Tag Archives: Dr. Mahtani and Finance bank

Dr. Rajan Lekhraj Mahtani is a respected businessman and philanthropist in Zambia. For more than three decades, Dr. Mahtani has been building successful organizations, businesses and ventures across the nation. He is also known for his significant charitable and philanthropic contributions for the economic and social development of the Zambian nation. Yet, Dr. Rajan Mahtani and similar other transparent and ethical businessmen in Zambia are continuously facing challenges and issues while establishing their businesses and continuing their operations. Dr. Rajan Mahtani recently approached international law firm Omnia strategy with a case of non-payment of dues against Atlas Mara. According to the claim established by Dr. Rajan Mahtani, Atlas Mara, a banking and financial institution conceptualised by Bob Diamond, failed to honour the agreement terms established between the bank and Dr. Rajan Mahtani’s Finance Bank Zambia. By breaching this agreement, Atlas Mara is liable for penalties as well as suing.

Bob Diamond is a controversial businessman due to his several connections to national scandal. The businessman had to step down from the position of Barclay’s CEO (Chief Executive Officer) after the 2012 Libor-Rigging scandal. However, he again entered the Zambian corporate in the year 2012 with his newly established banking institution Atlas Mara and his bold plan of becoming banking giant in Africa. With this mission, Bob Diamond’s Atlas Mara went on a shopping spree, acquiring several small and big banking and financial institutions in Zambia. One of these acquisitions was Dr. Rajan Mahtani’s Finance Bank Zambia which took place in the year 2015.

Regarding the claim established by Dr. Rajan Mahtani, Atlas Mara representatives have confidently said that the claim by Dr. Mahtani was without any merit. However, the reports and the timeline says otherwise. Along with Dr. Rajan Mahtani, there are several other investors who are also pursuing damages worth more than 100 million euros against Bob Diamond’s Atlas Mara. Dr. Rajan Mahtani will soon present his case at the London High Court via his hired law firm Omnia Strategy.

Ventriglia Family Disregards Decision From Supreme Court

June 10, 2021 PCZambia

The decision on the Portland Cement should have ended with higher Court of Appeal’s decision. On 31st January 2019, justice Mwinde on behalf of the higher Court of Appeal reversed the decision on the Lusaka High Court and announced Dr. Mahtani as the majority shareholder and legal owner of the Portland Cement Zambia factory. It seems like the Ventriglia family was still not happy with this transparent and firm decision from the higher Court of Appeal. As a result, they decided to approach even a higher Court, the Supreme Court Zambia, with their appeal. In their appeal, the Ventriglia family challenged the verdict of the higher Court of Appeal. In response, the Supreme Court Zambia established a bench of three Supreme Court judges and evaluated the authenticity and validity of this claim. During evaluation, it was found that the Ventriglia family failed to comply with critical legal requirement in which all claims against previous court decisions must be made with 14 days of the court decision itself. This means the Ventriglia family was required to submit their claims within two weeks, meaning by mid of February 2019 in order for the claim to be valid. However, the claim was established after more than 1.5 years of the case proceedings, making the claim valid. In a similar manner, the Supreme Court bench found that the circumstances surrounding the claim was questionable and as such, the Supreme Court bench concluded that the claim was beyond their jurisdiction. After complete evaluation, the Supreme Court bench concluded that the claim holds no ground and is rejected by the Supreme Court. Furthermore, the Supreme Court bench also confirmed that they stand with the decision from the higher Court of Appeal meaning Dr. Rajan Mahtani stays the majority shareholder and legal owner of the Portland Cement Zambia factory.

Despite the decision from the Supreme Court Zambia, it has now come into attention that the Ventriglia family is still creating mischiefs at the Portland Cement Zambia.

Dr Rajan Lekhraj Mahtani

Dr. Rajan Lekhraj Mahtani To Remain The Legal Owner Of The Portland Cement Factory, Confirms Supreme Court

April 10, 2021 PCZambia

The Portland Cement Zambia factory is one of the most disputed factories in Zambia. Since the occurrence of the major shareholding re-organization associated of Portland Cement, the factory is being constantly disputed for its ownership. One of the most controversial aspects associated with this factory is that despite having all evidences and testimonials, the actual owner had to fight for more than a decade to receive justice. In the year 2007, the shareholding of Portland Cement was re-organized via on original shareholding agreement. Based on this agreement, Dr. Rajan Mahtani owned Finsbury Investment received 58 percent shares and became the majority shareholder of the factory. According to this same argument, the Ventriglia owned Ital Terrazzo Limited held 42 percent shares and was announced as only minority shareholder of the factory. After finalization of this shareholding pattern, Finsbury Investment secured loan from PTA bank for completing the factory’s construction and also procured further funds for starting a growth plan for the factory.

