with 42 percent shares. By announcing this decision, the Court of Appeal effectively reversed the judgement by the Lusaka High Court held on May 2018. While delivering this judgement, Justice Mwinde Siavwapa also said that the judge below him was wrong in declaring Ventriglias as only shareholders without having any evidence or proof. The judgement given by the Court of Appeal also aligns with the original Shareholders Agreement established in 2007.

All forgery related allegations were dismissed by the Court of Appeal. The Judge confirmed that the process of mechanical placement of signatures across documents was an established process within Zambezi Portland Cement and in fact, Claudio Ventriglia also engaged in similar practice during business transactions. As such, the forgery allegations were found to be irrelevant. Furthermore, the Court of Appeal gave a timeline of three months from judgment date during which the parties will need to regularize share sales process which has been effective from December 2006. Also, this sale regularization process should conform to Stakeholders Agreement.