Ownership Of Portland Cement Zambia Confirmed After Ten-Year Gap, Goes To Dr. Rajan Mahtani


Politics and business, though critical for a nation, rarely go hand-in-hand. Specially for a struggling and under-developed nation like Zambia, politics often come in front of business and its development. A similar situation occurred in the case of Dr. RajanLekhraj Mahtani, a noted businessman and philanthropist in Zambia. For more than a decade, Dr. Rajan Mahtani struggled for getting justice for his factory Portland Cement Zambia. This cement-manufacturing factory was unethically taken over and despite sharing all evidences and testimonials, Dr. Mahtani was not given justice. It can be said that that bad politics came in the way of business justice. After justice Nkonde from the Lusaka High Court announced Ventriglias as the only shareholders of Portland Cement, Dr. Mahtani knew it was a misdirected judgement and approached the Court of Appeal.

The judge at the Court of Appeal was justice Mwinde who gave the final verdict on the 31st of January 2019. According to this final verdict, Dr. Rajan Mahtani was given majority shareholding based on the available evidence. The first major evidence was transfer of one billion kwachas from Dr. Rajan Mahtani owned Finsbury Investments to Portland Cement Zambia limited. This transfer of USD 250,000 was made in the year 2005. The second major evidence was original agreement between shareholders established in the year 2007 which further confirmed that Dr. Mahtani has made all payments associated with the factory and now holds 58 percent shares of the factory. Based on these evidences, justice Mwinde on behalf of the Court of Appeal confirmed that Dr. Mahtani is the actual owner of the factory and this verdict is final.

Location: Zambia

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