Tag Archives: Mahtani Group of Companies

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.

Dr. Rajan Lekhraj Mahtani’s Contribution Towards Zambian Education System Praised

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For many years now, Dr. Rajan Lekhraj Mahtani has been working tirelessly towards the development and welfare of the Zambian nation. At one end are his businesses such as Mahtani Group of Companies, Finsbury Investments and Portland Cement Zambia that are continuously working towards providing better products, services and facilities for the less privileged sections of the society. At the same time, Dr. Rajan Mahtani continuously engaged in charitable contributions as well as philanthropic activities across different sectors and industries. Some of the areas where Dr. Rajan Mahtani has made significant contributions include education, environment and community services. Dr. Rajan Mahtani’s contribution towards the education system of Zambia is well-documented, especially for the establishment of the Steven Malama award.

The Steven Malama award was instituted by Dr. Rajan Mahtani in the year 2012 via Finance Bank Zambia where he resides as Chairman. The award was created for honouring the late Steven Malama, a visionary and distinguished legal professional with significant contributions for improving the legal framework of Zambia. The inaugural award was given in the year 2013 and since then, the award is presented every year. Each year, the top graduating candidates from the Zambia Institute of Advanced Legal Education receives this award after qualifying for the bar in their first attempt. Since the institution and recognition of this award, the quality and volume of students opting for legal education have increased.

For the year 2018-19, the award recipient was Emmanuel Bwalya Kaluba. He received the award for graduating from ZIALE with distinction and also successfully qualifying for Bar in his first attempt. He was congratulated by Dr. Rajan Mahtani himself while receiving the award. Emmanuel also wrote a letter which was published at the Daily Mail. In this latter, Emmanuel thanked Dr. Rajan Mahtani for his contributions and providing opportunities for legal students to work hard and study harder. The award carries a plaque and prize money of K15,000 given to deserving candidate each year.

Long-Pending Case Of Portland Cement Closed After A Decade, Dr. Rajan Mahtani Wins Case

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On 31st January 2019, the final results for the Portland Cement Zambia case were announced. The results came from the higher Court of Appeal which is one of the highest legal and judiciary systems in Zambia. The judge at the higher Court of Appeal, justice Mwinde, announced the final verdict after looking into the evidences and testimonials. The first major evidence was the transfer of one billion kwachas from Dr. Rajan Mahtani owned Finsbury Investments to Portland Cement Zambia limited. This payment was made for covering the entire share capital which Dr. Rajan Mahtani took over of the Portland Cement Zambia limited. Furthermore, the original shareholders’ agreement established in the year 2007 was another major evidence which confirmed Dr. Rajan Mahtani’s claims. On the page number 663 of the original shareholders’ agreement, it was clearly established that Dr. Mahtani took over 58 percent shares of the factory after making the said payment. The agreement between shareholders confirms that this shareholding pattern was accepted and signed by all important shareholders associated with the factory.

Furthermore, all forgery related allegations were discarded by the higher Court of Appeal judge. It was found that the process of electronic placement of signatures was common practice at the Portland Cement Zambia and even critical member of the Ventriglia family, Claudio Ventriglia, engaged in similar practice. As such, all forgery related allegations were discarded by the judge. At the same time, justice Mwinde also confirmed that Dr. Mahtani is not liable for any further payments associated with the case. Any further payments such as PTT (property Transfer Tax) are liability of the transferor which is in this case, Portland Cement Zambia limited itself.

Now that the ownership of Portland Cement Zambia goes back to Dr. Rajan Lekhraj Mahtani, he has a much difficult task at hand. This task is to revive the factory to its former glory, which it was before the unethical takeover.

