Tag Archives: Mahtani Group of Companies

Dr Rajan Lekhraj Mahtani

Dr. Rajan Lekhraj Mahtani Honoured With Award By Forbes

The FIN leadership and philanthropic roundtable conference recently took place on 6th August 2021. It was also an event wherein business personalities from Zambia were invited to share their thoughts on leadership and its significance. Dr. Rajan Lekhraj Mahtani was not only an honorary speaker, but was also bestowed upon with one of the prestigious Forbes ‘Best of Africa’ awards.

While Dr. Rajan Mahtani shared his thoughts on leadership and the importance of leaders taking responsibility for the growth and development of the nation, the Forbes management duly realised his contributions. Dr. Rajan Mahtani was bestowed with the prestigious ‘Entrepreneur of the Year’ award 2021. One of the biggest contributions by Dr. Mahtani has been his company Mahtani Group of Companies which was established in 1981. It quickly became a conglomerate expanding its services to Malawi, Zambia, South Africa as well as several parts of the globe along with expansion of its operations to various sectors including financial services, mining, agriculture, insurance, real estate and energy. Through his entrepreneurial ventures, Dr. Rajan Mahtani has been able to provide employment and livelihood opportunities for thousands of Zambian along with development of infrastructure, social services and economy across several provinces. His philanthropic and charitable activities are often hidden as Dr. Rajan Mahtani rarely mentions them in his business portfolio.

He is the Founder & Chairman of the (PFZ) Prison Fellowship Zambia, a program affiliated to (PFI) Prison Fellowship International situated in Washington. The program provides opportunities to the inmates & ex-inmates to create meaningful developments along with providing opportunities to their families so that they do not fall into the same path. He has also enabled self-sufficiency across medical and food supplies by sponsoring agricultural projects. Dr. Mahtani’s contributions towards the Zambian educational sector is significant. Dr. Rajan Mahtani launched Stephen Malama award in the year 2013 which is given to the best Zambian bar candidate along with scholarship programs for furthering their education. Forbes acknowledged these contributions by Dr. Mahtani while presenting the award.

Rajan Mahtani and Portland Cement Zambia

Dr. Rajan Lekhraj Mahtani To Approach London High Court

One of the most notable and respected businessmen in Zambia, Dr. Rajan Mahtani recently hired reputed international law firm Omnia Strategy. The reason behind hiring of this law firm was a claim against Atlas Mara, a controversial banking and financial institutions in Zambia and in Africa established by even more controversial businessman Bob Diamond. Atlas Mara was established in the year 2013 with the objective of becoming banking giant in Africa. Atlas Mara under Bob Diamond went through several acquisitions in the following years since its establishment. One of these acquisitions was Finance Bank Zambia, a banking and financial institution established and led by Dr. Rajan Mahtani. The Finance Bank Zambia was taken over by Atlas Mara via an original share and sales agreement. However, according to the claim made by Dr. Rajan Mahtani, Atlas Mara did not honour this claim and Dr. Mahtani is still awaiting payment against the shares sold to Bob Diamond. On top of that, representatives from Atlas Mara alleged the claims made by Dr. Rajan Mahtani to be unsubstantiated.

Bob Diamond is a controversial businessmen who took over control of Dr. Mahtani’s Finance Bank Zambia in the year 2013. This was the time when Bob Diamond re-entered in Zambia after being ousted from CEO position at Barclays in 20132. This ouster was due to the infamous Livor-Rigging scandal in which Bob Diamond’s name emerged.

According to the claim established by Dr. Rajan Mahtani, Atlas Mara still owes him money from share sales of the Finance Bank Zambia. Apart from Dr. Rajan Mahtani, there are several other investors who are pursuing similar damage claim to the tune of 100 million euros. Since 2013, Atlas Mara shares have collapsed significantly. Despite stepping down as its Chairman in 2019, Diamond remained the non-Executive Director as well as largest shareholder of Atlas Mara. The claim by Dr. Rajan Mahtani comes at a time when Bob Diamond is attempting yet another comeback supported with USD 4.5 billion space-listing. Dr. Rajan Mahtani is expected to produce his case at the London High Court soon.

