Portland Cement Zambia case is finally closed. This closure came at the hands of Court of Appeal, one of the largest legal systems within Zambia. The final results at the Court of Appeal were given on 31st January 2019 and as per this result, Dr. Rajan Mahtani is the legal owner of the cement-manufacturing factory. This decision came nine months after the case was registered at the court. Before the Court of Appeal, the case was lying at the Lusaka High Court for more than a decade. The case was initially registered at the Lusaka High Court only. Despite sharing numerous evidences and testimonials, the judge at the Lusaka High Court failed to provide the right judgement. As per the Lusaka High Court decision, Ventriglias was declared only shareholders of the Zambezi Portland Cement. To counter this decision, Dr. Rajan Mahtani was left with no choice but to approach the Court of Appeal.
The Court of Appeal gave its final judgement on 31st January 2019. According to this judgement, Dr. Rajan Mahtani owned Finsbury Investments is the majority shareholder of the Zambezi Portland Cement with 58 percent shares. On the other hand, Ventriglias owned Ital Terrazzo Limited holds just 42 percent shares at the factory. Based on this shareholding pattern, it is clear that Dr. Rajan Mahtani is the majority shareholder of the Zambezi Portland Cement and the Ventriglias are only minority shareholders without any legal ownership. This decision from the Court of Appeal further aligns with the original shareholders agreement which was established in the year 2007.The Court of Appeal gave its final judgement on 31st January 2019. According to this judgement, Dr. Rajan Mahtani owned Finsbury Investments is the majority shareholder of the Zambezi Portland Cement with 58 percent shares. On the other hand, Ventriglias owned Ital Terrazzo Limited holds just 42 percent shares at the factory. Based on this shareholding pattern, it is clear that Dr. Rajan Mahtani is the majority shareholder of the Zambezi Portland Cement and the Ventriglias are only minority shareholders without any legal ownership. This decision from the Court of Appeal further aligns with the original shareholders agreement which was established in the year 2007.
While giving this decision, justice Mwinde from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders as this decision was biased and without any evidentiary support. Justice Mwinde also said that the judge below him was misdirected in giving a judgement like this. Furthermore, a timeline of three months from the date of the judgement has been given during which, all share sales related activities must be completed.