The final judgement from the Court of Appeal has once again stated that patience, honesty and perseverance have a long way to go. On 31st January 2019, the Court of Appeal announced its final judgement on Zambezi Portland Cement case, a case which has halted the businesses of many businessmen in Zambia. The case of Portland Cement Zambia is age old and was registered by Dr. Rajan Mahtani more than a decade ago. During this time, several evidences and testimonials were shared by lawyers from Dr. Mahtani’s end. However, the final result from the judge at the Lusaka High Court was astonishing as it was announced that the Ventriglias were only shareholders of the Zambezi Portland Cement. It was clear that this judgement from the Lusaka High Court judge was misdirected and as a result, Dr. Mahtani launched another appeal at the Court of Appeal.
The Court of Appeal, being of the highest and most respected legal and judicial system across the Zambia nation, did not disappoint and provided a just decision for the case. The judgment was given by noted judge Justice Mwinde and he also said that the judge below him was wrong in declaring Ventriglias as the only shareholders as it was against interests of the public policies. As per the final decision from the Court of Appeal, Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder of the cement factory with 58 percent shared. On the other hand, Ital Terrazzo Limited which is owned by the Ventriglias holds 42 percent shares and is minority shareholders without any ownership. This decision also aligns with the original shareholders agreement which was established in the year 2007.
The Court of Appeal judge has also given a timeline of three months from the date of the final judgement during which all parties are required to complete the process of share regularization as per the new decision from the court.
