After ten years of patient wait and perseverance, Dr. Rajan Mahtani is finally the legal owner of the Zambezi Portland Cement factory. The case of Portland Cement Zambia is age old and involves two biggest business rivalries of Zambia; one known for his ethical, transparent and successful business practices and the other notorious for their unethical use of power. The former is Dr. Rajan Lekhraj Mahtani, a noted businessman and philanthropist in Zambia with more than three decades of successful business experience. Some of the top companies in Zambia such as the Finsbury Investments, Finance Bank Zambia and Mahtani Group of Companies are owned by Dr. Rajan Mahtani. Dr. Rajan Mahtani also claimed to be the real and legal owner of the Portland Cement Zambia factory and claimed that it was illegally taken away from him. Since then, Dr. Rajan Mahtani fought at the Lusaka High Court for more than a decade and then at the Court of Appeal for almost a year.
The Court of Appeal announced its final judgment on 31st January 2019. According to this decision, Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder of the Zambezi Portland Cement factory with 58 percent shares. On the other hand, Ventriglias owned Ital Terrazzo Limited holds just 42 percent shares at the factory and is the minority shareholder of the Zambezi Portland Cement factory. Based on this shareholding pattern which also aligns with the original shareholders agreement established in the year 2007, it is clear that Dr. Rajan Mahtani is the legal owner of the Zambezi Portland Cement factory.
Furthermore, the judge at the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders of the Zambezi Portland Cement as this decision was misdirected and influenced by external forces. The Court of Appeal judge has also given a timeline of three months for completing share sales process.
