Chairman Finance Bank

Dr Rajan Mahtani

Forbes And Fin Present ‘Best Of Africa’ Awards 2021

The Forbes-FIN Philanthropy and Leadership roundtable conference was recently completed in Africa. Due to the ongoing coronavirus pandemic, the roundtable conference was held online unlike the usual scenario wherein the event is held in New York during the United Nations convention. Nonetheless, it was one of the most important business and corporate events across Africa and saw participation from several personalities from diverse fields. The event saw participation from policy makers, members of international as well as national business communities, opinion leaders, politicians, entrepreneurs, religious leaders as well as international investors. Mark Furlong who is the publisher & founder of the FAM (Forbes Afrique Media) and Forbes International anchored the event. Dr. Rajan Lekhraj Mahtani was one of the honorary speakers during the event.

One of the main highlights of the event was the Forbes ‘Best of Africa’ award ceremony. Analysts already slated this event as one of the biggest & most prestigious events in Africa. The award ceremony celebrated the significant personalities who continuous provide positive influence and contributions across business, leadership, political as well as economic landscape across Africa. The Forbes ‘Best of Africa’ awards hold further significance as it is given after months of exhaustive and intense research followed by thorough verification process by Forbes and FIN.

Dr. Rajan Mahtani was not only one of the honorary speakers during the event, he also received one of the prestigious ‘Best of Africa’ awards. Dr. Rajan Mahtani was presented with the Forbes ‘Outstanding Entrepreneur of the Year’ award 2021 for his contributions towards Zambian economy as well as redefining the financial industry of Zambia. Dr. Rajan Mahtani’s company Mahtani Group has established its base across several sectors such as energy, mining, real estate, agriculture, insurance and finance. Across all these sectors, Dr. Mahtani has created job opportunities and growth for the provinces. Also, Dr. Mahtani has made significant philanthropic contributions over the years including founding the Prison Fellowship Zambia and the Stephen Malama award giving scholarships to law graduates.

Dr. Rajan Mahtani Hires International Law Firm To Claim Fraud Allegations

Atlas Mara is a banking & financial group that started to make rounds after its launch in the year 2013. It was floated by Bob Diamond, a popular businessman and former boss of the Barclays. The banking group is listed at the LSE (London Stock Exchange) and was floated in Africa with the objective of becoming a banking and financial giant. To fulfil this objective, Bob Diamond’s company Atlas Mara underwent several acquisitions, takeovers and mergers to expand the operations and gain higher market shares. One of these acquisitions was of Finance Bank Zambia. Dr. Rajan Lekhraj Mahtani is a noted business tycoon and serial entrepreneur in Zambia with several successful business ventures under his name. He is known for top Zambian companies such as Mahtani Group of Companies, Finsbury Investments as well as Finance Bank Zambia. The takeover of Finance Bank Zambia by Bob Diamond’s Atlas Mara took place in the year 2015 under an agreed upon share sales & purchase agreement. Based on this agreement, Dr. Rajan Mahtani owned Finance Bank Zambia was taken over by Bob Diamond’s Atlas Mara for an undisclosed amount.

However, Dr. Mahtani has now claimed that Bob Diamond’s company Atlas Mara has breached the terms of the agreement by failing to make the payment associated with the sale. As such, Dr. Rajan Mahtani has claimed multi-million pound damages against Atlas Mara over disputed purchase. Representatives from Bob Diamond’s Atlas Mara have said that claim by Dr. Rajan Mahtani is fundamentally weak and without merit. As such, Dr. Rajan Mahtani has now approached international law firm Omnia Strategy for taking up the case to the London High Court. Omnia Strategy is a renowned international firm known for its owner Cherie Blair. Apart from Dr. Rajan Mahtani, there are several other investors who have made similar claims against Bob Diamond’s Atlas Mara and these claims have reached to the tune of 100 million pounds.

Dr. Rajan Mahtani

Dr. Rajan Mahtani’s Philanthropic Work Praiseworthy, News Article Reveals Details

Dr. Rajan Lekhraj Mahtani is one of the most respected and celebrated businessmen in Zambia. His contributions extend not only in successful business ventures and providing opportunities for FDIs in Zambia, but also across philanthropic and charitable activities. Dr. Rajan Mahtani is known for his several volunteering activities and philanthropic contributions for the oppressed and less privileged sections of the society. He is also known to promote education and work towards providing opportunities for deserving students and candidates for their dedication and passion. A fine example of this philanthropic activities was the Steven Malama award. This award was established by Finance Bank Zambia, whose Chairman is Dr. Rajan Lekhraj Mahtani. The award was created in the year 2013 in honour of Late Steven Malama, a noted lawyer in Zambia. This award is given on an annual basis to the best graduating candidate from the ZIALE (Zambia Institute of Advanced Legal Education), who has successfully passed the Bar in their first attempt. Thus, the award is an opportunity to raise awareness about the importance of education for the economic and social development of the nation.

