Finance Bank Zambia Case Closed On A Final Level, Court Of Appeal Gives Judgement


Dr. Rajan Lekhraj Mahtani is a noted businessman and philanthropist in Zambia. He has numerous successful businesses under his name, including Finance Bank Zambia, Mahtani Group of Companies and Finsbury Investments. He is also known for his charitable activities and his philanthropic works. For the past ten years, Dr. Rajan Mahtani has been fighting for the legal takeover of Zambezi Portland Cement. The case was registered at the Lusaka High Court and despite several evidences and testimonials; the judge announced a shocking judgement. As per the decision of the Lusaka High Court judge, Ventriglias are the only shareholders of the Zambezi Portland Cement. As a result, Dr. Rajan Mahtani then approached Court of Appeal to make a final request.
The Court of Appeal did not disappoint and on 31st January 2019, it announced its final decision on Zambezi Portland Cement. According to this decision, Dr. Rajan Mahtani owned Finsbury Investments is the majority shareholder of Zambezi Portland Cement with 58 percent shares at the factory. On the other hand, Ventriglias owned Ital Terrazzo Limited holds 42 percent shares at the factory and are minority shareholders. Thus, the factory legally belongs to Dr. Rajan Mahtani who is the majority shareholder.
The judgement by the Court of Appeal was given by Justice Mwinde, who also said that the judge below him was wrong in declaring Ventriglias are the only shareholders of the Zambezi Portland Cement. The judgement given by the Court of Appeal judge also aligned with the original shareholders agreement which was established in the year 2007.

Location: Zambia

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