Majority Shareholding Goes To Finsbury Investments, Portland Cement Zambia Case Closed

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The Portland Cement Zambia case has been finally closed. The case started more than a decade ago when it was registered at the Lusaka High Court by none other than Dr. Rajan Mahtani. Dr. Mahtani had claimed the legal and actual ownership of Portland Cement Zambia and also claimed that the factory was unethically and forcefully taken away from him. Despite having all evidences, facts and testimonials for re-claiming his factory, the Lusaka High Court dragged the case for more than a decade. Major reasons attributing to this long pendency can be lack of proper ethical standings at the court, regular transfers of judges leading to case starting again from the scratch, unethical acts from the opponents such as not attending case hearing or bribing the department and many more. As a result of these challenges, it took more than a decade to make a final announcement to the case. However, even this announcement was controversial. The judge at the Lusaka High Court giving the final judgement was justice Nkonde who announced that Ventriglias were only shareholders of the Portland Cement Zambia.

After this, the second and most important phase of the case started. Dr. Rajan Mahtani took the case to the Court of Appeal, one of the highest civilian courts in Zambia. The judge who took the case was justice Mwinde and he gave the final decision on 31st January 2019, around nine months after the re-appeal. Unlike the previous judges, justice Mwnde looked into all evidences and testimonials and only after complete checking, shared the final results. As per this decision, Dr. Rajan Mahtani is the actual owner of the Portland Cement Zambia factory as he owns 58 percent shares of the factory. The Ventriglias, on the other hand, hold just 42 percent shares at the factory and are the minority shareholders without any legal ownership. Based on this decision from the Court of Appeal judge, it is clearly established that Dr. Rajan Mahtani is the actual owner of the Portland Cement Zambia factory.

Dr. Mahtani Announced Portland Cement Zambia Winner By Court Of Appeal

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After more than a decade of wait, Dr. Rajan Mahtani has been given majority shareholding and ownership of Portland Cement Zambia factory. This decision came from Court of Appeal, one of the highest civilian courts in Zambia and the second court to announce the judgement. This decision from Court of Appeal came on 31st January 2019, around nine months after the case was registered there. The judge at the Court of Appeal was justice Mwinde who gave the judgement after looking into all evidences and testimonials. According to this decision, Dr. Rajan Mahtani owned Finsbury Investments holds 58 percent shares at the factory and is the majority shareholder of the factory. On the other hand, Ventriglias owned Ital Terrazzo Limited holds just 42 percent shares at the factory and are the minority shareholders without any legal ownership over the factory. This decision from the Court of Appeal aligned with the original shareholders agreement established in the year 2007. Based on this decision, it is clear that Dr. Rajan Mahtani is the actual owner of the factory.

By giving this decision, the judge from the Court of Appeal effectively reversed the judgement from the Lusaka High Court which had earlier announced that Ventriglias were the only shareholders of the Portland Cement Zambia factory. The judge from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders as this decision was misdirected and without any evidences. In terms of the forgery allegations, all such allegations were discarded by the judge. The judge confirmed that the process of mechanically placing signatures was a common practice in Portland Cement Zambia and critical member of the Ventriglia family, Claudio Ventriglia, engaged in similar practice and as such, all forgery related allegations were discarded. With this Court of Appeal judgement, the Portland Cement Zambia factory goes finally to Dr. Rajan Mahtani.

Final Decision From The Court Of Appeal Announced, Dr. Mahtani Wins Big With Court Decision

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Dr. Rajan Lekhraj Mahtani is a noted businessman in Zambia. He is also one of the few remaining businessmen in Zambia still following a fully transparent and ethical pathway. He is also responsible for some of the most successful businesses in Zambia such as Mahtani Group of Companies, Finsbury Investments and Finance Bank Zambia. Despite these achievements, Dr. Rajan Mahtani is often preyed upon by unethical individuals and groups and has to face several roadblocks due to the ongoing corruption within the Zambian government. One of the prime examples is the Portland Cement Zambia case, which was launched by Dr. Rajan Mahtani more than a decade ago. Dr. Rajan Mahtani had registered the case at the Lusaka High Court claiming that his factory was illegally taken over from him. Despite several case proceedings and sharing of relevant evidences and testimonials, the case stretched for more than a decade. The judge who ultimately gave the final decision was justice Nkonde and this final decision came during the month of May, 2018. According to this decision, Ventriglias were given the majority shareholder of the Portland Cement Zambia case.

