For a straightforward, transparent and ethical businessman like Dr. Rajan Mahtani, challenges and roadblocks have been many. Working in a developing nation such as Zambia is not easy as the legal and regulatory system is marred with corruption and unethical practices. For many years, Dr. Rajan Mahtani fought for the legal takeover of the Portland Cement Zambia factory. This factory was unethically taken over from him and despite sharing numerous evidences and testimonials at the Lusaka High Court, justice was not received. Dr. Rajan Mahtani was finally given justice at the higher Court of Appeal wherein the judge confirmed that Dr. Mahtani is the majority shareholder and therefore, the legal owner of the Portland Cement Zambia factory.

Finsbury Investments is a company owned by Dr. Rajan Lekhraj Mahtani. The company recently sued a major Zambian bank, ESATD (Eastern and Southern African Trade and Development) bank. In their statement, Finsbury Investments stated that the bank engaged in a conspiracy resulting in financial as well as reputational damages for Finsbury. In their complaint, Finsbury Investments claimed that their shares of Radisson Blue were wrongfully interfered. Furthermore, Dr. Rajan Mahtani claimed that the bank, in an unlawful manner and without notifying Finsbury Investments, allowed Ody’s Works’ Limited to alter shareholding for Radisson Blue. All these activities were conducted unethically and without proper applications as well as without informing principle shareholders. The bank also released a letter which said that Finsbury Investments is aligned with the changes made by the bank with respect to the hotel’s shareholding. It was clear that this letter was dispersed without the knowledge of Finsbury Investments.

As a result of this shareholder dilution, Finsbury Investments has suffered significant financial and reputational losses. The losses in terms of shareholder dividends were more than USD 30 million and as a result of that, several ongoing and expected projects from Finsbury Investments were halted. Some of these projects were housing and real estate project, retail banking projects.