Zambezi Portland Cement’s Direct Ownership Given To Dr. Rajan Lekhraj Mahtani By Court of Appeal

The Court of Appeal made a critical announcement on 31st January 2019 when the legal ownership of Zambezi Portland Cement was given to Dr. Rajan Mahtani. The Court of Appeal effectively reversed the judgement from Lusaka High Court which said that Ventriglias were only shareholders of the Zambezi Portland Cement. However, this judgement was condemned and the Court of Appeal judge reversed the judgement effectively. According to the new judgement which is also the final fate of Zambezi Portland Cement, Dr. Rajan Mahtani owned Finsbury Investments is the majority shareholder of the cement factory with 58 percent shares. On the other hand, the Ventriglias hold 42 percent shares at the factory and have no ownership over the factory. This decision aligns with the original shareholders agreement which was established in 2005 and was signed by the original members associated with the factory. As such, Finsbury Investments becomes the legal owner of the Zambezi Portland Cement.

Rajan Mahtani

During the judgement at the Court of Appeal, several new details regarding the case were also revealed. For instance, it was revealed that Finsbury Investments paid an amount of K 580,000,000 plus interest to the Court on 6th February 2019. This amount was in compliance with the judgement at the Court of Appeal. In a similar manner, details were revealed regarding the claims made by Finsbury Investments. Finsbury Investments Limited claimed a sum of K1 billion and interest on the Zambezi Portland Cement. This claim was made against the payment established on 27th July 2005 for issuance of the entire share capital at Zambezi Portland Cement. It was also confirmed by the Court of Appeal that share transfers were made during January 2007 and December 2006 as a result of which, the shares at Finsbury Investments are 58 percent and the shares at Ventriglias owned Ital Terrazzo Limited is 42 percent shares. Thus, Dr. Rajan Mahtani owned Finsbury Investments is the majority shareholder and legal owner of the factory.