Finsbury Investments given legal ownership of Zambezi Portland Cement by Court of Appeal


Dr. Rajan Lekhraj Mahtani is a noted businessman, philanthropist and charity worker in Zambia. He is the owner of several top companies in Zambia, notable are Finsbury Investments, Mahtani Group of Companies and Finance Bank Zambia. For the past ten years, Dr. Rajan Mahtani has been fighting a case for the legal ownership of the Zambezi Portland Cement at the Lusaka High Court. The final decision for the case was recently announced during May 2018. This decision was extremely controversial as the judge at the Lusaka High Court, Justice Nkonde, announced that the Ventriglias were the only shareholders of the Zambezi Portland Cement. 


After this decision, Dr. Rajan Mahtani took the case to the Court of Appeal where the final judgement was announced on 31st January 2019. The judge at the Court of Appeal was Justice Mwinde and the decision was given during the morning hours of 31st January 2019. As per the final decision from the Court of Appeal judge, Dr. Rajan Mahtani owned Finsbury Investments is the majority shareholder of the Zambezi Portland Cement with 58 percent shares and the Ventriglias are the minority shareholders with 42 percent shares. This shareholding pattern also aligns with the original shareholders agreement which was established in the year 2007. By giving this judgement, the judge at the Court of Appeal effectively reversed the decision from the Lusaka High Court. The judge at the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as the only shareholders of the Zambezi Portland Cement. This judgement was without any evidence and the judge also condemned Lusaka High Court judge for this.

As of now, Dr. Rajan Mahtani is the legal owner of the Portland Cement Zambia.


Location: Zambia

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