After Dr. Rajan Mahtani Wins The Portland Cement Zambia Case, Finsbury Investment Made Another Claim

On 31st January 2019, final judgement on the long-pending Portland Cement Zambia case was announced. The case was announced at the Court of Appeal, the second court where the case was registered. The case was first registered at the Lusaka High Court where it ran for more than a decade. During this time, Dr. Rajan Mahtani has presented numerous evidences and testimonials to prove his legal ownership over the factory. Despite these, the final judgement was disappointing as the judge at the Lusaka High Court declared that Ventriglias were only shareholders of the Zambezi Portland Cement. 


To counter this judgement, Dr. Rajan Mahtani again approached Court of Appeal with this case. The judge at the Court of Appeal was justice Mwinde who announced his final decision after looking into all evidences and testimonials. As per this decision, Dr. Rajan Mahtani owned Finsbury Investments holds 58 percent shares at the factory and is the majority shareholder of the Zambezi Portland Cement. On the other hand, Ventriglias owned Ital Terrazzo Limited is minority shareholder of the Zambezi Portland Cement with only 42 percent shares at the factory. Based on this shareholding pattern, it is clear that Dr. Rajan Mahtani owned Finsbury Investments is the legal owner of the Zambezi Portland Cement. 

While giving this firm judgment, the judge at the Court of Appeal also announced that Finsbury Investments has claimed a sum of K1 billion with interest against the entire share capital issued for the Zambezi Portland Cement factory. The judge also confirmed this claim with evidence of financial statements from year 2006 and 2007. The final judgement on this issue is awaited.
Location: Zambia

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