Tag Archives: Zambia

Dr. Rajan Mahtani Funds African Forum 2017, Makes it Successful

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Industries are the backbone of any national government. They are the major drivers of a nation’s economic growth. They are also responsible or improving the social, technological and political strengths of the country. At the same time, these industries are also the major reasons behind pollution, nature’s degradation as well as corruption. Therefore, it is essential for the government and the industries to come together from time to time and discuss on the burning questions. Majority of the developed nations across the globe have achieved numerous feats with these events and all the emerging and developing nations are following similar suits. In Zambia, the African Summit is a similar event which is being conducted annually. The summit presents a platform for industrialists and corporate to come together and share their ideas and innovations for improving the social, technological and economic strengths of the nation as well as reduce the limitations.

The 2017 Annual African Summit was a successful event, with the participation of numerous industrialists and corporate houses. After the closure of the event, a press release was shared by the Chief Press Secretary of the Prison Fellowship International, which organized the event. The secretary thanked Dr. Rajan Mahtani for his significant funding for the event, resulting in its success. Dr. Mahtani is a noted businessman and philanthropist with more than four decades years of business experience in Zambia and also across the globe. His companies outside Zambia, such as those in the United Kingdom, have helped in bringing foreign investments in Zambia and boost the economic prosperity of the nation. Furthermore, his companies in Zambia are known for their transparent and honest business practices. Dr. Rajan Mahtani himself follows a similar path and even though he is constantly conspired by corrupt politicians and businessmen, he has never engaged in similar pursuit to gain an advantage.

Rajan Mahtani

The Chief Secretary also thanked Dr. Mahtani for his participation in the event.

The Latest Money Laundering Heist is a Certain Pitfall for Zambian Economic Growth

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The FIC, an intelligence agency, revealed the news of money laundering along with a list of names of top individuals who have been accused of laundering money in huge sums. It is one of the biggest economic and nation scams that the Zambian nation has faced in many years. As per the Financial Intelligence sources, the amount of money laundered as per their investigation is almost USD 1.5 billion. Furthermore, the sources also claimed that this money is just like the tip of the iceberg and with the further investigation; they are expected to recover amounts much higher than these.

Money Laundering

The FIC has listed the names of individuals and accounts that have been charged with laundering money worth millions of dollars. Among the names released by FIC, top two were of Masozi M. Banda and Sakwiba Sikota. While Masozi Banda’s name is certainly a surprise as he is a noted lawyer working with Avic International, other name did not surprise many. Sakwiba Sikota is the owner of Central Chambers, a law firm which has been named as one of the biggest accounts in this money laundering scheme. He is also infamous for his association with the Ventriglias, an equally infamous family in Zambia. Both Banda and Sikota have been accused of dealing with illegal transactions worth more than USD 1 million each. Sakwiba Sikota is the legal counsellors of the Ventriglias and has helped them in numerous scandals. One of them is the illegal takeover of the Portland Cement Zambia from Dr. Rajan Mahtani, its real owner. The case is still running at the Lusaka High Court.

The money laundering act has certainly brought the economic growth to a halt and the government is expected to take stringent actions, as it is their only option left.

Top Legal Counsellors Including Sakwiba Sikota Convicted of Laundering Money

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The recent money laundering news from Financial Intelligence has created an uproar among the citizens as well as the industrialists across Zambia. While illegal activities and unethical practices such as these are not uncommon here, the extent of this mass money laundering and its reach is unbelievable. According to the FIC reports, more than 1.5 billion worth of money has been taken in this mass money laundering bust and top lawyers, legal counsellors as well as ministers are involved in the scheme.

Money Laundering News

While there were numerous names in the list, some of the lawyers were highlighted for their involvement and high worth of money laundered. Among these were Masozi M. Banda and Sakwiba Sikota. Banda is a noted lawyer from Avic International and Sakwiba Sikota is the owner of Central Chambers, another law firm. Both these lawyers have been accused of laundering money worth more than USD 1 million each, which is staggering. When Masozi Banda was confronted with the news, he simply stated that the money in his account belongs to Edgar Lungu and he received the amount for government contractors such as the construction of roads. However, no such projects were recorded in the government books. Furthermore, Sakwiba Sikota is also noted for his long-term relationship as legal counsellor for the Ventriglias, who are infamous for their unethical practices. Some of the most outrageous activities by the Ventriglias included taking over the Portland Cement Zambia factory from Dr. Rajan Mahtani, the factory’s real owner and being able to escape law and order by exploiting the loopholes of the Zambian law and government.

While the Portland Cement Zambia case is nearing soon and Dr. Mahtani is expecting a good win, the same cannot be said for Sakwiba Sikota as his crimes and unethical practices have become too big to hide. The FIC officials have told that they have prime evidence against these money launderers and are continuing the investigation process with even more religiously and will share the details of their report once completed.

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.