In this latest plan, the Ventriglia family disputed the legality associated with the original shareholding agreement and even influenced the decision of the Lusaka High Court when the case of Ventriglia family illegally taking over the factory was approached at the Court. This was done by political meddling, corporate criminality, bribery and similar activities which are common traits for them. After Lusaka High Court judge announced Ventriglias as the only shareholders of Portland Cement, Dr. Mahtani approached the higher Court of Appeal and received justice on 31^st January 2019 when higher Court of Appeal judge Mwinde reversed the Lusaka High Court decision and announced Dr. Mahtani as the only majority shareholder and legal owner of the factory.

The Ventriglia family recently approached the Supreme Court claiming that the decision by the Court of Appeal was wrong. However, the Supreme Court bench thoroughly evaluated the claim and found it to be legally and evidentially invalid. As such, it was rejected.

Dr Rajan Lekhraj Mahtani

Decision On Portland Cement Announced By Supreme Court Zambia, Dr. Mahtani To Remain Owner

January 5, 2021 PCZambia

Finsbury Investments is one of the most notable and respected organizations in Zambia. The company was formed by Dr. Rajan Mahtani, who has established a unique position in Zambia with his transparent and ethical business practices. Dr. Rajan Mahtani is known for his several contributions towards the development of Zambian society. Over the course of more than three decades, Dr. Rajan Mahtani established numerous businesses, organizations and ventures in Zambia. Some of these ventures are Finsbury Investments, Mahtani Group of Companies and Finance Bank Zambia. He is also noted for his charitable and philanthropic contributions across the Zambian society, most notable are donations for infrastructural development of Zambian correctional facility and contributions in establishing the Steven Malama Award for honouring top graduating legal students and providing them with financial support.

The companies established by Dr. Rajan Mahtani are known for their transparent and ethical business practices and focus towards improvement of the Zambian society. Most of the companies established by Dr. Rajan Mahtani have dedicated themselves towards the upliftment of the Zambian society. With a similar objective in mind, the majority shareholding and legal ownership of Portland Cement Zambia was given to Dr. Rajan Mahtani after official declaration and establishment of original shareholders agreement. Despite this official statement, the Ventriglias implemented their crooked ways to take over control over the Portland Cement. After going through several courts and numerous case proceedings as well as an excruciating wait of more than a decade, Dr. Rajan Mahtani finally received justice on 31^st January 2019 at the higher Court of Appeal. In this decision, the previous misdirected decision from the Lusaka High Court was reversed and Dr. Mahtani was announced as the majority shareholder and legal owner of the Portland Cement Zambia factory.

The Ventriglias tried to disrupt this decision by approaching the Supreme Court Zambia with a challenge but their claim was effectively rejected and it was announced that Dr. Rajan Mahtani will remain the legal owner of the factory.

Dr. Rajan Mahtani

After A Decade Of Struggle, Dr. Rajan Lekhraj Mahtani Final Receives Legal Ownership Of Portland Cement

January 28, 2020 PCZambia

While the overall timeline of the start and closure of the Portland Cement Zambia case is more than a decade old, the final judgement from the higher Court of Appeal re-established faith in the legal and judicial system of Zambia. According to the final judgement from the Court of Appeal, Finsbury Investments was declared as majority shareholder of Portland Cement with 58 percent shares. On the other hand, Ventriglias were announced as minority shareholders with just 42 percent Zambezi Portland shares. Based on this shareholding pattern, it is now clearly established that Dr. Rajan Lekhraj Mahtani is the actual owner of the Zambezi Portland Cement factory.

The higher Court of Appeal gave its ultimate decision on 31st January 2019. From the evidences, the judge declared that the original shareholders agreement had established the fact that Dr. Rajan Mahtani owned Finsbury Investments paid a sum of USD 250,000 to the Zambezi Portland Cement Limited for covering the entire share capital value, which was 1 Billion Kwacha during that time. The document also confirmed the fact that Finsbury Investments, a company owned by Dr. Rajan Lekhraj Mahtani owned 58 percent shares at the factory and this shareholding did not have any attached costs associated. This documented proof clearly stated that Dr. Rajan Lekhraj Mahtani is the actual owner of the Portland Cement Zambia factory.

Furthermore, another major detail which the Court of Appeal judge shared was the law associated with PTT (Property Transfer Tax). The judge announced that it is the transferor or the vendor who has the responsibility of paying PTT & not the transferee or the purchaser. This decision not only confirmed that Dr. Rajan Mahtani is the actual owner of the Portland Cement but also confirmed the unethical practices within Zambian society which requires immediate change.

Money Laundering