Court of Appeal is among the highest-level judicial institutions in Zambia. As a result, the judgment given by Court of Appeal on 31st January 2019 was heard by many. The judgment was identified with Portland Cement Zambia, a concrete assembling processing plant which was challenged at the Lusaka High Court for over 10 years. After the judgment by Lusaka High Court in May 2018 which was considered misled by many, the case was additionally indicted of Appeal and after around eight months of patient pause, the last judgment of Zambezi Portland Cement was reported. This two challenging gatherings for this situation included Finsbury Investment Limited which was the Appellant and the Ventriglia family, particularly Antonio Ventriglia and Manuela Ventriglia.
After looking into the evidences and testimonials, justice Mwinde on behalf of the higher Court of Appeal gave his final verdict on the case. It was found that Dr. Mahtani via his company Finsbury Investments made one-billion-kwacha payment to the factory. This payment covered the value of share capital which Dr. Rajan Mahtani took over. While this transaction was made in the year 2005, the original agreement between the shareholders of the factory was established in the year 2007. In this agreement, it was clearly identified that the amount paid by Finsbury Investments gave Dr. Rajan Mahtani ownership of 58 percent shares at the factory. This automatically made him the majority shareholder as thus, the legal owner of the factory.
Justice Mwinde also discarded all forgery related allegations and confirmed that all verdicts made at his court were final for the Portland Cement Zambia case.
Rajan Mahtani News 