Mahtani Group of Companies

Dr. Rajan Mahtani

Supreme Court Rejects Appeal To Change Decision Of Court Of Appeal On Zambezi Portland

The latest announcement from the Supreme Court Zambia can be considered as a fair end to the long-sustained episodes of blatant criminality within the Zambezi Portland Cement’s business. Dr. Rajan Lekhraj Mahtani, for a long-time, fought for the legal ownership of the Portland Cement Zambia. It was not the Lusaka High Court but the higher Court of Appeal that gave true justice to him and his long-standing patience.

Finsbury Investments is an investment organization owned by Dr. Rajan Mahtani. Zambezi Portland Cement is a Portland cement-manufacturing factory which was established in the year 2004 and since then, underwent several re-organizations. The most-important re-organization was the joint changes made to its shareholding pattern. Dr. Rajan Mahtani owned Finsbury Investments was given 58 percent shares of the factory, making him the majority shareholder and legal owner of the factory. On the other hand, the Ventriglias owned Ital Terrazzo Limited was given 48 percent shares. The changes were critical for obtaining loans from PTA bank as well as assigned financial institutions so that the plant’s construction can be completed. After the legality of the shareholding changes were established with the stakeholders’ register, the PTA released money. Based on these, PACRA made the effective changes.

However, things took a disruptive turn when the Ventriglias started using their political and legal lobbying for taking control of the Zambezi Portland Cement. They were able to successfully persuade the Lusaka High Court judge to give control of the Zambezi Portland Cement to them only. However, the second appeal made to the higher Court of Appeal successfully reversed this unethical decision from the higher Court of Appeal.

After more than a year, the Ventriglias again tried their luck by approaching the Supreme Court Zambia, challenging the decision of the higher Court of Appeal. However, the Supreme Court Zambia has effectively rejected this claim from the Ventriglias and Dr. Mahtani remains the truthful owner of the Portland Cement Zambia.

Supreme Court Of Zambia Announces Dr. Mahtani As The Penultimate Owner Of Portland Cement

In a surprising turn of events, the Ventriglia family decided to make an appeal to the Supreme Court of Zambia after the higher Court of Appeal dismissed their plea and announced Dr. Rajan Lekhraj Mahtani as the majority shareholder and legal owner of the Portland Cement Zambia factory. Dr. Rajan Mahtani is a prominent businessman in Zambia who has been fighting for the legal takeover of the factory for a long time. First it was Lusaka High Court where the case was registered by Dr. Rajan Mahtani claiming that the factory was unethically taken over from him. However, more than a decade of case proceedings as well as several strong evidences did not give any respite to Dr. Rajan Mahtani as the judge at the Lusaka High Court went against the evidences and conferred the Ventriglias as the only owners of the Portland Cement Zambia factory.

Notwithstanding this unethical decision, Dr. Rajan Mahtani rightly approached the higher Court of Appeal. The judge at the higher Court of Appeal was justice Siwvwapa who after looking into the evidences and testimonials, announced Dr. Rajan Mahtani as the majority shareholder of the factory with 58 percent shares. Thus, the Court of Appeal overthrew the judgement from the lower higher Court and gave a transparent decision.

However, the Ventriglias decided to further drag the case by approaching the Supreme Court of Zambia, the highest court in any nation. However, this decision proved to be fatal as the bench established at the Supreme Court comprising of SC judges rejected the appeal on ethical and legal grounds. According to the legal grounds, the Ventriglias must have made the appeal within 14 days after the judgement from the higher Court of Appeal which they did not. As such, their appeal on challenging the higher Court of Appeal becomes invalid. Second, the bench of SC judges confirmed that the appeal had no circumstances or proof to be accepted. As such, Dr. Rajan Mahtani remains the actual owner of the Portland Cement Zambia factory.

Dr. Rajan Mahtani

Dr. Rajan Mahtani Thankful For The Praise From Later Winner Of Steven Malama Award

Dr. Rajan Lekhraj Mahtani is one of the premier businessmen in Zambia who is noted for his business acumen, entrepreneurial spirit as well as his charitable and philanthropic contributions to the Zambian society and economy. One of these contributions has been the creation of the Steven Malama award in the year 2012, which was established for honouring the great contributions of the late Steven Malama.

