Mahtani ordered to pay K580 Million with interest for shareholding in Zambezi Portland Cement

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Finsbury Investments Limited, the firm owned by Businessman Dr Rajan Mahtani has been ordered to pay K580 million to retain the 58 percent shareholding in Zambezi Portland Cement (ZPC) Limited.

The is contained in a judgement obtained by Zambian Eye made by a Court of Appeal in the case of ownership of ZPC Limited.

When delivering the ruling on Thursday 31st January,2019, Judge Mwinde Siavwapa ordered the appellant Finsbury Investments Limited whose Director is Dr Mahtani to pay the sum of five hundred and eighty million (580,000,000) to the respondents Antonio Ventriglia and Manuela Sebastiani representing the five hundred and eighty million shares transfered to the appellant in the Zambezi Portland Cement, which represents the 58 % transfer of one billion share capital authorized by ZPC and allocated to the respondents at K1.00 per value per share.

Judge Siavwapa further stated that the appellant must pay the share transfer sum to the respondent within 90 days of the judgment with interest for 13 years.

ZPC Limited shall remain under the current ownership and management until such a time when shareholding is regulated, the Judge ruled.