On 31st January 2019, the final results of the Portland Cement Zambia were out. The statement was provided by justice Mwinde from the Court of Appeal, after evaluating the submitted documents, testimonials and facts. Before sharing the final decision, some critical revelations were made.
It was found that the original agreement between shareholders established on 26th February 2007 clearly identified the majority and minority shareholders associated with the ZPC factory. On July 2005, Finsbury Investments legally paid USD 250,000 to the Zambezi Portland Cement for gaining ownership of 58 percent shares. This amount was equal to 1 billion kwacha and during that time covered the entire share capital value related to ZPC limited. The details of this share transfer and subsequent shareholding was written in the page number 663 of the original Shareholders Agreement, on the volume- Record of Appeal. In this document, it was also confirmed that Dr. Rajan Mahtani had paid all the costs associated with the factory and was not liable to any attached costs for the 58 percent shares he gained for the Zambezi Portland Cement factory. The original document of shareholders agreement also clearly stated that
The air around fraud related allegations was also cleared. It was found that the process of electronically affixing signatures wherever and whenever required was a common practice across Zambezi Portland Cement and even the other members of the Ventriglias family such as Claudio Ventriglias was found to have engaged in similar activities for business transactions. As such, all forgery related allegations were found to me misled and fake and therefore, were discarded by the judge. In terms of the PTT, the transferor or the vendor was given the responsibility of paying the PTT associated with the transaction as per the law.
Furthermore, the judge at the Court of Appeal have given strict orders for normalizing the operations associated with ZPC limited