The Steven Malama award has practically transformed the legal education system of Zambia. Apart from bringing nation-wide recognition and interest on the field of law, this award system has also improved the value and ranking of the institute. Now, students are found to be more dedicated and motivated to improve their studies for the award. While there have been numerous internal award systems by institutions, universities and colleges, the recognition of Steven Malama award is distinctive, partly due to the achievements by late Steven Malama. As such, the Steven Malama award is considered as one of the top educational awards in Zambia and the credit for this goes to Dr. Rajan Lekhraj Mahtani. Dr. Mahtani provided not only administrative and political support for the institution of the award, but also ensured its viability and credibility with the prize money awarded to winning students every year. This prize money is worth K15,000 which is a significant amount for deserving candidates, especially those coming from difficult financial backgrounds. Dr. Rajan Mahtani has never been the one to promote himself with this philanthropic and charitable activities and therefore, most of the students from the institute were unaware of Dr. Rajan Mahtani’s significant contribution in this award system. With this financial contribution, several students across the years have achieved this dreams, be it starting their own practice, getting training from top institutes as well as seed money for becoming entrepreneur. This amount has also helped many students to further their career by joining advanced legal programs and courses.

Money Laundering

Finsbury Investment Claims Unethical Manipulation Of Shares, Reaches Lusaka High Court

Dr. Rajan Lekhraj Mahtani is a noted businessman in Zambia with numerous successful businesses such as Mahtani Group of Companies, Finsbury Investments and Finance Bank Zambia. Dr. Rajan Mahtani has made a reputation of himself with his authentic and transparent business practices. Recently, Dr. Rajan Mahtani owned Finsbury Investments sued the ESATDB (Eastern & Southern African Trade and Development Bank). The compliant was registered at the Lusaka High Court and it was claimed that Finsbury Investments was wrongly removed as a major shareholder at the Hotellier Limited. This has resulted in significant financial and reputational damage and Finsbury Investments have demanded justice for this unethical conspiracy against the firm.

In the principle registration, Finsbury Investments filed that the ESATDB allowed Ody’S or OWL (Ody’s Works Limited) to alter share capital associated with Hotellier. Ody’s then issued new shares which were contrary to the shared pledged to the Finsbury Investments and officially written under the company’s name. Further statement from the defendant indicated that in the year 2012, the bank in a unilateral manner, issued an official letter which guaranteed that the shares from the company had been properly discharged. However, this letter was released without establishing any application process and without intimating the plaintiff. Therefore, it can be said that the letter was issued with the objective of aiding Ody’s opposition of the compliant raised by Finsbury Investments.

Finsbury Investments further stated that due to the wrongful dilution of the shareholding pattern, the company suffered huge financial and reputational loss. As a result of this unethical takeover of the shareholding of the Radisson Blue Hotel, Finsbury Investments suffered numerous loss not only in current scenario but risks to the future of the company. The dividends lost due to this unethical practice were close to USD 30 million, a loss of which halted significant projects for Finsbury Investments. As such, Finsbury Investments has launched an official complaint against this issue with the expectations of quick judgement.

Zambezi Portland Cement

False Accusations Against Dr. Mahtani Discarded, Actions To Be Taken

Dr. Rajan Lekhraj Mahtani has made a name for himself with his honest business practices and transparency in all his work activities and corporate decisions. Even with having to work in a nation filled of corruption, unethical practices, Dr. Rajan Mahtani has been able to keep an honest and clean image. With this clean image, Dr. Mahtani has established numerous successful businesses such as Mahtani Group of Companies, Finsbury Investments and Finance Bank Zambia. Apart from Zambia, Dr. Mahtani has many established businesses across several parts of the globe such as United Kingdom. As such, it can be said that Dr. Mahtani has played an instrumental role in improving the economic and financial condition of the nation by bringing foreign investments within the nation.

With his honest and ethical business practices, Dr. Mahtani was able to establish a network with politicians, business moguls and notable experts in the field of economics. Dr. Rajan Mahtani remained a good family friend of Zambia’s late president Levy Mwanawasa, till his sad demise. However, things took an unprecedented turn during mid-2019 when Miriam, daughter of the late Zambian president Levy Mwanawasa, accused Dr. Rajan Lekhraj Mahtani of illicit allegations. In a Facebook article, Miriam claimed that Dr. Rajan Mahtani wanted to inherit the farm they owned in the Masaiti District. It was certainly an outrageous claim and was unexpected from the daughter. Very soon, questions were raised on Miriam itself regarding the authenticity of the claim. If her claim was actually true, why didn’t she approached legal counsel rather than blatantly posting on social media without any evidence.

