Truth is finally out, Dr. Rajan Mahtani announced majority shareholder for Zambezi Portland Cement

Dr. Rajan Mahtani is finally the real and legal owner of Zambezi Portland Cement. This news went national on 31^st January 2019 when the judge from the Court of Appeal announced that Finsbury Investments is the majority shareholder of Zambezi Portland Cement, as opposed the previous decision at the Lusaka High Court. The Lusaka High Court decision was given by Justice Nkonde in May 2018 who announced Ventriglias to be only shareholders of the cement factory. However, it was found that the evidences and testimonials were not enough to justify this decision at the Lusaka High Court.

The judgement at the Court of Appeal was given by Justice Mwinde Siavwapa and took place during the first half of the morning session at the Court. During this session, several critical details were shared by the judge. One of the most important details was the misdirected judgement by Lusaka High Court judge on Portland Cement’s fate which was highly criticized. Justice Mwinde said that the judge below him was wrong in declaring Ventriglias as the only shareholders. Furthermore, new details emerged according to which Finsbury Investments is the majority shareholder of Portland Cement with 58 percent shares and the Ventriglias have 42 percent shares and are only minority shareholders. This shareholding pattern is properly aligned and same as the original Shareholders Agreement established in the year 2007.

As per the financial details shared by the Court of Appeal, Dr. Rajan Mahtani owned Finsbury Investments have paid a sum of K580, 000, 000 to the Court of Appeal on 6^th February 2019. This payment is as per the previous judgement and was for establishing commercial registry for Zambezi Portland Cement by Finsbury Investments. Furthermore, Finsbury Investments also claimed K 1 billion with interest on the Zambezi Portland factory as against the original payment established on 27^th July 2005. All parties have been asked to finalise and regularize the process of selling of shares as per the new Shareholders Agreement within three months from the date of judgement.