On 31st January 2019, the Court of Appeal announced its final judgement on the Portland Cement Zambia case. According to this judgement, Dr. Rajan Mahtani owned Finsbury Investments holds 58 percent shares at the factory and is the majority shareholder of the factory. On the other hand, Ventriglias owned Ital Terrazzo Limited holds just 42 percent shares at the factory and is the minority shareholder without any legal ownership over the factory. This decision from the Court of Appeal also aligned with the original shareholders agreement established in the year 2007 and further confirms Dr. Mahtani’s ownership over the factory. While giving this judgement, 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 misdirected and without any evidence.
Apart from the above decisions, justice Mwinde from the Court of Appeal also revealed other details associated with the case. It was revealed that Dr. Rajan Mahtani owned Finsbury Investments paid a sum of K580, 000,000 to the court on 6th February 2019. This amount was paid as per the decision from the court and with respect to the commercial registration of the Portland Cement Zambia. This amount was paid with interest in compliance with the said judgement. On the other hand, Finsbury Investments have also claimed a sum of K1 billion with interest on the Zambezi Portland Cement. This claim has been made with respect to the payment completed on 27th July 200 and was for entire share capital issues for Zambezi Portland Cement. This payment was further confirmed by the Court of Appeal with evidence of share transfer reports during January 2007 and December 2006. These reports further confirm the legal ownership and majority shareholding of Finsbury Investments on the Portland Cement Zambia case. The final decision for this pending claim by Finsbury Investments will be announced soon.
