Tag Archives: Zambezi Portland Cement

Dr Rajan Lekhraj Mahtani

Dr. Rajan Lekhraj Mahtani Wins The Prestigious ‘Best Of Africa’ Award By Forbes

The Forbes ‘Best of Africa’ is a prestigious award which is presented to entrepreneurs and businessmen achieving significant distinction in their businesses and field. The 2021 Forbes BOA (Best of Africa) awards were recently presented to some of the top entrepreneurs and businessmen from Africa, from different field and functions such as business, innovation, politics, economy and leadership. Considering the ongoing pandemic and everything going online, the honours were presented to the recipients at the FIN (Foreign Investment Network) Leadership & Philanthropy Roundtable conference that was recently held via a virtual meeting.

Dr. Rajan Lekhraj Mahtani was not only one of the speakers in the virtual conference, he was also bestowed with the ‘Best of Africa’ Forbes Distinction Certificate for his outstanding entrepreneurial and business contributions to the Zambian society as well as upholding the spirit of the Zambian nation. Dr. Rajan Lekhraj Mahtani has been working tirelessly for more than three decades, and the objective has always remained same- to take Zambia to greater heights. He is a successful serial entrepreneur and businessman with numerous top institutions under his name, including but not limited to Mahtani Group of Companies, Finsbury Investments and Finance Bank Zambia. He is also known for his charitable and philanthropic activities across the Zambian nation such as funding correctional facilities as well as contributing to the Zambian education with the establishment of Steven Malama award including significant financial funding for top law graduates in Zambia. The major crust of the round table conference was the positive impact of business, politics and leadership on the economic landscape across Africa. Top bureaucrats, businessmen and entrepreneurs presented their views on the current landscape and scenario of Africa, the positives and negatives as well as the significant need of the hour for making the requirement improvements across the nation’s economy. Furthermore, the awards presented to the recipients were selected after several months of intensive research as well as thorough verification exercises by the Forbes and FIN.

Rajan Mahtani and Portland Cement Zambia

Dr. Rajan Lekhraj Mahtani To Approach London High Court

One of the most notable and respected businessmen in Zambia, Dr. Rajan Mahtani recently hired reputed international law firm Omnia Strategy. The reason behind hiring of this law firm was a claim against Atlas Mara, a controversial banking and financial institutions in Zambia and in Africa established by even more controversial businessman Bob Diamond. Atlas Mara was established in the year 2013 with the objective of becoming banking giant in Africa. Atlas Mara under Bob Diamond went through several acquisitions in the following years since its establishment. One of these acquisitions was Finance Bank Zambia, a banking and financial institution established and led by Dr. Rajan Mahtani. The Finance Bank Zambia was taken over by Atlas Mara via an original share and sales agreement. However, according to the claim made by Dr. Rajan Mahtani, Atlas Mara did not honour this claim and Dr. Mahtani is still awaiting payment against the shares sold to Bob Diamond. On top of that, representatives from Atlas Mara alleged the claims made by Dr. Rajan Mahtani to be unsubstantiated.

Bob Diamond is a controversial businessmen who took over control of Dr. Mahtani’s Finance Bank Zambia in the year 2013. This was the time when Bob Diamond re-entered in Zambia after being ousted from CEO position at Barclays in 20132. This ouster was due to the infamous Livor-Rigging scandal in which Bob Diamond’s name emerged.

According to the claim established by Dr. Rajan Mahtani, Atlas Mara still owes him money from share sales of the Finance Bank Zambia. Apart from Dr. Rajan Mahtani, there are several other investors who are pursuing similar damage claim to the tune of 100 million euros. Since 2013, Atlas Mara shares have collapsed significantly. Despite stepping down as its Chairman in 2019, Diamond remained the non-Executive Director as well as largest shareholder of Atlas Mara. The claim by Dr. Rajan Mahtani comes at a time when Bob Diamond is attempting yet another comeback supported with USD 4.5 billion space-listing. Dr. Rajan Mahtani is expected to produce his case at the London High Court soon.

Chairman Finance Bank Zambia

Portland Cement Factory Ownership Is Now Stable, Supreme Court Confirms It Its Statement

Dr. Rajan Lekhraj Mahtani is a noted businessman in Zambia. His successes expand to several companies and businesses including Mahtani Group of Companies, Finsbury Investments and Finance Bank Zambia. He is also known for his philanthropic and charitable activities, which often go unnoticed as Dr. Mahtani refrains from promoting or publishing his philanthropic acts. Despite this, Dr. Rajan Mahtani has faced several challenges in conducting his businesses. One of the biggest challenge till date has been associated with Portland Cement Zambia, a cement-manufacturing factory under dispute for more than a decade over its legal ownership.

