The long-pending Portland Cement Zambia case is settled, Dr. Rajan Mahtani legal owner of the factory


Justice Mwinde from the Court of Appeal made a firm announcement on 31st January 2019 according to which Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder of Portland Cement. This verdict was made after it was found that Dr. Rajan Mahtani owned Finsbury Investments paid a sum of one billion kwachas or USD 250000 to the Zambezi Portland Cement which covered the entire share capital value of the 58 percent shares of the factory.  Furthermore, the original shareholders’ agreement also concluded with same evidence indicating a monetary transaction for gaining majority shareholding pattern of the Zambezi Portland Cement factory.
Apart from the above details, it was also announced by the Court of Appeal judge that the Zambezi Portland Cement limited Register will be restored according to the new changes announced by the court and must reflect the 58 percent shareholding pattern by Dr. Rajan Mahtani owned Finsbury Investments. At the same time, the Court of Appeal has also ordered to quickly normalise Zambezi Portland Cements operations so that the normalcy across the cement manufacturing factory is achieved quickly. Furthermore, justice Mwinde from the Court of Appeal also issues notices for post-rebased calculation of cost of court and cost of appeal. 

It must be noted here that the judge at the Lusaka High Court where the case was previously established did not provide any judgement despite stretching the case for more than a decade. This clearly showcases the various shortcomings of the Zambian legal system and government must work towards improving these challenges.

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