Tag Archives: Finance Bank Zambia

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.

The MD of Hotellier Limited Withdraws the Allegations Made Against Dr. Rajan Mahtani

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Odysseas Mandenakis had made numerous allegations against Finance Bank Zambia, Finsbury Investments, its officers, affiliates and Dr. Rajan Mahtani in the past. He somehow recognized that the statements made were unfortunate and caused great embarrassment and distress to them. So, he wrote an apology letter to Dr. Rajan Mahtani on June 17, 2014 wishing to withdraw all the allegations made to the different authorities in Zambia and expressed his sadness for having made such kind of statements.

Apology to Chairman Finance Bank Zambia

FBZ Sets Up #ZIALE Award

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FBZ, under the chairmanship of Rajan Mahtani, has presented the ZIALE award to the top graduating individual at ZIALE  for honouring the memory and legacy of the Steven Caution Mwaba Malama SC, who died on 8th June, 2012. The Finance Bank will be presenting this award every year to the student who succeeds for the admission to Bar at the first attempt.

 

Malama SC was a known lawyer and a distinguished member at the Bar and Law Association of Zambia. He was a pioneer together with Mr. D.C. Katongo, Mr. L. Lubamba (who are now deceased) and some others who are alive even now, in influencing the government of Republic of Zambia to legislate for merger of two different Bars- the Barristers Bar and the Solicitors Bar into one Bar to which all the lawyers in the nation could affiliate. He was a proficient, competent and a professional individual, whose legacy when put in the practice of law is documented in several cases that are reported in Zambia Law Reports.

 

Womba Silumbu Kandondo received the award this year for being the best student at ZIALE. William Nyiredra, the Finance Bank’s Board Member, presented this award to the Womba, on behalf of Rajan Mahtani, the chairman of Finance Bank Zambia.

 

The ZIALE award is a long-term award. It will be presented at the LAZ Gala Dinner annually by FBZ. The director Nyiredra said in the inauguration presentation that the prize money for this award is K15,000 and is accompanied by a plague engraved in the name of the receiver. He also said that Dr. Rajan Mahtani would have loved to be in the inaugural presentation but due to other duties he asked him to have the privilege and honour to make the presentation to the derserving student.

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.