The Real Story About Zambezi Portland Cement and the Missing 40 Million USD

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In the year 2012, Zambians heard that Rajan Mahtani, the great businessman of Zambia, took over Zambezi Portland Cement (ZPC) from the actual owners of the company, the Ventriglias, who are of Italian origin. It is from that time that they have heard many false stories about Rajan Mahtani and the Zambezi Portland Cement. These stories have been thrown around by the lawyer of the Ventriglias as well as the corrupt presses.

Recently, a shameless lie has become the buzz in the country. It’s about Dr. Rajan Mahtani forging a signature of the Ventriglias on the transfer share documents. Many false stories have been published by the media on this issue.

But what’s the truth? Have you ever thought about the other side of the story? Read this article to know the reality.

What do you think that Dr. Rajan Mahtani just woke up one day and said that I want Portland Cement and so he grabbed it? Surely not! Sakwiba Sikota, the Ventriglias lawyer has been very careful in selecting what kind of information to release to the press. He presented the Ventriglias as victims very wisely.

However, the truth is Zambezi Portland Cement owes its existence to Dr. Rajan Mahtani. Without the money of Dr. Mahtani, there would have been no formation of the company. The documents clearly show that almost all money, which was used for creating the second biggest company in Zambia came from Dr. Mahtani or through his other companies.

Dr. Rajan Mahtani through Finsbury Investments owns fifty-eight percent shares in Zambezi Portland Cement. The Ventriglias, on the other hand, own forty-two percent. Have a look at the shareholding certificate signed by the five family members of the Ventriglias on February 26, 2007. (Click Link for Attachment) ZPC Shareholders Agreement

The Ventriglias have not disputed this ZPC shareholders agreement. Rather, the forgery is related to a secondary document relating to the transfer of the shares at Patents and Companies Registration Office (PACRA).

It goes this way; first you agree on a shareholding and sign the agreement just like this case. Then you go to the Patents and Companies Registration Office for registering your agreement in the process known as ‘share transfer’. The share transfer, in other words, is just a notification to PACRA that these are the changes which have been made in the company. The most vital document is the shareholding agreement. Why are the Ventriglia family members not disputing the shareholding agreement, which is the most important of all the documents?

It has already been noted earlier that the Finsbury and the Ventriglias signed an agreement in the year 2007. This agreement gave Finsbury Investments fifty-eight percent shares giving them the opportunity to become the real owners of the ZPC. Obviously Finsbury didn’t get these shares for free. They had to pay a fortune.

But what is it that went wrong?

Greed and politics came in. The Ventriglias were not happy about the fact that they were minority shareholders now because as minority shareholders, you don’t get to control the company. Then there was a change in the government in the year 2008 after the death of Levy Mwanawasa.

The Ventriglias, in an Italian Mafia style, launched a bid to take the control of the company by making use of government machinery. The senior government officials were highly paid and within no time, Dr Mahtami was expelled and accused of forgery and all kinds of crimes. Zaheeda Essa, the lawyer of Rajan Mahtani was harassed a lot and threatened with being imprisoned and deportation if she didn’t sign the documents that were written by Sikota accusing Rajan Mahtani. Zaheeda is still quite afraid of Sakwiba even though she had reported him to the police as well as the Law Association of Zambia.

However, when there was a change in the government again, all that Rajan Mahtani did was to follow his shares that were stolen. What happened in the year 2012 was a mere repeat of what took place in 2008. The only difference was that the real owners of Zambezi Portland Cement were claiming their rights.

There is more to the news. In that short period when the Italians reigned at ZPC, more than 40 million USD was stolen. Some money was externalized to the offshore accounts, some were used for hiring handwriting experts for opining down Dr Mahtani, and some cash were used for bribing the politicians. Their lawyers had unlimited access top the cement, which they got for free, to renovate their properties.

A handwriting expert, Jannie Bester, was paid more than 80,000 USD yet his evidence that the signatures, which are in question were not written physically onto these documents but transferred onto them by mechanical or electronic means was disputed by another expert of the Independent Forensic Consultants. However, this was information is withheld deliberately by Sakwiba when he published articles on the web.

On the theft of the money by the Ventriglias, Rajan Mahtani asked his lawyers to send a letter of demand to the Vetriglias. (Click Link for Attachment) ZPC Vs Ventriglias

It is very much clear that the embezzlement of 40 million dollars, money laundering and outright theft has affected ZPC adversely and put into risk the employment of over thousands of Zambians.

We may make an effort to ask, what did the Ventriglia family do for the community in Ndola the time they operated ZPC other than polluting their neighborhood? Did they build any social amenities, repair any old building or contribute to the charity? The only thing that they were involved in was tax evasion and money externalization to far east.

There is also one more thing that we have observed-almost all entrepreneurs who are against Dr. Mahtani are those people who owe him money.

Zambezi Portland Cement

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.