The court of Appeal on 31st January 2019 made one of the most important decisions of the year. This decision is related to Zambezi Portland, a noted cement manufacturing factory in Zambia. Another important name associated with the factory is Dr. Rajan Mahtani, a noted businessman and philanthropist with more than three decades of sucessfull business experience in Zambia. Dr. Rajan Mahtani had been fighting a case at the Lusaka High Court for more than a decade. Despite sharing numerous critical evidence and testimonials, the final judgement was given against his claims. After this decision, Dr. Rajan Mahtani approached the Court of Appeal.
After around eight months from the Lusaka HC decision, the judge from the Court of Appeal reversed it. Justice Mwinde Siavwapa iterated that the judge below him, Justice Nkonde, was wrong in declaring Ventriglias as only shareholders without considering the evidences. As per the latest judgment at Court of Appeal, Finsbury Investments owned by Dr. Rajan Mahtani is the majority shareholder with 58 percent shares at the Zambezi Portland. On the other hand, Ventriglias with 42 percent shares are the minority shareholders. According to the original shareholders agreement, the factory was established as a joint venture and Dr. Rajan Mahtani was the sole joint venture owner with majority shared. Finally the agreement was accepted and established before the Court of Appeal and the legal ownership has been transferred to Finsbury Investments.
All allegations of forgery have been discarded as the judge held that placing mechanical signatures is common across Zambian corporate and industry practices and the Ventriglias family member, Claudio Ventriglia, having engaged in similar activity cannot claim forgery against others doing the same. The judge at the Court of Appeal also announced that the parties need to process the sale of the shares and complete the procedure within three months from the date of judgment, which is 31st January 2019.