The Court of Appeal Recently Announced Its Final Judgment On Zambezi Portland, Dr. Rajan Mahtani Relieved


The recent judgement from the Court of Appeal was a historic judgement across the Zambian corporate world. The judgment was related to Portland Cement Zambia, a noted cement-manufacturing factory which was being contested by two big business houses in Zambia. The factory was first contested at the Lusaka High Court almost ten years back when Dr. Rajan Mahtani, the owner of Finsbury Investments registered a complaint. Since then, numerous proceedings and court hearings took place and even after submitting strong evidences, the final judgement from Lusaka High Court was disappointing. As such, Dr. Rajan Mahtani took proper action and registered an appeal to the Court of Appeal at Zambia.
On 31st January 2019, the judge overseeing the case of Zambezi Portland at the Court of Appeal announced that Dr. Rajan Mahtani is Zambezi Portland Cement’s majority shareholder. By giving this decision, the Court of Appeal effectively reversed the judgement from High Court given on May 2018 which said that Ventriglias were solitary shareholders for the Zambezi Portland. This judgement was given by Justice Mwinde who also criticised the judgement below him by Justice Nkonde from Lusaka High Court.
As per the new judgement, Finsbury Investment now holds 58 percent shares at the factory. On the other hand, the Ventriglias own 42 percent shares and are the minority shareholders. This decision is also aligned with the original Shareholders’ Agreement which surprisingly, was signed by the major parties. Both parties are now required to process the shareholding regulations as per the new judgement from Court of Appeal and are given three months time-period for the same.

Location: Zambia

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