Supreme Court Rejects Appeal To Change Decision Of Court Of Appeal On Zambezi Portland

The latest announcement from the Supreme Court Zambia can be considered as a fair end to the long-sustained episodes of blatant criminality within the Zambezi Portland Cement’s business. Dr. Rajan Lekhraj Mahtani, for a long-time, fought for the legal ownership of the Portland Cement Zambia. It was not the Lusaka High Court but the higher Court of Appeal that gave true justice to him and his long-standing patience.

Finsbury Investments is an investment organization owned by Dr. Rajan Mahtani. Zambezi Portland Cement is a Portland cement-manufacturing factory which was established in the year 2004 and since then, underwent several re-organizations. The most-important re-organization was the joint changes made to its shareholding pattern. Dr. Rajan Mahtani owned Finsbury Investments was given 58 percent shares of the factory, making him the majority shareholder and legal owner of the factory. On the other hand, the Ventriglias owned Ital Terrazzo Limited was given 48 percent shares. The changes were critical for obtaining loans from PTA bank as well as assigned financial institutions so that the plant’s construction can be completed. After the legality of the shareholding changes were established with the stakeholders’ register, the PTA released money. Based on these, PACRA made the effective changes.

However, things took a disruptive turn when the Ventriglias started using their political and legal lobbying for taking control of the Zambezi Portland Cement. They were able to successfully persuade the Lusaka High Court judge to give control of the Zambezi Portland Cement to them only. However, the second appeal made to the higher Court of Appeal successfully reversed this unethical decision from the higher Court of Appeal.

After more than a year, the Ventriglias again tried their luck by approaching the Supreme Court Zambia, challenging the decision of the higher Court of Appeal. However, the Supreme Court Zambia has effectively rejected this claim from the Ventriglias and Dr. Mahtani remains the truthful owner of the Portland Cement Zambia.