Zambezi Portland Cement Goes Back To Dr. Rajan Mahtani After Court Of Appeal Win


Court of Appeal is among the highest civilian courts in Zambia and therefore, a lot is expected from them. Dr. Rajan Mahtani is a popular businessman in Zambia who has been fighting for the rightful takeover of the Portland Cement Zambia which was taken illegally from him. After Lusaka High Court failed to provide justice for Dr. Rajan Mahtani, Court of Appeal was approach with the hope of getting true justice.

The Court of Appeal gave the final judgement on 31st January 2019 where it announced the real and legal owner of the Zambezi Portland Cement. According to this judgement, Dr. Rajan Mahtani is the majority shareholder of the Zambezi Portland Cement with 58 percent shares. On the other hand, the Ventriglias are the minority shareholders with only 42 percent shares at the factory. This shareholding pattern aligns with the original shareholders agreement which was established in the year 2007. While giving this judgement, the judge from the Court of Appeal also announced that the judge below him was wrong in declaring Ventriglias as the only shareholder of the Zambezi Portland Cement. Furthermore, the Court of Appeal judge also discarded all forgery related allegations as it was proved that the process of mechanically placing signatures for business transactions was a common practice across Zambezi Portland Cement. It was also established that critical member of the Ventriglias family, Claudio Ventriglias, engaged in similar practice for conducting a business transaction. Therefore, the forgery allegations were considered invalid. 

The Court of Appeal has given a timeline of three months from the date of the judgement during which both parties are required to complete their process of share regularization as per the new decision from the court. 
Location: Zambia

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