After this news, Dr. Rajan Mahtani immediately reverted that this claim was absolutely invalid and without any evidences whatsoever. Dr. Mahtani expressed his concern for this unethical and unprofessional behaviour against him and requested appropriate actions against the former President’s daughter for this blatant use of social media and sending false accusations.

Rightful Ownership Of Portland Cement Zambia Established, Dr. Rajan Mahtani Comes Out As Winner

Rather than relying on grapevine and falling prey to negative rumours, it is wide to believe only on the truth. When the case of Portland Cement Zambia was out, the media was divided between the two business tycoons claiming the factory. One of them were the infamous Ventriglia family, who some call as the Italian Mafia. The other side included Dr. Rajan Lekhraj Mahtani, a noted businessman, philanthropist and charity worker who has gained significant respect and recognition with his transparent business practices. Dr. Rajan Mahtani registered the case of Portland Cement at the Lusaka High Court claiming that his factory was unethically taken over from him. To prove his claim, several evidences, testimonials and other details were shared before the court. After more than a decade of numerous court proceedings, justice Nkonde on behalf of the Lusaka High Court announced the Ventriglias as the only shareholders of the Zambezi Portland Cement.

This decision from the Lusaka High Court was extremely controversial, prompting Dr. Mahtani to approach higher Court of Appeal. The judge at the higher Court of Appeal was justice Mwinde and expectations were high from the court considering the significant controversies associated with the case and the previous court handling the case. While tensions were high, justice Mwinde was found to be a calm, experienced and transparent justice from the highest judicial system of Zambia. The final verdict from the higher Court of Appeal came on 31st January 2019, and it was given in favour of Dr. Rajan Mahtani and his lawyers. According to this final decision, Dr. Mahtani gave a sum of one billion kwachas to the Zambezi Portland Cement factory for covering the entire share capital value of Portland Cement. Furthermore, the details present in the original shareholders agreement also confirmed that Dr. Mahtani has made all payment associated with transfer of 58 percent shares of the Zambezi Portland to Finsbury Investments. Based on these evidences, it is now established that Dr. Mahtani is actual owner of the Portland Cement factory.

After Lusaka High Court’s Failure, Court Of Appeal Comes To Rescue Portland Cement Case

Portland Cement Zambia, as a manufacturing company, has faced several challenges and issues of its own. The official statistics clearly indicate that with change in leadership, the company’s operations changed dramatically too. During the time Dr. Rajan Mahtani was in-charge and in leadership position at the Portland Cement Zambia, the cement-manufacturing factory significantly improved in terms of productivity, operational efficiency and overall performance. It quickly became one of the top producers of Portland Cement across the town and started gaining significant national following. The manufacturing facility also became a known employer for providing above-industry wages and salaries for its people. However, all these achievements and efficiencies started to downgrade when the factory was unethically taken over from Dr. Rajan Mahtani. This unethical takeover not only disrupted the overall operations of the factory but also impacted its long-term survival and growth changes. At one side, Dr. Rajan Mahtani continuously fought for the legal takeover of the factory across different courts. On the other hand, the factory’s performance decline continuously due to lack of appropriate leadership, negligence of those who captured the factory unethically as well as lack of any urgency towards revival of the factory.

Dr. Rajan Lekhraj Mahtani fought for the case for more than a decade and finally received justice in the year 2019 from higher Court of Appeal. It was justice Mwinde who announced the final decision on the case on 31st January 2019. Unlike the misdirected decision of the previous court, the Court of Appeal gave its final verdict only after evaluating all evidences and testimonials submitted by the parties associated with the case. Some of the major evidences which helped in arriving at the final verdict at the higher Court of Appeal were the proof of transfer of one billion kwachas from Finsbury Investments to the Portland Cement Zambia which covered the entire value of the share capital; and the original shareholder’s agreement established in the year 2007. Based on these decisions, final verdict announced that Dr. Mahtani is only majority shareholder and legal owner of the factory.

Dr. Rajan Mahtani

Dr. Rajan Mahtani Finally Wins Case On The Portland Cement Zambia After Court Of Appeal Win

The Portland Cement Zambia case is finally over after a wait of more than a decade. Dr. Rajan Lekhraj Mahtani, a noted philanthropist and businessman had to approach two different courts for getting justice. Despite this, he had to wait for more than a decade for true justice to arrive. The initial case was proceeded at the Lusaka High Court with several documents and testimonials, hoping that the judge will provide justice soon considering the black-and-white nature of the evidence. Despite this, the case proceedings dragged for more than a decade and it was during July 2017, the final declaration from Lusaka High Court came. However, it was a controversial decision as the evidences were ignored.

