Portland Cement Ownership To Remain With Dr. Rajan Mahtani Despite Appeal From Ventriglia Family


Dr. Rajan Lekhraj Mahtani is one of the most respected and noted businessman in Zambia. For more than three decades, Dr. Rajan Mahtani has been working relentlessly towards establishing successful organizations across the nation. Some of the top companies established and currently run by Dr. Rajan Mahtani are Mahtani Group of Companies, Finsbury Investment and Finance Bank Zambia. Another company for which Dr. Rajan Mahtani fought a legal battle for more than a decade was Portland Cement Zambia. The cement-manufacturing factory was taken over by Dr. Mahtani owned Finsbury Investment in the year 2007-2008 via an original shareholders’ agreement. According to this agreement, Finsbury Investment received 58 percent shares of the factory and was announced as the majority shareholder and legal owner of the factory. However, soon after the operations of the factory started, it was questioned by the Ventriglia family. After the legality of the original shareholders agreement was questioned, the case was taken to Lusaka High Court where it dragged for more than a decade. Despite this, the final decision from the Lusaka High Court was controversial with the Ventriglia family announced as only shareholders of the Portland Cement. 

However, the decision was successfully reversed at the higher Court of Appeal wherein Dr. Mahtani owned Finsbury Investment was announced as majority shareholder and legal owner of the factory. However, the Ventriglia family once again decided to challenge this decision at the Supreme Court Zambia. The Supreme Court established a bench of three judges for evaluating this claim. After evaluation, the Supreme Court bench effectively rejected the claim by the Ventriglia family for lack of evidences and not following the legal and technical protocols. 

Location: Zambia

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