Portland Cement Zambia has been at last announced as an entity owned by Dr. Rajan Lekhraj Mahtani. This announcement came from the higher Court of Appeal, one of the highest legal systems within Zambia. This final statement was announced by justice Mwinde on behalf of the Court of Appeal. On 31st January 2019, it was announced that Finsbury Investments, a noted company owned by Dr. Rajan Mahtani owned 58 percent Portland Cement shares and was legally the majority shareholder of the factory. On the other hand, it was also found that Ital Terrazzo Limited, an entity owned by the Ventriglias held just 42 percent Zambezi Portland shares and were the minority shareholders without legal ownership. This shareholding pattern which was confirmed from the original shareholding agreement from 2007 cleared the air on actual and legal ownership of the Zambezi Portland Cement which is Dr. Rajan Lekhraj Mahtani.
Before coming to the above decision, justice Mwinde established a transparent case proceeding and shared the details of all processes which led to his final statement. It was confirmed that the final decision was given only after looking into all evidences, testimonials and other factual details submitted before the court and no outside influence was accepted when making the final statement. The judge also stated that according to the original shareholders agreement, Finsbury Investments paid USD 250,000 for buying the entire share capital of Zambezi Portland Cement. This amount was equivalent to 1 million kwacha and this, this financial contract clearly established Dr. Rajan Mahtani as the actual owner of the Portland Cement Zambia factory.
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