After Numerous Appeals From Dr. Rajan Mahtani, Higher Court Of Appeal Finally Announces True Justice


On 31st January 2019, the final and ultimate truth regarding the fate of Portland Cement Zambia was announced. The Court of Appeal finally made the significant decision to reverse the judgment from the High Court delivered by Justice Nkonde during May 2018. Last year, the Lusaka High Court made a final announcement on Portland Cement Zambia after more than ten years of proceedings and court hearings. During this time, Dr. Rajan Mahtani had submitted numerous evidences and testimonials in his defense. Some of the critical evidences included signed shareholders’ agreement, financial reports, investment reports which proved that Dr. Mahtani and his company Finsbury Investment had invested more than USD 12 million on the growth and development of the factory. One of the most critical evidence submitted by Dr. Mahtani was the independent audit report conducted by an independent auditor. As per the audit report, the Portland Cement Zambia factory was established as joint venture and Dr. Rajan Mahtani was the sole joint venture partner of the factory. Despite these critical evidences, the final judgment was given against Dr. Rajan Mahtani’s claims after which, Dr. Mahtani made the appeal to Higher Court.
According to the judgment by Justice Mwinde Siavwapa of the Court of Appeal, the judgment given in 2018 was misdirected and the judge was against the law when establishing the decision that Ventriglias were majority stakeholders for Zambezi Portland. When in reality, the Court of Appeal has established the fact that the majority shareholder of Portland Cement Zambia Limited is Finsbury Investments with 58 percent shares. The Ventriglias claim 42 percent of the shares making them minority shareholders.
Furthermore, the Court of Appeal also dismissed the forgery allegation stated that the practice of placing signatures mechanically is common in Zambia and in fact, Claudio Ventriglias also places similar mechanical signatures across numerous employment contracts related to staff members recruited by Zambezi Portland from India.

Location: Zambia

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