The truth regarding legal and rightful ownership of Zambezi Portland Cement is finally out. The Portland cement factory was contested by two parties; Dr. Rajan Mahtani owned Finsbury Investment and the Ventriglia family for more than ten years. The case was registered at the Lusaka High Court and for ten years, numerous evidences and testimonials were submitted from Dr. Mahtani’s end. Despite these, the final judgment was given against his claim. As such, Dr. Rajan Mahtani had no choice but to approach the Court of Appeal.
The judgment at the Lusaka High Court was given in May 2018 and after about nine months on 31stJanuary 2019, the Court of Appeal effectively reversed the judgment by Lusaka High Court. The judge from Court of Appeal, Justice Mwinde Siavwapa also held that it was wrong for the judge below him to hold the verdict that Ventriglias were only shareholders of Zambezi Portland Cement. This judgment was misdirected and against the rules of the law.
As per the latest judgment, Finsbury Investments in the majority shareholders in Zambezi Portland factory with 58 percent shares. On the other hand, the Ventriglias are the minority shareholders with 42 percent shares. This means Finsbury Investments holds the legal ownership over the factory. This shareholding pattern is also aligned with the original shareholders agreement which was established by the same parties in the year 2007. Also, the judge from Court of Appeal has given a timeline of three months from the date of the judgment to finalize all sales of shares and regularize the share proceedings.
Rajan Mahtani News 