Zambezi Portland Cement officially Dr. Rajan Mahtani’s after win at Court of Appeal

Despite the several unethical, misguided activities as well as shortcomings of the Zambian legal system, Dr. Rajan Mahtani received justice with his patience, perseverance and faith on the justice system of Zambia. Despite being turned down by the high court at Lusaka, Dr. Rajan Mahtani did not lose hope and approached the higher Court of Appeal. This time, his patience was rewarded and the higher Court of Appeal awarded him majority shareholding and legal ownership of Portland Cement Zambia. However, unlike the Lusaka High Court that announced Ventriglias as only shareholders without sharing any details as to how they reached this decision; the judge at the Court of Appeal did not keep any evidence or case proceeding in secret or in dark. Instead, all details associated with the case were made transparent to the media and the members.

The first major details shared by the Court of Appeal judge was associated with the original shareholders agreement. The agreement, which was established in the year 2007, clearly stated that Dr. Rajan Mahtani paid a sum of USD 250,000 or 1 billion kwachas to the Zambezi Portland Cement in the year 2005. This amount was paid with the objective of covering the entire value of the share capital associated with ZPC limited. Furthermore, the original shareholders agreement clearly established that Dr. Rajan Lekhraj Mahtani paid for all costs associated with the contract and gained 58 percent shares of the factory, making him the majority shareholder. The second major detail was associated with PTT or ‘Property Transfer Tax’ which according to law states that it is the responsibility of the vendor or the transferrer to provide the PTT, which in this case include the previous owners of the Zambezi Portland Cement.

By announcing these details, justice Mwinde on 31st January 2019 announced that Dr. Mahtani is the actual owner of the factory.

Leave a Reply

Your email address will not be published. Required fields are marked *