After Lusaka High Court neglected to give the equivalent, Dr. Rajan Mahtani put his confidence on higher Court of Appeal. He was not frustrated and Justice Mwinde in the interest of the higher Court of Appeal pronounced his announcement on 31st January 2019. This announcement was given simply in the wake of investigating the confirmations put together by the two gatherings. As per this proof, Finsbury Investments which is an organization possessed by Dr. Rajan Mahtani effectively paid a whole of USD 250,000 to the Zambezi Portland Cement restricted in the year 2005 for move of 58 percent share capital of ZPC. This cash which added up to 1 billion kwachas secured the whole estimation of the offer capital which Dr. Rajan Mahtani possessed. Along these lines, Court of Appeal has lawfully demonstrated Dr. Mahtani as the real and legitimate proprietor of the Portland Cement Zambia manufacturing plant.

With this decision from the Court of Appeal judge, it is also clear that the previous judge was wrong in declaring Ventriglias as only shareholders as this decision was given without looking into evidences or testimonials.

After A Decade Of Patient Wait, Dr. Mahtani Is Announced As Majority Shareholder Of Portland Cement

Patience and determination are two major aspects which businessmen must possess, in order to go through various business challenges and staying relevant within the industry. At the same time, there are only a few businessmen who are able to carry out their businesses in an ethical, honest and transparent manner. Dr. Rajan Lekhraj Mahtani is one such businessman who has been defying all odds and has been able to establish successful businesses while staying within ethical boundaries of businesses. As a result, he is one of the few businessmen in Zambia who has gained a positive reputation due to his honest business practices.

For the past one decade, Dr. Rajan Lekhraj Mahtani patiently fought for the legal takeover of his factory, Portland Cement Zambia. The case was registered at Lusaka HC and was dragged for over ten years due to the various shortfalls and issues within the justice system. During this time, several evidences and testimonials were shared, and final decision was given by justice Nkonde. However, this decision which came during the month of May, 2018 shocked nearly everyone as it confirmed Ventriglias and not Dr. Mahtani as the legal owner of Portland Cement.

This misdirected decision was quickly countered by Dr. Mahtani at the Court of Appeal. Further, evidences were shared, and testimonials were given, and the Court of Appeal announced final judgement on 31st January 2019. Based on this decision, it was confirmed that majority shareholding of the factory goes to Dr. Mahtani as his company Finsbury Investments owns 58 percent shares of the factory. Similarly, the Ventriglias are liable for only 42 percent shares at the factory and therefore, own minority shareholding and do not possess any legal ownership on Portland Cement.

This decision from Court of Appeal clearly established the fact that Lusaka High Court was wrong in declaring Ventriglias as only shareholders.

Dr. Rajan Mahtani Has Been Declared As The Owner Of Portland Cement Zambia

31st January 2019 was a significant day for Dr. Rajan Mahtani. On this day, he won one of the longest cases in his life, pertaining to Portland Cement Zambia. Dr. Rajan Mahtani has been fighting for this case at the Lusaka High Court for more than a decade. The case was registered by Dr. Mahtani when the factory was unethically taken over from him. After several case proceedings and sharing of evidences and testimonials, the judge at the Lusaka High Court made the final decision during the month of May 2018. However, this decision was controversial as the judge concluded that Ventriglias were only shareholders of the Portland Cement Zambia factory. It was after this decision that Dr. Rajan Mahtani re-appealed the case to Court of Appeal.

It should be noted here that just two months before sharing the final decision, the judge at the Lusaka High Court made another significant announcement. In this announcement, the judge from the Lusaka High Court concluded that the case proceedings should be closed. Both parties were asked to share their evidences and testimonials in written and oral format, based on which the final decision will be shared. This decision was extremely favourable for Dr. Mahtani as his evidences and testimonials were more than enough to prove the legal ownership of Portland Cement Zambia. However, when the final decision was given by justice Nkonde from the Lusaka High Court, it was extremely controversial.

On the other hand, the judge at the Court of Appeal took just about nine months for giving the final decision on the case. According to the final decision, Dr. Rajan Mahtani was found to be the majority shareholder and rightful owner of the factory with more than 58 percent shares at the factory. While the Ventriglias own only 42 percent shares and are the minority shareholders without any legal ownership. This shareholding pattern clearly established Dr. Rajan Mahtani as the actual owner of the factory.