The Court Of Appeal Rules Dr. Rajan Mahtani As Zambia Portland’s Majority Shareholder

A major relief was given to Dr. Rajan Mahtani after years of waiting. He is a prominent businessman and philanthropist in Zambia and for the past ten years has been fighting for the legal takeover of Zambia Portland Cement. The Court of Appeal on 31st January, 2019 turned around the High Court Judgment conveyed by Justice Sunday Nkonde S.C., during May, 2018 which held that the Ventriglias were the main investors of Zambezi Portland Cement Limited.

In a Judgment conveyed by Justice Mwinde Siavwapa in the interest of the Court of Appeal, which kept going around 90 minutes toward the beginning of today, Judge Siavwapa held that the Judge beneath had misled himself in law and actuality when he held that the Ventriglias were the main investors in Zambezi Portland.

What this presently implies is that Finsbury Investments Limited is the greater part investor in Zambezi Portland Cement Limited with 58% offers while the Ventriglias possess 42% offers as the minority investors. This is in accordance with the Shareholders Agreement which was gone into between the gatherings in January, 2007.

In connection to the claim of fraud, the Court of Appeal completely expelled this charge and held that it was in actuality a set up training in Zambezi Portland Cement Limited of mechanically setting marks on records as Claudio Ventriglia had mechanically put comparative marks on work contracts for individuals from staff who were enlisted from India by Zambezi Portland Cement.

The Court of Appeal has additionally expressed that the gatherings should now continue to regularize the clearance of offers, which produced results in December, 2006 in accordance with the Shareholders Agreement of January, 2007 inside 3 months from the date of Judgment.