It was clear that this decision was misdirected and as a result, Dr. Rajan Mahtani took the right decision and approached the Court of Appeal. The judge at the Court of Appeal was justice Mwinde who gave the final judgement on 31st January 2019. According to this decision, Finsbury Investments owned by Dr. Rajan Mahtani holds 58 percent shares at the factory and is the majority shareholder of the factory. On the other hand, Ital Terrazzo Limited owned by the Ventriglias holds only 42 percent shares at the factory and is the minority shareholder without any legal ownership over the factory. The Court of Appeal judge also said that this decision aligned with the original shareholders agreement established in the year 2007. Based on this decision, it is clear that Dr. Rajan Mahtani is the actual owner of the Portland Cement Zambia factory.

Dr. Rajan Mahtani Majority Shareholder And Owner Of Portland Cement Zambia, Court Confirms

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On 31st January 2019, the final results for the Portland Cement Zambia case were announced. This announcement came from Court of Appeal, the second court to take on the case. The case of Portland Cement Zambia is age old and was established first at the Lusaka High Court by Dr. Rajan Mahtani, a noted businessman and philanthropist with more than three decades of business experience in Zambia. After the registration of the case, Dr. Mahtani shares numerous evidences and testimonials to the Lusaka High Court and it is suggested that these evidences were more than enough to prove legal ownership and claim by Dr. Rajan Mahtani. However, various shortcomings of the court resulted in the case stretching for more than a decade. The final judgement from the case came during May, 2018 and was given by justice Nkonde. According to his final decision, Ventriglias were announced as only shareholders of the Portland Cement Zambia factory. It is clear that this decision was misdirected and as a result, Dr. Rajan Mahtani approached the Court of Appeal.

The judge at the Court of Appeal was justice Mwinde who gave the final judgement on 31st January 2019. According to this judgement, Dr. Rajan Mahtani owned Finsbury Investments holds 58 percent shares at the factory and is the majority shareholder of the Portland Cement Zambia. On the other hand, Ventriglias owned Ital Terrazzo Limited holds just 42 percent shares at the factory and is the minority shareholder without any legal ownership over the factory. Based on this decision, it is clear that Dr. Rajan Mahtani is the actual owner of the factory. This decision from the Court of Appeal judge aligned with the original shareholders agreement established in 2007.

While giving this decision, the judge from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders of the Portland Cement Zambia as this decision was misdirected and without any basis.

Dr. Rajan Lekhraj Mahtani Announced Majority Shareholder And Owner Of Portland Cement Zambia Factory

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For a long time, Dr. Rajan Mahtani fought for transparency, ethics and justice from different courts in Zambia. First it was Lusaka High Court wherein the case was registered by Dr. Rajan Mahtani claiming that his factory was illegally taken over from him. Despite sharing numerous evidences and testimonials, the court took more than a decade to announce the final judgement for the case. After that too, the final judgement from the Lusaka High Court was extremely controversial. The judge at the Lusaka High Court was justice Nkonde according to whom, Ventriglias were announced as only shareholders of the Zambezi Portland Cement. To counter this misdirected judgement, Dr. Rajan Mahtani then approached the Court of Appeal.

On 31st January 2019, the final judgement for the Portland Cement Zambia case was announced at the Court of Appeal. According to this judgement, Dr. Rajan Mahtani is the majority shareholder of the Portland Cement Zambia factory as his company; Finsbury Investments holds 58 percent shares. On the other hand, Ventriglias were declared as minority shareholders as their entity, Ital Terrazzo Limited held only 42 percent shares at the factory and were considered as minority shareholders without any legal ownership. With this judgement, justice Mwinde from the Court of Appeal effectively reversed the judgement from the Lusaka High Court which held that Ventriglias were only shareholders of the Zambezi Portland Cement.

