The salient points associated with the final judgement in higher Court of Appeal associated with the Zambezi Portland Cement case reveals several interesting facts about the case which were largely hidden from the public. These details shared with the public and media and revealed the questionable judgement by the Lusaka High Court judge. The judge at the Lusaka High Court in the month of May, 2018 announced that Ventriglias were only shareholders of the Portland Cement Zambia. It is clear that this judgement was wrong and as a result, higher Court of Appeal was approached by Dr. Rajan Lekhraj Mahtani.
On 31st January 2019, justice Mwinde on behalf of the Portland Cement Zambia gave his final decision on the case. Various salient points were made while giving this final decision on the case. One of the major evidences was the financial exchange between Dr. Rajan Lekhraj Mahtani and Zambezi Portland Cement limited. According to this document, in the year 2005, Dr. Rajan Mahtani owned Finsbury Investments made a payment of one billion Kwachas which is equivalent to USD 250,000. This payment covered the value of the entire share capital associated with Zambezi Portland Cement. Furthermore, the details of this transaction were further confirmed in the original Shareholders’ agreement dated 26th February 2007. According to the page number 663 of this document, it was clearly identified that Dr. Rajan Lekhraj Mahtani made the entire payment for the 58 percent shares at the factory and does not owe any further costs associated with the takeover. Based on this critical evidence, it is clarified that Dr. Rajan Mahtani is the actual owner and majority shareholder of the Portland Cement Zambia factory.
Now that Dr. Rajan Mahtani is announced as owner of the factory, his next big challenge will be to successfully revive this factory.