The truth regarding the actual shareholdings for Zambezi Portland Cement is out. On 31st January 2019, the Court of Appeal announced that Dr. Rajan Mahtani is the majority shareholder for Portland Cement Zambia Limited. By making this judgment, the Court of Appeal effectively reversed the decision given by Lusaka High Court a year earlier which said that the Ventriglias were only shareholders of Portland Cement. As per the latest judgement by Justice Siavwapa from Court of Appeal, it has been established that the judgment given by Justice Nkonde from Lusaka High Court was misdirected and against law. These proceedings took place during early morning court ruling on 31st January 2019.
Now, Finsbury Investments which is owned by Dr. Rajan Mahtani holds 58 percent shares of the factory and is the majority shareholder while the Ventriglias hold 42 percent shares at the factory making them minority shareholders. This shareholding pattern was aligned with the original shareholding pattern which was established between the leading parties in the year 2007. A disheartening fact is that this shareholders agreement along with various other evidences such as financial reports, investment reports as well as auditor reports were shared by the Lusaka High Court judge during the ten year trial period. Even after these critical and factual evidences, the final judgment was given against Dr. Rajan Mahtani.
It has been further established that all parties associated with the case will now proceed towards regularising this sale of the shares which was first established in 2006. As per the Court of Appeal’s judgement, the share proceedings should be based on the original shareholders agreement of 2007 and these proceedings must be finalised within three months from the judgement date.
Rajan Mahtani News 