Tag Archives: Dr. Mahtani and Finance Bank Zambia

Dr. Rajan Mahtani Contributes To Educational Platform, Students Than Via News Release

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Dr. Rajan Mahtani is among the most transparent and ethical businessmen in Zambia. He is known for his noted businesses and ventures as well as his penchant for transparency, ethical and honest business practices. Apart from these, Dr. Rajan Mahtani has also established a positive reputation around himself for his philanthropic and charitable activities. Since his early successes, Dr. Rajan Mahtani has been contributing towards the social and economic development of the Zambian nation. At the same time, Dr. Rajan Mahtani is known to expose all those who engage in unethical and illegal practices and has never associated himself with such scrupulous individuals and groups. As such, several newspaper articles, news media and other groups continue to create negative reputation campaigns against Dr. Rajan Mahtani but these campaign are most of the times invalid, fake and are rejected by the media and general people.

On the other hand, Dr. Rajan Mahtani rarely shares or highlights his own philanthropic and charitable activities and these are known to general people only when his contributions are shared by independent newspapers and writers. Recently, Dr. Rajan Mahtani was praised for his philanthropic contributions to the educational sector of Zambia. Dr. Rajan Mahtani via his company Finance Bank Zambia had launched an educational award in 2013. This award is named as Steven Malama Award and it is given every year to the best graduating student from the ZIALE (Zambia Institute of Advanced Legal Education). The best graduating student also clears Bar in his/her first attempt and this honourable award celebrates the passion and dedication of the student. The award for the year 2018-19 went to Emmanuel Bwalya Kaluba who expressed his gratitude towards Dr. Rajan Mahtani by penning his thoughts and sharing it with the Daily Mail. In this newspaper article, Emmanuel also thanked Dr. Mahtani for his personal congratulations letter for his significant achievement as well as shared his gratitude for the huge award money of K15,000 which the topper student receives every year.

Judge Mwinde On Behalf Of Higher Court Of Appeal Announced Portland Cement Case Results

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Dr. Rajan Lekhraj Mahtani will forever remember the case of Portland Cement Zambia. It not only tested real patience from one of the most honest and transparent businessman in Zambia, but also exposed the real truth of Zambia’s legal system. Despite being on the ethical side, Dr. Rajan Mahtani faced several roadblocks and challenges to final victory. The most shocking aspect of this case is that the controversy came straight from the judicial system of Zambia. This one is related to the Portland Cement Zambia case, a case which spanned over a decade and two different judicial systems of Zambia. First it was the local high court, Lusaka HC where the case was initially registered by Dr. Rajan Mahtani. With high hopes, expectations included a speedy case proceeding and sharing of verdict based on available evidences and testimonials. However, the case took a surprise turn when case proceedings were dragged for a decade without giving any affirmative verdict.

Dr. Rajan Mahtani, who is known for his strong will and perseverance in the face of struggle, did not gave up on his fight and re-appealed. This time, the appeal was made at the higher judiciary system of Zambia, higher Court of Appeal. The judge at the higher Court of Appeal was justice Mwinde and after evaluating the submitted evidences, final decision was given on 31st January 2019. According to this decision, Dr. Rajan Lekhraj Mahtani had always made a payment of one billion kwachas via his company Finsbury Investments for covering the entire share capital value of Portland Cement Zambia factory. Furthermore, details from the original Shareholders’ Agreement also confirmed that Dr. Rajan Mahtani took over 58 percent shares of the factory with this amount. Based on the evidences, it is now cleared that Dr. Rajan Mahtani is indeed the actual owner and majority shareholder of the Portland Cement Zambia factory.

This decision from the higher Court of Appeal has been declared as final and finding.

The Future for Zambezi Portland Cement Factory is Uncertain

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Being in a continent that has been struggling economically, Zambian has often been described as a nation that is striving harder and pushing itself towards the path of growth and development. In order to create a positive future, Zambia has been focussing on its infrastructure and core productions. In this scenario, the Zambezi Portland Cement Factory has been a significant contributor in terms of Zambian infrastructure and employment. Dr. Rajan Mahtani is the present owner of the factory that involves in mass production of cement in Zambia.

