Final Judgement From Court Of Appeal Comes Out, Finsbury Investment Wins The Case

Those who wait with honesty, transparency and patience are always positively rewarded. Dr. Rajan Mahtani has been patiently waiting for the Zambian Government to give him the justice he deserves. While it took a long time, on 31^st January 2017, this justice was finally given to him. It came in the form of reversal of the judgement at the Lusaka High Court during May 2018, which said that the Ventriglias were only shareholders of Zambezi Portland Cement. However, this decision was condemned by many and only after this; another appeal was launched at the Court of Appeal.

The judge from the Court of Appeal, Justice Mwinde Siavwapa, said that the judge below him was misdirected in declaring Ventriglias as only shareholders without any proof of evidence. Furthermore, all allegations of forgery against Finsbury Investments were discarded as the judge announced that the process of mechanical placement of signatures for business purpose was a common activity in Zambezi Portland Cement and even critical member of the Ventriglia Cement, Claudio Ventriglias was involved in similar practice.

As per the new judgement at Court of Appeal, Finsbury Investment is majority shareholder of Zambezi Portland Cement with 58 percent shares and the Ventriglias are minority shareholders with 42 percent shares. This shareholding pattern is aligned with the original Shareholders Agreement which was established among the critical members in the year 2005.

The Court of Appeal has further stated that the parties should now proceed to regularize the sale of shares, which took effect in December, 2006 in line with the Shareholders Agreement of January, 2007 within 3 months from the date of Judgment. While Finsbury Investments paid a sum of K580,000,000 into the court on 6^th February 2019; it also claimed a sum of K 1 billion for the original payment made on 27^th July 2005. This payment was further confirmed with the share transfers made during January 2007 and December 2006. While the Ventriglias are still against this decision by Court of Appeal, this is the final fate of Zambezi Portland Cement now with Dr. Rajan Mahtani as the owner.