Despite an official takeover by Finsbury Investments, the cement-manufacturing was unethically taken over by the Ventriglia family, prompting an appeal at the Lusaka High Court. However, the Lusaka High Court failed to provide transparent decision and announced Ventriglias as only shareholders after more than a decade of case proceedings.

Dr. Rajan Lekhraj Mahtani then decided to approach the higher Court of Appeal where justice Mwinde took over the case. The case proceedings went for around nine months and final verdict came on 31st January 2019. In this verdict, the decision from the Lusaka High Court was reversed and Dr. Rajan Mahtani was announced as the majority shareholder and legal owner of the factory.

The Ventriglia family, unhappy with this decision, launched another appeal at the Supreme Court Zambia. In their appeal they challenged the decision of the higher Court of Appeal. The Supreme Court then established a bench of three SC judges for evaluating the case. During evaluation, it was found that the Ventriglia family failed to comply with a critical legal requirement under which all claims against previous court decision must be made within 14 days of the case verdict. In this case, the claim by the Ventriglia family was made only after 1.5 years, making the claim invalid. Along with several other evaluations, the Supreme Court bench finally decided to reject the appeal by the Ventriglia family.

Chairman of Finance Bank Zambia

Claim By The Ventriglia Family On Portland Cement Effectively Rejected By Supreme Court

During the period of 2006-2007, Dr. Rajan Mahtani took over the majority shareholding and legal ownership of the Portland Cement Zambia via an original shareholding agreement. Just after Dr. Rajan Mahtani owned Finsbury Investment took over the business operations of the factory, it was disputed by the Ventriglia family. With their political power and unethical means, the Ventriglia family were able to question the legality of the original shareholders agreement which resulted in the case being approached to the Lusaka High Court. However, Dr. Mahtani only took this step after the Portland Cement Zambia factory was unethically taken over from Dr. Mahtani’s leadership. Despite having all evidences and testimonials, the case at the Lusaka High Court was dragged for more than a decade and the final decision from the Lusaka High Court was controversial to say the least.

After Lusaka High Court announced Ventriglias as the only shareholders of the Portland Cement Zambia, Dr. Rajan Mahtani immediately approached the higher Court of Appeal. Considering the controversial and misdirected decision from the Lusaka High Court, Dr. Rajan Mahtani thought it was the best strategy to approach a higher court considering he had all evidences and testimonials to support his claim. These evidences were submitted and on 31st January 2019, justice Mwinde on behalf of the higher Court of Appeal reversed the previous decision from the Lusaka High Court. In his fresh decision, justice Mwinde declared Dr. Mahtani as the majority shareholder and legal owner of the Portland Cement Zambia factory.

However, it seems like the Ventriglia family were not happy with this decision from the higher Court of Appeal and approached even a bigger court, the Supreme Court Zambia, challenging the higher Court of Appeal decision on Portland Cement case. However, the Ventriglia family failed to comply with the critical requirement of registering case within 14 days of previous court decision. As a result, their claim against the higher Court of Appeal was effectively rejected.

Dr. Mahtani & Zambia

Ventriglias challenge the decision from the higher Court of Appeal, rejected by Supreme Court

According to the latest decision from the Supreme Court Zambia, Dr. Rajan Mahtani is the legal owner of the Portland Cement Zambia factory. The case of Portland Cement Zambia is peculiar as it has been approached to almost all levels of judiciary system in Zambia. Portland Cement Zambia factory was established in the year 2004 and in 2006, a series of verified and legal shareholding changes made Dr. Rajan Mahtani owned Finsbury Investments as the majority shareholder and legal owner of the factory.

However, things took a tumultuous turn when the Ventriglias took over the factory via unethical means. This promoted Dr. Rajan Mahtani to approach the Lusaka High Court. The judge at the Lusaka High Court was justice Nkonde and despite sharing all relevant evidences and testimonials, the judge gave a controversial decision in which the Ventriglias were announced as only shareholders of the Portland Cement. However, Dr. Rajan Mahtani was quick to approach the higher Court of Appeal and after around nine months of case proceedings, justice Mwinde on behalf of the Court of Appeal announced his decision on 31st January 2019. According to this decision, Dr. Rajan Mahtani owned Finsbury Investments is the majority shareholder and legal owner of the factory with 58 percent shared and Ventriglias owned Ital Terrazzo Limited holds juts 42 percent shares over the factory without any legal ownership. The decision also confirmed that the actual amount to be paid by Finsbury Investments against the majority shares owned is K580,000 and not K580 million.