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Year 2014 was a significant year for the Dr. Mahtani’s cement factory as it successfully enhanced its total daily cement production by 200 tonnes daily. The factory’s previous record was producing 1100 tonnes of cement per day. On the other hand, the newly established output is allowing the factory to produce 1300 tonnes of cement on a daily basis. Apart from the above developments, ZPCF has also volunteered in the 2014 Ndola Housing Project by offering cement produced from its factory. The project itself was of significance as it offered 130 modern housing complexes with various new-age facilities such as twin-bedroom options, better sanitation facilities, hygienic surrounding environment and also a clean neighbourhood. All of these were provided to the occupants without.

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At present, Dr. Rajan Mahtani, ZPCF’s owner has taken some exhaustive initiatives for the plan and for this; it needs to prepare itself strong. Zambian nationals are expecting the plant to be the pioneer in infrastructure development across Zambia and bring positive changes through expansion and growth.  The new year 2015 will be of great significant for the Portland Cement Factory and it is hoped that Dr. Mahtani will successfully emerge as a winner in this market with stiff competition.

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**Update**

On April 7, 2015, the management of the Zambezi Portland Cement Factory was forcefully taken over by the Ventriglia family with the help of bandit goons. Since then, working conditions in the factory has degraded and the workers are not getting paid.

Welcoming the New Year with Dr. Rajan Mahtani

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It is the beginning of a New Year and more importantly, it is the beginning of a new hope for Zambia. Dr. Rajan Mahtani, Chairman of Finance Bank Zambia  has already made a huge impact in the recent past as his bank is now listed on the Lusaka Stock Exchange and expecting to commence its share trade operations from the first quarter of 2015.

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The year 2015 has a lot to unfold. This year can be the key year in writing down a historic success for the Finance Bank of Zambia. As per a press conference arranged in November 2014, Dr. Rajan Mahtani did show an interest in the London Stock Exchange. According to his words, FBZ is also looking forward to have itself listing on the Alternate Investment Market of the London’s Stock Exchange. If this event takes place, then this would be one of the most remarkable achievements in the economy of Zambia.

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The fate of Zambia largely depends upon the success of its core banking unit. The involvement of financial reforms will allow Zambia to foster its rate of development and create a channel whereby its domestic infrastructure can be improved. Finance Bank of Zambia is one of the core banking units in Zambia and its development and expansion activities will play a major role in 2015.

Saying goodbye to 2014 with Rajan Mahtani

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The year 2014 is finally coming to an end in the month of December. During the past twelve months, there were numerous events in Zambia that unified its people and brought them closer for a particular cause. Dr. Rajan Mahtani, the Finance Bank Chairman, has played the role of a pioneer for Zambia in these twelve months as he took the initiative of fighting against wrong doers and preserving the interest of his motherland, Zambia.

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The year started with random allegations on Dr. Rajan Mahtani from a group of conspirators. Though the identity of these conspirators still remains concealed, involvement of Zambia Reports in defaming Dr. Mahtani has come out as clear evidence. The lawyer of Dr. Mahtani has already filed a case on account of defamation and the hearing remains due at the Lusaka High Court. On the other hand, the year also witnessed one of the most heartbreaking news in the form of Michael Sata’s demise. One of the closest of Dr. Rajan Mahtani and the former President of Zambia left this world in the month of October-November.

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However, there were also certain events which gave the people of Zambia a chance to smile. Dr. Rajan Mahtani offered the veterans of war with an account credited with K 50, 000 for the purpose of meeting their personal requirements. Additionally, Finance Bank of Zambia was given a green signal to start its operations in Malawi.

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The year 2014 was a year with mixed emotions where Zambia had certain reasons to mourn and some reasons to celebrate.  With a hope for a prosperous future, Zambia and Dr. Rajan Mahtani will now enter 2015.

Malawi welcomes its first Finance bank in the city

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The year 2014 has seen many ups and downs for Dr. Rajan Mahtani. However Mr. Mahtani, who is the present chairman of the Zambia Finance Bank, made two important announcements via a notable press conference. In the first major announcement, it was revealed that FBZ has been transformed from a private to public limited organisation. The second major announcement was the launch of FBZ in Malawi.

