Tag Archives: Finsbury Investment

Heaps Of Praise For Dr. Rajan Mahtani For Contributing To Legal Education In Zambia

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Dr. Rajan Lekhraj Mahtani is one of the few businessmen in Zambia who is known for his transparent and ethical business practices despite of tough situations such as developing a business empire in an underdeveloped and politically overwhelming nation such as Zambia. Despite the several economic and social challenges as well as widespread corruption across the nation, Dr. Rajan Mahtani has been able to maintain a clean and transparent image across all his businesses. Apart from his businesses, Dr. Rajan Mahtani is also noted for his significant charitable and philanthropic contributions. Most of these contributions go undetected as there are no public promotions or advertisements about these philanthropic contributions like most of the other businesses.

One of the most critical philanthropic contributions by Dr. Rajan Mahtani in the field of education has been the institution of the Steven Malama award. The Steven Malama award was instituted in the year 2012 in collaboration with Finance Bank Zambia wherein Dr. Mahtani holds the position of the Chairman and ZIALE (Zambia Institute of Advanced Legal Education) Institute which was given the responsibility of disbursing the award. The award was given for the first time in 2013 and since then it is being given on an yearly basis during the annual gala event. Dr. Rajan Mahtani himself presents the award to the deserving students.

The award is given to the top graduating students from the Zambia Institute of Advanced Legal Education, and the top graduating student must also qualify for bar in their first attempt. The award carries a plaque, a certificate as well as cash prize worth K15,000 which has been of significant financial support for the winning candidates. Emmanuel Bwalya Kaluba from the institute was the winner of the Steven Malama award for the year 2018-19. Emmanuel also wrote an article thanking Dr. Rajan Mahtani for his significant contributions in recognising law education, later published at the Daily Mail.

Dr. Rajan Mahtani Owned Finsbury Investments Files Complaint Against Major Bank In Zambia

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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.

Court Of Appeal Announces Final Results After Failure Of The Lower Court To Provide The Same

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Dr. Rajan Lekhraj Mahtani is a name majority of businesses in Zambia are aware of as a known businessman and charity worker in Zambia. Dr. Rajan Mahtani, as a nature of his business, has stayed in good personal and professional relationships with several noted businessmen, industrialists, politicians and several other noted figures and authorities in Zambia. One of them is late ex-President of Zambia, Levy Mwanawasa. Dr. Rajan Mahtani has maintained a long and professional relationship with the ex-president, event before he rose to prominence and became the President of Zambia.

However, Dr. Rajan Mahtani recently received a damning news when it was found that the daughter of the ex-President of Zambia, Miriam Mwanawasa, shared a social media post questioning the reputation of Dr. Rajan Mahtani. In her Facebook post, Miriam Mwanawasa claimed that Dr. Rajan Mahtani wanted to take over the farm at Masaiti District, which belonged to the Mwanawasa family. As a result of this serious claim, the Facebook post started making rounds across the social media platforms. When Dr. Rajan Mahtani came to know about this unethical and illegal post, he decided to register a press release in response.

In this press statement, Dr. Rajan Mahtani said that he maintained a long-term and positive personal and professional relationship with Levy Mwanawasa which stretched till his sad demise and remained even after that. As such, this claim made by the daughter of the late ex-President was not only shocking but also saddening. Dr. Rajan Mahtani clarified the rumour by saying that he never had any intentions of purchasing the said that and he never made any attempt, verbal or written, in this manner. At the same time, the Facebook post shared by Miriam Mwanawasa did not have any evidentiary support indicating that her post was authentic. As a result, her Facebook statement must be taken seriously or in any face value. Dr. Mahtani also said that he will take strict actions against this act.