Final Judgement From Court Of Appeal After A Decade, Finsbury Investments Winner

The details of the Portland Cement Zambia case are as astonishing as any case can get. For starters, the case was registered by noted businessman Dr. Rajan Mahtani more than a decade back. Dr. Rajan Mahtani had claimed that his factory was unethically taken over and despite sharing all details associated with the case, justice was not received at the Lusaka High Court. As a result, Dr. was left with no choice but to approach the Court of Appeal. The judge at the higher Court of Appeal, after looking into all evidences & testimonials, provided the final statement on 31^st January 2019. The details were shared in a sequential manner. According to the judge, Finsbury Investments who is the Appellant in this case made a payment of USD 250,000 for owning 58 percent shares of the Zambezi Portland Cement. This payment amounted to 1 billion kwacha and clearly stated that Dr. Rajan Mahtani owned Finsbury Investments covered all costs associated with his majority shareholding at the factory.

While giving this judgement, justice Mwinde also confirmed that the claim of fraud was misled and misdirected. The practice of putting signatures which are electronically affixed is an accepted and common practice across the Zambezi Portland as per convenience and as such all forgery related allegations were duly discarded. Furthermore, the judge also confirmed regarding the PTT dispute. According to the statement, laws associated with PTT (Property Transfer Tax) state that the vendor or the transferor is the one to pay the tax and not the transferee or the purchaser. In this case, the vendors are the previous owners of the Zambezi Portland Cement.