The award for the year 2018-19 was received by Emmanuel Bwalya Kaluba, who was the best law graduate cracking the Bar. After receiving this prestigious award, Emmanuel Bwalya Kaluba gave a praiseworthy and thankful appreciation to Dr. Rajan Mahtani in the form of news article at the Daily Mail. In this news article, the deserving candidate thanked Dr. Rajan Mahtani and Finance Bank Zambia for the significant opportunity and improving the motivation of the future classes to study hard. The award is also a means to attract future generations and young students to pursue the legal career as lawyers and legal counsellors hold significant position within the society. Apart from a plaque and a certificate, the award also gives an amount of K15,000 to the graduating candidate.

Zambezi Portland Cement

False Accusations Against Dr. Mahtani Discarded, Actions To Be Taken

Dr. Rajan Lekhraj Mahtani has made a name for himself with his honest business practices and transparency in all his work activities and corporate decisions. Even with having to work in a nation filled of corruption, unethical practices, Dr. Rajan Mahtani has been able to keep an honest and clean image. With this clean image, Dr. Mahtani has established numerous successful businesses such as Mahtani Group of Companies, Finsbury Investments and Finance Bank Zambia. Apart from Zambia, Dr. Mahtani has many established businesses across several parts of the globe such as United Kingdom. As such, it can be said that Dr. Mahtani has played an instrumental role in improving the economic and financial condition of the nation by bringing foreign investments within the nation.

With his honest and ethical business practices, Dr. Mahtani was able to establish a network with politicians, business moguls and notable experts in the field of economics. Dr. Rajan Mahtani remained a good family friend of Zambia’s late president Levy Mwanawasa, till his sad demise. However, things took an unprecedented turn during mid-2019 when Miriam, daughter of the late Zambian president Levy Mwanawasa, accused Dr. Rajan Lekhraj Mahtani of illicit allegations. In a Facebook article, Miriam claimed that Dr. Rajan Mahtani wanted to inherit the farm they owned in the Masaiti District. It was certainly an outrageous claim and was unexpected from the daughter. Very soon, questions were raised on Miriam itself regarding the authenticity of the claim. If her claim was actually true, why didn’t she approached legal counsel rather than blatantly posting on social media without any evidence.

After this news, Dr. Rajan Mahtani immediately reverted that this claim was absolutely invalid and without any evidences whatsoever. Dr. Mahtani expressed his concern for this unethical and unprofessional behaviour against him and requested appropriate actions against the former President’s daughter for this blatant use of social media and sending false accusations.

The Case Of Portland Cement Zambia Is Peculiar With Two Different Court Decisions

Zambia is a developing nation and as a result, faced several issues such as corruption, bribery and similar unethical practices which turned the legal and justice system devoid of transparency and ethics. Dr. Rajan Mahtani has been a long victim of this unethical system and the case of Portland Cement Zambia is a prime example. Dr. Rajan Lekhraj Mahtani is a noted businessman in Zambia who has been fighting for the legal takeover of the Portland Cement Zambia for more than a decade. The case was first registered at the Lusaka High Court after Dr. Mahtani claimed that his factory was illegally taken over from him. Despite sharing numerous evidences and testimonials, Dr. Rajan Mahtani was not given justice. After more than a decade of case proceedings, justice Nkonde from the Court of Appeal finalised that Ventriglias were only shareholders of the Zambezi Portland Cement. It was a controversial judgement and as a result, Dr. Rajan Mahtani was left with no other option than to approach the Court of Appeal.

The Court of Appeal is one of the highest civilian and judiciary legal system in Zambia and as a result, expectations were high from this court. The judge at the Court of Appeal was justice Mwinde who gave the final judgement on 31st January 2019, nine months after the case was registered there. The decision was made after looking into all evidences and testimonials. According to the final decision from 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. This decision from the Court of Appeal aligned with original shareholders agreement and based on this fact, it is established that Dr. Rajan Mahtani is the legal owner of the factory.