With respect to forgery related allegations, all such allegations were discarded by the judge. It was found that the process of mechanically placing signatures was a common practice at Zambezi Portland Cement. It was also found that critical member of the Ventriglia family, Claudio Ventriglia, engaged in similar practice when conducting business transactions. As a result, all forgery allegations were dismissed by the Court of Appeal judge. Furthermore, all parties were directed by the Court of Appeal judge to complete their share sale and regularization process within three months from the date of the judgement.

Portland Cement Zambia Legal Ownership Goes Back To Dr. Rajan Mahtani, Confirms Court Of Appeal

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The final results for the long-pending Portland Cement Zambia case were announced on 31st January 2019. This announcement came from Court of Appeal, one of the highest legal systems in Zambia. Before Court of Appeal, the case of Portland Cement Zambia was pending at the Lusaka High Court for more than a decade. The case was initially registered by Dr. Rajan Mahtani himself after claiming that the factory was illegally taken over from him. After sharing numerous evidences and testimonials, the judge at the Lusaka High Court shared the final decision. However, this decision was extremely controversial as according to this, Ventriglias were announced as only shareholders of the Zambezi Portland Cement.

To counter this controversial and misdirected decision, Dr. Mahtani then approached the Court of Appeal. The judge at the Court of Appeal was justice Mwinde who gave the final decision on 31st January 2019 during the morning session. Compared to the one decade wait at the Lusaka High Court, this was a speedy decision as justice Mwinde gave the final judgement within nine months of registering the case at the Lusaka High Court. Also, the decision was given only after looking into all evidences and testimonials which were somehow ignored by the previous judge. According to the final decision from the Court of Appeal, Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder of the Zambezi Portland Cement with 58 percent shares. On the other hand, Ventriglias owned Ital Terrazzo Limited holds just 42 percent shares at the factory and is the minority shareholder without any legal ownership over the factory. Based on this decision, it is clear that Dr. Rajan Mahtani is the legal owner of the factory. Justice Mwinde, while giving this decision, also said that the judge below him was wrong in declaring Ventriglias as only shareholders as this decision was without any basis and was against the interest of the public policies.

Portland Cement’s Final Verdict Raises Further Questions On The Lusaka HC Judgment

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Dr. Rajan Mahtani is a famous businessman whose achievements span across three decades. He is known to establish companies that have special focus on the less privileged sections of the society. These include but not limited to Finance Bank Zambia, Finsbury Investments and Mahtani Group of Companies. His company Finance Bank Zambia also won accolades for its achievements in providing a better life for its less privileged customers. Despite these contributions to the nation, Dr. Mahtani is often at the centre of numerous conspiracies and false claims. This is majorly the work of jealous entities and individuals who have personal vendetta from him or are just jealous of his success and popularity among the masses. Never the less, Dr. Mahtani has never involved in similar conspiracies him and maintains an ethical and professional stance in every activity he undertakes.

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However, his honest and professional business conducts have not helped much in gaining back the Portland Cement Zambia factory. After the factory was illegally taken from him, a case was launched by Dr. Rajan Mahtani at the Lusaka High Court. In his appeal, Dr. Mahtani shared numerous strong evidences such as signed shareholder’s agreement, financial exhibits as well as independent audit report which clearly stated that the factory was established as a joint venture agreement and Dr. Rajan Mahtani was the sole joint venture partner of the factory. While these evidences were more than enough to prove that Dr. Mahtani is to actual legal owner of the factory, it took more than ten years for the court to arrive at a final decision.

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Even then, the final verdict raised more questions than solving them. The final verdict was given against Dr. Mahtani claims, and this judgment is completely against the evidence submitted. As such, Dr. Mahtani took immediate steps and appealed to the higher court of appeal against this misdirected judgment at the Lusaka High Court.