Mahtani happy with Portland ruling

Rajan Mahtani
Rajan Mahtani

FINSBURY Investments chief executive officer Rajan Mahtani says the court’s recognition of the company’s interest in Zambezi Portland Cement will allow for steady growth of the cement company.
Dr Mahtani said in an interview in Lusaka yesterday that the Supreme Court ruling clarified that Finsbury Investment is a shareholder in Zambezi Portland Cement and that its board of directors can conduct business on behalf of the company.
He said the clarification will allow the company to focus on important issues such as expansion and construction of the lime plant.
Dr Mahtani said this will result in the creation of more jobs for many unemployment youths.
The Supreme Court in its ruling on Thursday quashed an injunction issued in favour of Antonio and Manuela Ventriglia regarding the shareholding in Zambezi Portland Cement.
Judge Muyinda Wanki discharged the injunction, which was awarded to the duo saying Finsbury Investment has an interest in the company.
It was alleged that in June 2008, Zambezi Portland Cement directors, holding themselves out as owners of all the shares of the company, purported to offer for sale all or part of the shares to foreign companies Wiphold, Cormago and Correa in amounts of US$100 million, US$166 million and US$303 million, respectively.
In defence, Zambezi Portland Cement’s directors averred that contrary to Finsbury’s allegations, the only shareholders in the company were themselves who had never transferred any shares to Finsbury or anybody else.