Zambezi Portland Cement case is finally over. On 31st January 2019, the final statement came from the Higher Court of Appeal. The judge at the higher Court of Appeal, justice Mwinde, gave the decision on behalf of the court after looking into evidences, testimonials and other documents. The case proceeding was transparent as all processes were shared to the parties before making final decisions.
The judge from the higher Court of Appeal announced that Finsbury Investments, a company owned by Dr. Rajan Lekhraj Mahtani, held 58 percent Zambezi Portland Cement. This statement was further substantiated by the details shared from the original agreement between shareholders in the year 2007. According to this agreement, Dr. Rajan Mahtani has paid an amount of USD 250,000 in the year 2005 which was for covering the entire share capital value of Portland Cement Zambia which he took over. The report further confirmed that since he has made all payments associated with share transfers, he is not liable for any other attached costs with this agreement. All these details were already present in the report, specifically in the page 663 of the original shareholders agreement. The court also confirmed that Dr. Mahtani or his company Finsbury Investments is not liable to pay any PTT (property transfer tax) as it is the duty of the vendor or transferor to provide the same.
Justice Mwinde on behalf of the Court of Appeal further confirmed that fraud related allegations were unsubstantiated as electronically affixing signatures was a common and accepted practice at the Zambezi Portland Cement. All these details have now confirmed that Dr. Rajan Mahtani is the legal owner of the factory.
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