Mahtani Group of Companies

Dr. Mahtani Ready With His Case, To Approach London High Court Soon

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.

Dr. Rajan Mahtani

Dr. Rajan Lekhraj Mahtani Gives Tribute To Late Kenneth Kaunda

Dr. Mahtani recently shared a tribute on the occasion of sad demise of the beloved and respected Kenneth Kaunda, known among the Zambians as well as Africa as the ‘Father of the nation and the African Union’. Dr. Kaunda was a person of many hats and though few hundred words are not enough to describe his passion and accomplishments, Dr. Mahtani did it beautifully via his eulogy shared via his company Mahtani Group of Companies.

Dr. Kaunda can be described as one of the most accomplished individuals across Zambia. Despite allegations here and there as well as difficulty in managing the economy, Dr. Kaunda did a fine job as the first President of Zambia. He was the independence hero of Zambia and had one of the most important role in the Zambian freedom. In his quest for Zambian independence, one individual provided significant support and that was late Lekhraj Mahtani, father of Dr. Mahtani. Late Lekhraj Mahtani was a councillor from Ndola who collaborated and supported Dr. Kaunda. This legacy has been carried on by his son, Dr. Rajan Mahtani. Dr. Mahtani has been instrumental in bringing infrastructural and economic growth in Zambia with his significant companies. Some of his top companies are Mahtani Group of Companies, Finsbury Investments and Finance Bank Zambia. Almost all of his companies are known to work towards providing opportunities to the less privileged, providing employment opportunities as well as engaging in charitable and philanthropic activities.

One of the most significant contributions from Dr. Kaunda was uniting more than 70 tribes across Zambia into one nation, standardizing the economy, public governance in the process. Even though Zambia has a long way to go before it becomes in-line with other developed and growing nations, Dr. Kaunda was instrumental in creating a path for the Zambian government and authorities. This is Dr. Kaunda’s legacy and this is what Dr. Mahtani as well as Dr. Kaunda wants the Zambian citizen and its government to follow.

Chairman of Finance Bank Zambia, Dr. Rajan Mahtani

Zambezi Portland Cement Remains Under Legal Ownership Of Dr. Rajan Mahtani

In the case of Zambezi Portland Cement, Dr. Rajan Mahtani finally received justice when Court of Appeal effectively dismissed the findings from judge Nkonde in behalf of the Lusaka High Court. Earlier, Lusaka High Court judge Nkonde has announced that the shareholding pattern at the Zambezi Portland were fraudulent and the majority shares of the factory remained with the Ventriglias. Dr. Rajan Lekhraj Mahtani was able to successfully challenge this appeal at the higher Court of Appeal.

On 31st January 2019, the Court of Appeal gave its final verdict in which it announced that Dr. Rajan Lekhraj Mahtani owned Finsbury Investments is indeed the majority shareholder and legal owner of the factory. At the same time, Finsbury Investments gave application for embodiment order regarding the shareholding value. After evaluation of this appeal, a verdict was given on 29th March 2019 according to which, the amount payable against the majority shares were confirmed at K580,000 based on re-denomination of the Currency Act- 8, 2012.

It seems like the Ventriglias were unhappy with the factory going to its rightful leader and decided to once again, disrupt the operations of Portland Cement by challenging the Court of Appeal’s decision at the Supreme Court Zambia. The Zambian Supreme Court is the highest legal authority of the nation and as such, the Ventriglias took a huge risk by appealing to this court. However, further evaluation revealed several issues with the claim itself. A bench of three judges was established at the Supreme Court comprising of judge Mumba Malila, Royda Kaoma and Michael Musonda. Together, they came to the conclusion that the Ventriglia family failed to comply with a critical regulatory requirement according to which, any appeal against previous court decisions must be made within two weeks of the court decision itself. The Ventriglia family took more than a year to make this appeal. As such, the SC rejected this appeal by the Ventriglias, ensuring that Dr. Mahtani remains the legal owner of the factory.

