New details shared by the Court of Appeal judge clarifies the misunderstandings and misdirected judgements which the Lusaka high Court did in case of the Zambezi Portland cement case. These details were more than enough to prove that Dr. Mahtani is the only legal owner of the factory. Apart from this, several other details associated with the case were shared when the final announcement on the case was made on 31st January 2019.
First of all, the shareholders agreement which was created in the year 2007 was established as a major evidence based on which final decisions were given. According to this stakeholder agreement, specifically page 663 of the ‘Record of Appeal’ volume, Dr. Rajan Mahtani owned Finsbury Investments paid a sum of USD 250,000 or equivalent 1 billion kwachas to the Zambezi Portland Cement for covering the total share capital value associated with 58 percent shares of the Portland Cement factory. Furthermore, the details in the agreement also confirmed that Dr. Rajan Mahtani or his company did not owe any other costs associated with this shareholding agreement as all attached costs were duly paid for.
In this agreement, it was also found that the process of electronically affixing signatures during business transactions was a common & accepted procedure at the Zambezi Portland Cement factory. As such, any allegations of fraud or forgery associated with this process were discarded by the Court of Appeal judge.
With this judgement, it is now clearly established that Dr. Rajan Mahtani only is the actual owner of the Portland Cement Zambia factory with legal ownership and majority shareholding.
Rajan Mahtani News 