The Court of Appeal at Zambia announced its final judgement on Zambezi Portland Cement on 31st January 2019. By giving this verdict, the judge from the Court of Appeal effectively reversed the judgement from the Lusaka High Court announced during May 2018. The judge at the Lusaka High Court was justice Nkonde. According to his verdict, Ventriglias were only shareholders of the Zambezi Portland Cement. The case of Lusaka High Court was actually registered by Dr. Rajan Mahtani himself, who alleged that the cement factory was illegally taken from him. After the controversial judgement from the Lusaka High Court judge, Dr. Rajan Mahtani rightly approached the Court of Appeal.
The judge at the Court of Appeal was Justice Mwinde Siavwapa. He gave the final verdict on the re-registered Portland Cement Zambia on 31st January 2019. According to this verdict, Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder of the Zambezi Portland Cement with 58 percent shares. On the other hand, the Ventriglias owned Ital Terrazzo Limited hold 42 percent shares and are minority shareholders without any legal ownership. The Court of Appeal judge also confirmed that this final verdict aligned with the original Shareholders Agreement established in the year 2007. While giving this judgement, the judge from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders without any evidence or proof.
The Court of Appeal judge also revealed some significant details associated with the case. It was found that Finsbury Investments claimed a sum of K1 billion with interest against entire share capital of Portland Cement Zambia. This claim has been confirmed by the Court of Appeal judge with financial statements made on 2007 and 2006. As of now, a timeline of three months from the date of judgement has been announced during which all share regularization process must be completed.
