Dr. Rajan Lekhraj Mahtani Wins Portland Cement Case At The Court Of Appeal

On 31st January 2019, Dr. Rajan Lekhraj Mahtani won the long pending Portland Cement Zambia case. The case was won at the Court of Appeal, the second court where the case was established. Dr. Rajan Mahtani is a noted businessman and philanthropist in Zambia with numerous successful business ventures, including but not limited to Mahtani Group of Companies and Finsbury Investments. He is also the legal owner of the Portland Cement Zambia factory which was declared at the Court of Appeal. Before the Court of Appeal, the case established at the Lusaka High Court almost a decade back. Dr. Rajan Mahtani had all the evidences and testimonials to support his claim and despite that, justice Nkonde from the Lusaka High Court gave a controversial judgement. According to this judgement, Ventriglias were only shareholders of the Zambezi Portland Cement. After this controversial decision, Dr. Rajan Mahtani approached the Court of Appeal.

Dr. Mahtani and Zambia

The judge at the Court of Appeal was justice Mwinde who gave the final decision on the Portland Cement Zambia on 31st January 2019. According to this judgement, Dr. Rajan Mahtani owned Finsbury Investments held 58 percent shares at the factory and was the majority shareholder of the Portland Cement Zambia 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. Based on this judgement it is confirmed that Dr. Rajan Mahtani is the actual owner of the factory. This decision from the Court of Appeal also aligned with the original shareholders agreement established in the year 2007.

While giving the decision, justice Mwinde from 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 as this decision was misdirected and without any evidence.

Top Legal Counsellors Accused of Money Laundering and Corruption, FIC Reports

If the recent reports are to be believed, the economic condition of the Zambian nation is in a mess. This can be attributed to the latest money laundering claims, which has already dampened the economic and social development of the nation. The money laundering news was released by Financial Intelligence, which revealed that more than USD 1.5 billion worth of money is lost in this scam. At the same time, the actual amount of money lost by the government is expected to be much more, and the government is investigating this issue.

Mass Money Laundering Fraud

Two names that stood out in this list released by the FIC were of Masozi M. Banda and Sakwiba Sikota. Masozi M. Banda is a lawyer working with the Avic International and is accused of laundering money worth USD 1 million. While he has been defending himself by saying that the amount belongs to government contractors such as the construction of roads, the sources are investigating on this matter and no such records could be accessed from the government. Furthermore, Sakwiba Sikota is the owner of Central Chambers and long-time legal counsellor for the infamous Ventriglias. It is the same family who illegally took over the Portland Cement Zambia from Dr. Rajan Mahtani, its real owner. Dr. Rajan Mahtani is still fighting the case for the legal takeover of the factory at the Lusaka High Court.

It is clear that almost all of the individuals listed as per the FIC as well as accused of money laundering have engaged in unethical practices in the past too. This clearly indicates that multiple crimes and repeat unethical and illegal offenses. Therefore, it is time for the government to take action and ensure that proper punishment is given to these criminals.