However, it seems like the Ventriglias decided to try their luck one more time by approaching the higher Court of Appeal. In their appeal, the Ventriglias challenged the decision from the higher Court of Appeal. A bench comprising of three judges was established by the Supreme Court of Zambia for reviewing the validity of the appeal. After the review, the appeal was rejected on legal grounds and circumstantial evidences. As such, Dr. Rajan Mahtani remains the only owner of the Portland Cement factory.

Dr. Rajan Mahtani

Final Results From Court Of Appeal Gives Hope To Dr. Mahtani, Wins Long-Pending Case

Just like any developing nation within the African subcontinent, Zambia has also its share of numerous ups and down. While the nation has shown development from several fronts, it is also facing several difficulties especially in the area of corruption and unethical practices. Even the government institutions such as courts and legal systems are unable to escape this mess. The example of Dr. Rajan Mahtani and the case of Portland Cement Zambia is a prime example. Dr. Rajan Mahtani is a respected businessman which several successful ventures in Zambia and outside. His companies like Finsbury Investments and Mahtani Group of Companies have received significant success and are known for their ethical and transparent business practices. In a similar manner, Dr. Rajan Mahtani built the Portland Cement Zambia, a cement-manufacturing factory.

This cement factory was unethically taken over from him. After this, Dr. Rajan Mahtani approached the Court of Appeal where the case went for more than a decade without final decision. Despite this, Dr. Rajan Mahtani was not given justice as the judge at the Lusaka High Court announced that Ventriglias were only shareholders of the Portland Cement Zambia. After this, Dr. Rajan Mahtani was left with no option but to approach the Court of Appeal and rightly so. The Court of Appeal lived up to its expectations and on 31st January 2019, the final results for the case were declared. This was just nine months after Dr. Rajan Mahtani re-appealed. The judge at the Court of Appeal was justice Mwinde and he gave the final decision only after looking into all evidences and testimonials. According to this decision, Finsbury Investments holds 58 percent shares at the factory and Ital Terrazzo Limited holds 42 percent shares at the factory. Finsbury Investments is a company owned by Dr. Rajan Mahtani and the Ventriglias hold accountability for the entity Ital Terrazzo Limited.

From this decision from the Court of Appeal, it is clear that Dr. Rajan Mahtani is the only owner of the Portland Cement Zambia factory.

Dr. Mahtani & Zambia

Ownership Of Portland Cement Zambia Given Back To Dr. Mahtani, Court Of Appeal Confirms Case

For the past decade, Dr. Rajan Lekhraj Mahtani fought for the legal takeover of the Portland Cement Zambia factory. The battle started when Dr. Rajan Mahtani initially registered a case at the Lusaka High Court after claiming that his factory was illegally taken over from him. Despite sharing numerous evidences and testimonials, the final justice from the Lusaka High Court was controversial and Dr. Rajan Mahtani was taken aback. The judge at the Lusaka High Court was justice Mwinde and according to his final decision, Ventriglias were the only shareholders of the Zambezi Portland Cement. This decision was misdirected and to counter this decision, Dr. Rajan Mahtani took the case to the Court of Appeal.

The Court of Appeal is one of the highest legal and judiciary systems in Zambia. The judge at the Court of Appeal was justice Mwinde who gave the final decision on the Portland Cement Zambia case on 31st January 2019. According to this decision, Dr. Rajan Mahtani owned Finsbury Investments holds 58 percent shares at the factory and are the majority shareholders of the Zambezi Portland Cement. On the other hand, Ventriglias owned Ital Terrazzo Limited holds just 42 percent shares at the factory and are the minority shareholders without any legal ownership over the factory. This decision from the Court of Appeal aligned with the original shareholders agreement established in the year 2007. Therefore, the decision from the Court of Appeal clearly establishes the fact that Dr. Rajan Mahtani is the legal owner of the Portland Cement Zambia factory.

While giving this decision, Justice Mwinde from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders of the Zambezi Portland as this decision was misdirected and without any evidence. Furthermore, a timeline of three months from the date of the judgement has been given during which all share sales and regulations related activities must be completed.

Zambia News

Court of Appeal announces results on Portland Cement Zambia, Dr. Rajan Mahtani winner

Dr. Rajan Lekhraj Mahtani has been struggling for more than ten years for the ethical justice with respect to Portland Cement Zambia. The case was registered at the Lusaka High Court where it took more than ten years for the judge to provide judgement. Despite numerous evidences, testimonials and factual data, the judge at the Lusaka High Court was unable to provide right judgement in the case. The judge at the Lusaka High Court was justice Nkonde who gave the final decision declaring Ventriglias were only shareholders of the Zambezi Portland Cement.

