supreme court Zambia

Dr. Rajan Lekhraj Mahtani Provides Significant Details To Court Of Appeal, Wins Portland Cement Case

Apart from the case of the Zambezi Portland Cement, majority of the business ventures of Dr. Rajan Lekhraj Mahtani has been quite successful. Dr. Mahtani is the proud owner of the Finsbury Investments, Mahtani Group of Companies and Finance Bank Zambia. In case of the Zambezi Portland Cement, Dr. Mahtani had to go through a court battle which lasted for more than a decade. The case started with the unethical takeover of the Portland Cement Zambia factory by goons which prompted Dr. Mahtani to take action by approaching the Lusaka High Court. However, it was not before 2018, that the Lusaka High Court provided its final decision on the case. The judge who gave the final decision on the case was justice Nkonde and he declared that Ventriglias were only shareholders of the Portland Cement Zambia.

Considering this was a misdirected decision, Dr. Rajan Mahtani approached the higher Court of Appeal for justice. And On 31st January 2019 after around nine months of court proceedings, final judgement was given. According to the final verdict of justice Mwinde, Dr. Rajan Mahtani was found to be the majority shareholder and legal owner of the factory. To arrive at this decision, several evidences were evaluated. The most important evidence of them all was the proof of financial transaction of one billion kwachas or equivalent USD 250,000 from Dr. Rajan Mahtani owned Finsbury Investments to Zambezi Portland Cement. This financial transaction was completed in the year 2005 and was further written in details in the 2007-formed original agreement among shareholders. This original shareholders’ agreement also clarified that Dr. Rajan Mahtani received 58 percent Portland Cement Zambia shared with his financial transaction and does not owe any further costs associated with the Zambezi Portland Cement factory.

Based on the above evidences, it has been clarified now that Dr. Rajan Lekhraj Mahtani is the actual owner of the Portland Cement Zambia factory.