The Zambian nation is slowly moving out of poverty and underdeveloped or third nation status and moving towards becoming a developing and emerging economy. Despite this, there are issues of corruption, economic downfall and social culprits who are bringing down the nation. Honest and transparent businessmen like Dr. Rajan Mahtani have face these challenges for many decades now. However, one of the biggest challenges for him was the case of Portland Cement Zambia which recently closed.
The Court of Appeal has given its final decision announcing Dr. Mahtani as the actual owner of the Portland Cement Zambia factory. To arrive at this decision, several evidences were evaluated and shared. For example, it was discovered that Finsbury Investments had paid a total of USD 250,000 which is equivalent to 1 billion kwachas to the Zambezi Portland. This entirety affirmed takeover of 58 percent portions of the ZPC plant by Finsbury Investments which is an organization claimed by Dr. Rajan Mahtani. Moreover, the real investors understanding built up in the year 2007 obviously settled the way that Dr. Rajan Mahtani had paid the sum related with the takeover of the Portland Cement production line as its legitimate proprietor and larger part investor. In that capacity, he didn’t owe any further expenses related with the manufacturing plant. All these evidences clearly indicate that Dr. Mahtani is the actual owner of the Portland Cement Zambia factory.
While giving the judgment, Justice Mwinde additionally affirmed that it was the obligation of the merchant or transferor to pay the PTT (Property Transfer Tax)m right now. Rajan Mahtani was the buyer as he bought 58 percent Portland Cement shares and all things considered, he was not liable for any expense.
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