The judge from the Court of Appeal was Justice Mwinde who announced the final results on 31st January 2019. According to his judgement, Dr. Rajan Mahtani owned Finsbury Investments was majority shareholder of Zambezi Portland with 58 percent shares. On the other hand, Ventriglias owned Ital Terrazzo Limited is minority shareholder with only 42 percent shares. Based on this shareholding pattern, it was confirmed that Dr. Rajan Mahtani was the legal owner of the Zambezi Portland Cement. By giving this announcement, justice Mwinde from the Court of Appeal effectively reversed the judgement from the Lusaka High Court.
During the case proceedings at the Court of Appeal, all forgery related allegations against Dr. Mahtani and Finsbury Investments were also discarded. It was announced that the process of mechanically placing signatures was common practice in Zambia and therefore, no charges were accepted by the Court.