Dr. Rajan Mahtani Gives Hope To Honest And Transparent Businessmen Of Zambia With Huge Win

Dr. Rajan Lekhraj Mahtani made a significant achievement on 31st January 2019. This achievement was made with respect to the long-pending Portland Cement Zambia case. After Lusaka High Court failed to provide the right judgement for Dr. Rajan Mahtani in this case, the case was taken to higher Court of Appeal. The judge at the Court of Appeal was justice Mwinde after numerous case proceedings and evaluation, shared his final verdict on the case. This verdict was given based on crucial evidences, testimonials and other details that were controversially ignored by the previous judge at the Lusaka High Court.

The first major evidence was transfer of one billion kwachas from Dr. Rajan Mahtani owned Finsbury Investments to Portland Cement Zambia factory limited. This transfer was made for covering the entire value of the share capital which Dr. Mahtani took over of the Portland Cement Zambia factory. This transfer of payment was made in the year 2005. Furthermore, the original shareholders agreement was established in the year 2007 which covered the details of the share transfers as well as agreement contracts signed and accepted by all shareholders associated with the factory. In the page number 663 of this original shareholders agreement, it was found that Dr. Rajan Mahtani was given legal ownership of 58 percent shares of the Portland Cement factory and furthermore, he was not liable for any other costs associated with the factory’s share transfers. These evidences clearly indicated that Dr. Rajan Mahtani took over majority shareholding of the factory with the share transfers.

Based on these evidences, justice Mwinde from the higher Court of Appeal announced that Dr. Mahtani was indeed the actual owner of the factory with majority shareholding. While this decision came after more than a decade of struggle and challenges, it certainly gives hope to the honest businessmen and organisations who refuse to fall prey to corruption and unethical practices for establishing their businesses.