Chairman Finance Bank Zambia

Final Verdict Of Supreme Court Zambia On The Claim By The Ventriglia Family Out

Finsbury Investments is one of the top investment firms in Zambia, and the company is under the leadership of Dr. Rajan Lekhraj Mahtani. For major part of its lifecycle, Finsbury Investment has been fairly successful in its deals and ventures. However, one of the most challenging ventures of Finsbury Investments as well as of Dr. Rajan Lekhraj Mahtani has been the Zambezi Portland Cement case. The Zambezi Portland Cement is a factory whose majority shareholding was handed over to Dr. Rajan Mahtani owned Finsbury Investments after signing of the original shareholders’ agreement. Despite this official transfer, the Ventriglia family kept disrupting the operations of the Portland Cement by challenging legality of the Instrument. The Ventriglia family even crossed the line when they took over the physical factory with the help of goons.

Dr. Rajan Mahtani fought a long and tenacious case at the Lusaka High Court which lasted for more than a decade. However, he was defeated by the unethical decision from the Lusaka High Court judge which was obviously tainted and misdirected. However, Dr. Rajan Mahtani was able to successfully challenge this misdirected judgement at the higher Court of Appeal. On 31st January 2019, justice Mwinde announced that Dr. Rajan Mahtani is indeed the majority shareholder and legal owner of the Portland Cement Zambia factory and as such, the ownership was given back to him.

After more than 1.5 years of this decision, the Ventriglia family once again decided to disrupt the business operations of Portland Cement by challenging the verdict of Court of Appeal at the Supreme Court. A bench of three Supreme Court judges was established at the Supreme Court to evaluate this appeal. After evaluation, the Supreme Court bench found that they have no legal jurisdiction to accept this appeal from the Ventriglia family. They also revealed that this claim by the Ventriglia was questionable and did not fulfil the legal requirements to be accepted as a case. As a result, this appeal by the Ventriglia family was effectively rejected.

Dr Rajan Lekhraj Mahtani

Challenge By The Ventriglias Against Court Of Appeal’s Decision On Zambezi Portland Rejected By Sc

In the month of May, 2018, justice Nkonde on behalf of the Lusaka High Court gave a controversial decision to the Zambezi Portland Cement case which was initially registered by Dr. Rajan Lekhraj Mahtani. In this decision, the judge declared the Ventriglias as the only shareholders of the Portland Cement Zambia factory.

However, Dr. Rajan Mahtani was able to quash this unethical decision by immediately challenging this decision at the higher Court of Appeal. Judge Mwinde on behalf of the higher Court of Appeal announced his final decision on 31st January 2019. According to this decision, Dr. Rajan Mahtani was found to be the majority shareholder and legal owner of the Portland Cement Zambia factory with 58 percent shares. Judge Mwinde also discarded the previous decision from the Lusaka High Court and announced that the actual amount payable against the majority shares hold by Finsbury Investments is K580,000 as opposed to K580 million claimed by the Ventriglias.

After more than 15 months of this decision from the higher Court of Appeal, the Ventriglias again created a buzz around the cement factory by challenging the decision at the Supreme Court Zambia. To evaluate their claim, a bench of three judges was established. After investigation, it was found that the Ventriglias failed the legal obligation behind making such appeal. According to the law, any appeal against previous court decision should be made within 14 days of the court judgement itself. The Ventriglias did not comply with this compulsory legal requirement, making their claim out of the jurisdiction of the Supreme Court. Similarly, the Supreme Court judges’ bench declared that the claims surrounding the challenge by the Ventriglias were controversial and therefore, it was rejected outright. By rejecting this claim from the Ventriglias, the Supreme Court Zambia further strengthened the decision from the higher Court of Appeal which clearly states that Dr. Mahtani is the actual owner of the Portland Cement factory.