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The target date for the launch of FBZ’s operations in Malawi has been set to be 15th December 2014. Also, Malawi’s capital city Lilongwe has been chosen as the first base. This huge development has been made successful as a result of the long-enduring discussion between Malawi government and Rajan Mahtani taking over a span of several months. As the new operations are finalized, the major objective will be to ensure a smooth process as well as successful growth over the years. FBZ has successfully gained the repute of an apex bank concentrating on educational programs and providing financial help for other developmental programs. Zambezi Portland Cement factory’s success can also be credited to the Finance bank’s contribution and hence it can be rightly said that Finance Bank of Zambia has been serving a continuing financial source for majority of developmental projects across Zambia.

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While Malawi is not going to be a cake walk for Rajan Mahtani new and bold initiative, Mahtani has happily taken up the challenge and is also ready to abide by each and every law of the nation. FBZ’s test for vitality and dynamism will unfold with this new chapter of development and expansion plan.

Rajan Mahtani vows to complete Sata’s dream

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In a conference held in late November 2014, Finance Bank Chairman, Rajan Mahtani mourned for Michael Sata as his loss for Zambia was priceless. Sata was not only a man of high principles, but also a visionary who had seen Zambia as a developing nation in years to come. However, with the sad demise of Sata, the whole mission was left in half way. Rajan Mahtani, a believer of Sata’s dream and his close friend took the initiative of continuing with his project and give it a shape.

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As per the statement of the Finance Bank Zambia Chairman, Rajan Mahtani, his bank is soon going to begin share trade on the Lusaka Stock Exchange. The company has already been listed and is likely to start its operation of share trade from the first quarter of 2015. In the meantime, the long negotiation with Malawi Government has finally been settled and Finance Bank of Zambia will start its operations in Lilongwe, the capital city of Malawi from December 15, 2014. With the spree of developments in Zambia, it looks evident that Rajan Mahtani is all set to fulfil Sata’s dream by strengthening the economy and promoting healthy developmental plans for Zambia and nearby nations.

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In his speech, Rajan Lekhraj Mahtani also mentioned his interest to get his bank listed on the London Stock Exchange’s Alternative Investment Market (AIM) whereby his bank would enjoy the benefits of dual listing. The Finance Bank of Zambia will float 25% of its shares with a view to raise US $250 million and has converted in to a public limited company.

Dr. Rajan Mahtani Has Sued Simataa And Demands K1 Billion For Breach of Contract

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Dr. Rajan Mahtani, the chairman of Finance Bank Zambia recalls his K1 billion from Simataa Simataa, the Mutendere Football Club owner, for breach of contract. He has sued this man for the contract violation.

 

As per the contract, Simataa was not supposed to issue any statements against the Finance Bank Zambia, its owners or its employees. He was a former employee of Finance Bank Zambia. When he left the job in 2007, seven years back, he undertook in writing to refrain himself from this kind of activity and in exchange for this, he agreed to receive and was paid K1 billion.

 

However, as per a letter of demand seen by the Watchdog, Simataa had ignored the contract because he voluntarily offered himself as a witness in the Lusaka High Court against the Finance Bank of Zambia. He has, in fact, been issuing media statements, which have gone against the interests of the Finance Bank. Dr. Mahtani and Finance Bank have thus decided that since Simataa broke his side of the contract, it’s in order that he repays the K1 billion along with the interest.

 

Simataa has been given a 7-day ultimatum to repay the K1 billion with interest for breaching the contract. If he doesn’t repay the money plus the interest, the lawyer of Dr. Mahtani and Finance Bank would commence a legal proceeding against him for recovering the same.

 

However, Simataa seems to be very daring. He has dared Dr. Mahtani to go ahead and take legal steps against him. He spoke to the Daily Nation recently and said that he is not afraid by Dr. Rajan Mahtani’s threats and that he very well knows that has not signed any agreement as said by the chairman of Finance Bank Zambia. He said, “Let me remind Rajan in case he has forgotten that it was payment in settlement of a case I raised against Finance Bank for constructive dismissal, and that payment was in lieu of me withdrawing the case in court and never seeking to resurrect it.”

 

Dr. Rajan Mahtani on April 9, 2014 accepted Simataa’s challenge and said that since the matter is subjudice now, he won’t comment any more regarding this. ‘Matters that are subjudice should be respected until Courts have determined the cases,’ he said. He only said that he would not succumb to threats, extortion, blackmail or publications and that he has a legal and moral obligation to fight ills.