The notorious Zambia Reports once again attacked Dr. Rajan Mahtani and Zambia. Dr. Mahtani is the current head of the MGCs (Mahtani Group of Companies) and Ex-Chairman of Finance Bank Zambia. This time, Zambia Reports attacked Dr. Mahtani with the objective of creating differences between Finance Bank and BancABC. Finance Bank was recently acquired by BancABC for a valuation of USD 62 million. Since then, BancABC is the sole in-charge of the operations and management of Finance Bank.
Recently, BancABC made a call for loan repayment to Lamsaat. Lamsaat had taken a loan of USD 10,000,000 from Finance Bank which is now under BancABC’s operations. The loan was given on condition of fixed monthly instalments. However, when Lamsaat started deferring on its contract, BancABC was forced to make the call. These types of calls are very common in the banking world. The matter would have been resolved between the two parties but Zambia Reports had other plans altogether. The notorious news channel twisted the story around Dr. Rajan Mahtani. The original content was lost and all we could find is scripted article which was nothing but a figment of imagination from the author. Fearing backlash from the general public, the author posted the article under fake name. Such is the reputation and journalism ethics of Zambia Reports.
In its article, Zambia Report claimed that the call for repayment was actually suggested by Dr. Rajan Mahtani. They also went on further saying that Dr. Rajan Mahtani is still controlling Finance Bank in secrecy and it is one of his tactics to get control of businesses from companies after putting them in situations like this. The reality is that any loan amount worth USD 10,000,000 is too hard to ignore for any bank. Lamsaat promised to repay the loan in 60 instalments with interest but failed to do so, forcing the call for repayment.
Zambia Reports have transformed into a paid media channel. The only support that has kept the news agency standing is from those of the conspirators and handlers. That day is not far when Zambia Reports will start conspiring against its own nation and its people for warming its pockets.