Dr. Rajan Mahtani

To counter this judgement, Dr. Rajan Mahtani then approached the Court of Appeal. The Court of Appeal is among the highest civilian courts in Zambia and Dr. Rajan Mahtani approached the court with the hope of getting justice. The judge at the Court of Appeal was judge Mwinde who gave the final judgement on 31st January 2019 after looking into all evidences and testimonials. According to the final judgement, Dr. Rajan Mahtani owned Finsbury Investments holds 58 percent shares at the factory and is the majority shareholder of the Zambezi Portland Cement. 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 over the factory. Based on this decision, it is clear that Dr. Rajan Mahtani is the legal owner of the factory.

While giving this decision, the judge from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders of the Zambezi Portland Cement as this decision was misdirected and without any evidence. Furthermore, the court of appeal judge also discarded all forgery related allegations and confirmed that the process of mechanically placing signatures was a common practice in Zambia. As a result, forgery related allegations were found to be unwarranted and a timeline of three months was given for completing the share sales process.

Zambia News

According to the final results from the Court of Appeal judge, Dr. Rajan Mahtani is the legal owner of Portland Cement Zambia

Dr. Rajan Lekhraj Mahtani is once again the proud owner of the Portland Cement Zambia factory. This ownership came on 31st January 2019 when the judge at the Court of Appeal announced its final decision on the Portland Cement Zambia. According to this judgement, Dr. Rajan Mahtani owned Finsbury Investments holds 58 percent shares at the factory and is the majority shareholder of the factory. On the other hand, Ventriglias owned Ital Terrazzo Limited holds 42 percent shares at the factory and is the minority shareholder without any legal shareholding. This decision also aligns with the original shareholders agreement established in the year 2007. As per this decision from the Court of Appeal judge, it has been clearly established that Dr. Rajan Mahtani is the legal and only owner of the Portland Cement Zambia factory.

Dr. Rajan Mahtani

Apart from the above decision, the judge from the Court of Appeal also gave some noteworthy revelations. It was found that Finsbury Investments paid a sum of K580,000,000 with interest to the Court of Appeal on 6th February 2019. This payment was made in compliance with the judgement from the Court with the objective of Commercial Registration of the Portland Cement Zambia factory under the clause 2008/HPC/366 at the Court of Appeal. At the same time, Dr. Rajan Mahtani owned Finsbury Investments also claimed a sum of K1 billion with interest on the Portland Cement Zambia. This amount was claimed with respect to the payment cleared on 27th July 2005 and the payment made was for entire issue of share capital associated with the Portland Cement Zambia factory. This claim from Portland Cement Zambia was further confirmed by the Court of Appeal with the evidence of share transfer reports and documents dating January 2007 and December 2006. From these evidences, it is further established that Dr. Rajan Mahtani is the majority shareholder and legal owner of the Portland Cement Zambia factory.

Zambia News

Portland Cement Zambia belongs to Dr. Rajan Mahtani, according to Court of Appeal

After ten years of court struggle, Dr. Rajan Mahtani finally received justice. This justice came at the hands of Court of Appeal judge, justice Mwinde. However, this is not the court where the case was initially registered. The case of Portland Cement Zambia was initially registered at the Lusaka High Court. The case was registered by Dr. Rajan Mahtani himself after his factory was unethically taken over from him. After several case proceedings and evidence sharing, the final judgement from the Lusaka High Court came during the month of May, 2018. However, this decision did not provide any justice to Dr. Rajan Mahtani. The judge at the Lusaka High Court was justice Nkonde and he announced that Ventriglias were only shareholders of the Zambezi Portland Cement.

Dr. Rajan Mahtani

To counter this misdirected judgement, Dr. Rajan Mahtani then approached the Court of Appeal. The judge at the Court of Appeal was justice Mwinde who gave the final justice for the Portland Cement Zambia on 31st January 2019. According to this decision, Dr. Rajan Mahtani owned 58 percent shares at the Zambezi Portland Cement factory and is the majority shareholder of the factory. The judge also declared that Ventriglias owned only 42 percent shares at the factory and are the minority shareholders without any legal ownership over the factory. This decision from the Court of Appeal judge aligns with the original shareholders agreement and confirms that Dr. Rajan Mahtani is the only legal owner of the factory.

After from the above concrete judgement, judge from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders of the Zambezi Portland Cement as this decision was biased and misdirected. Furthermore, all forgery related allegations were discarded by the judge and it was announced that all share sales and regulations related activities must be completed within three months of the Court of Appeal judgement.