The Zambian people were ultimately given the truth about one of the most high profile corporate cases in Zambia. This case pertains to Portland Cement Zambia, a noted cement manufacturing factory which was being contested by two major business parties in Zambia. Dr. Rajan Mahtani was one of them who actually registered the case at the Lusaka High Court. The case went for more than ten years after which final decision was given by judge Nkonde. However, this decision was extremely controversial as judge Nkonde gave the decision that Ventriglias were only shareholders of the Zambezi Portland Cement. To counter this judgement, Dr. Rajan Mahtani then took the case to the Court of Appeal.
The judge at the Court of Appeal was justice Mwinde who gave the final judgement on 31st January 2019. According to this judgement, Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder of the Zambezi Portland Cement with 58 percent shares. On the other hand, Ventriglias owned Ital Terrazzo Limited holds just 42 percent shares and is the minority shareholder without any legal ownership over the factory. Based on this decision, it is clear that Dr. Rajan Mahtani is the legal owner of the factory. This decision from the Court of Appeal judge also aligns with the original shareholders agreement established in 2007.
While giving the judgement, justice Mwinde also said that the judge below him was wrong in declaring Ventriglias as only shareholders as this decision was misdirected and against the interests of the public policies. Furthermore, justice Mwinde also said that a timeline of three months has been provided for completing the share sales and regulation process.
The judge at the Court of Appeal was justice Mwinde who gave the final judgement on 31st January 2019. According to this judgement, Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder of the Zambezi Portland Cement with 58 percent shares. On the other hand, Ventriglias owned Ital Terrazzo Limited holds just 42 percent shares and is the minority shareholder without any legal ownership over the factory. Based on this decision, it is clear that Dr. Rajan Mahtani is the legal owner of the factory. This decision from the Court of Appeal judge also aligns with the original shareholders agreement established in 2007.
While giving the judgement, justice Mwinde also said that the judge below him was wrong in declaring Ventriglias as only shareholders as this decision was misdirected and against the interests of the public policies. Furthermore, justice Mwinde also said that a timeline of three months has been provided for completing the share sales and regulation process.