Dr Rajan Lekhraj Mahtani

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

Dr. Rajan Mahtani

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 31st 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. Mahtani & Zambia

Ventriglias challenge the decision from the higher Court of Appeal, rejected by Supreme Court

According to the latest decision from the Supreme Court Zambia, Dr. Rajan Mahtani is the legal owner of the Portland Cement Zambia factory. The case of Portland Cement Zambia is peculiar as it has been approached to almost all levels of judiciary system in Zambia. Portland Cement Zambia factory was established in the year 2004 and in 2006, a series of verified and legal shareholding changes made Dr. Rajan Mahtani owned Finsbury Investments as the majority shareholder and legal owner of the factory.

However, things took a tumultuous turn when the Ventriglias took over the factory via unethical means. This promoted Dr. Rajan Mahtani to approach the Lusaka High Court. The judge at the Lusaka High Court was justice Nkonde and despite sharing all relevant evidences and testimonials, the judge gave a controversial decision in which the Ventriglias were announced as only shareholders of the Portland Cement. However, Dr. Rajan Mahtani was quick to approach the higher Court of Appeal and after around nine months of case proceedings, justice Mwinde on behalf of the Court of Appeal announced his decision on 31st January 2019. According to this decision, Dr. Rajan Mahtani owned Finsbury Investments is the majority shareholder and legal owner of the factory with 58 percent shared and Ventriglias owned Ital Terrazzo Limited holds juts 42 percent shares over the factory without any legal ownership. The decision also confirmed that the actual amount to be paid by Finsbury Investments against the majority shares owned is K580,000 and not K580 million.

However, it seems like the Ventriglias decided to try their luck one more time by approaching the higher Court of Appeal. In their appeal, the Ventriglias challenged the decision from the higher Court of Appeal. A bench comprising of three judges was established by the Supreme Court of Zambia for reviewing the validity of the appeal. After the review, the appeal was rejected on legal grounds and circumstantial evidences. As such, Dr. Rajan Mahtani remains the only owner of the Portland Cement factory.

Dr Rajan Lekhraj Mahtani

Supreme Court Zambia Supports Decision From Higher Court Of Appeal, Rejects Ventriglias’ Claim

Dr. Rajan Lekhraj Mahtani is a known businessman in Zambia which numerous successful companies such as Mahtani Group of Companies, Finsbury Investments and Finance Bank Zambia. He is also known for his transparent and ethical business practices. Dr. Rajan Mahtani and the case of Portland Cement Zambia is well-known case within the Zambian corporate. The factory was unethically taken over by the Ventriglias and after that, Dr. Rajan Mahtani registered a case at the Lusaka High Court. Despite having all evidences and testimonials, the judge at the Lusaka High Court dragged the case for more than a decade and gave a misdirected judgement. To counter this judgement, Dr. Rajan Mahtani spared no time and approached the higher Court of Appeal. The judge at the higher Court of Appeal was justice Mwinde who after looking into the evidences and testimonials, announced that Dr. Rajan Mahtani owned Finsbury Investments was majority shareholder and legal owner of the Portland Cement Zambia factory. It was also announced Finsbury Investments held 58 percent shares while Ital Terrazzo Limited held only 42 percent shares at the Portland Cement Zambia factory, making the former majority shareholder and legal owner of the factory.

To receive further justice, Finsbury Investments applied for embodiment order and was heard by justice Mwinde from the higher Court of Appeal. After evaluating the appeal, justice Mwinde rightly announced that the actual amount payment by Finsbury Investments to the Ventriglias against the majority shares transferred to Finsbury Investments was K580,000 which aligned with the 2012 Re-denomination of the Currency Act-8.

Sometime back, the Ventriglias challenged the decision from the higher Court of Appeal. This appeal was made to the Supreme Court of Zambia and to evaluate the validity of the appeal, a bench of three SC judges was established. After evaluation, it was found that the appeal was legally not feasible as it was way behind the legal policy of making appeals. Furthermore, the judges also declared that the evidences were not satisfactory and therefore, the appeal was rejected.