Thursday, March 28, 2024

Rajan Mahtani resigns as Finance Bank Board Chairman

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Dr Guy Scott Acting President Of Zambia with Dr Rajan Mahtani Chairman of Zambezi Portland Cement during the Handing Over 129 houses of the Chiwala housing Project by Zambezi Porland Cement in Ndola Rural on 15-01-2015. Picture By Eddie Mwanaleza/ Statehouse.
FILE: Dr Guy Scott  with Dr Rajan Mahtani Chairman of Zambezi Portland Cement during the Handing Over 129 houses of the Chiwala housing Project by Zambezi Porland Cement in Ndola Rural on 15-01-2015. Picture By Eddie Mwanaleza/ Statehouse.

Finance Bank Board Chairman Dr Rajan Mahtani has resigned from his position following his arrest earlier today.

Board member William Nyirenda has since been appointed to act as Board Chairman.

In a brief statement, Finance Bank confirmed that Dr Mahtani graciously stepped down from his role with immediate effect.

‘Dr Rajan Mahtani was this morning charged on an alleged offence on which the state had previously issued a Nolle Prosequi dated 30th April 2012 and the Office of the Attorney General had a written undertaking that the matter was permanently closed,’ read the statement.

It added, ‘In view of this unfortunate development, Dr Mahtani has graciously stepped down with immediate effect as Chairman of the Board of Directors of Finance Bank Plc and Mr William Boli Nyirenda, S.C, a present member of the Board has been appointed to act in is stead.’

29 COMMENTS

    • Rajan has behaved excellently by resigning, his perceived crimes should not by any means be associated to Finance Bank! Such virtue is not common in Zambia!! Didn’t we have a certain MP committed to prison for a fake academic certification but still held on to his seat?? I hope more people learn from this…

    • In the USA Mahani could be serving a life time prison term with the likes of Allen Stanford on his 110 years conviction for fraud, perjury and extortion. FRAUD of securities is a serious economic crime which functional societies would never see you free on their streets again.

    • Mahtani’s game plan this time is to distance himself to try and save Finance Bank from sold for a song. His enemies are on him and he won’t escape them. They are shrewd and are reading him like a book. One blogger’s story that Mahtani grabbed RB’s house in a prime area for the none payment of a loan may be credible. The intention is to give Mahtani the test of his own medicine. Grab Portland cement from him, next Finance Bank then go for any other of his interests. After that he is finished and can have a depressed wife who will later die, possibly he dies from depression as well. It’s called tit for tat. Mahtani needs to finance a political party before they finish him. This time they might just get him before 2016 elections, they are ruthless.

  1. Is this the beginning of an end of grand crookedness?? Probably there is a light at the end of the tunnel, in a sorry state that the country Zambia has become??

  2. I think the Kachasu Man and his father Nyamasoya Egg Shaped Head must be cerebrating the latest development.

    I believe they must have even removed their ander-pants to cerebrate Mahtan’s resignation. The Kachasu man seem to be taking any advise given and directed by Nyamasoya for fear of losing the elections.

    Nyamasoya is happy that he has managed to direct the visionless drunkard to arrest Mr. Mahtan who he believes was going out with his first wife ‘Ronah”.

    Whatever happens, Nyamasoya and the Kacchasu Man will be rotting in cells come 2017.

    Drop created charges against the innocent Mahtan.

    • ba hildah malama, and foolish upnd you will go nowhere in politics in Zambia. to you crooks should be let free while innocent people should be caged.

      Ba hildah you and your upnd can not tell the difference between left and right.

  3. You believe this guy????????? Its a trick to distract attention from the bank he knows the next thing is that BOZ letter then share holding in the bank. He has been a crook all along.
    Ask him if he has resigned as watchdog chair! They mistakenly allowed comments on this story realizing their error, wiped out everything! Ofisanji mambala?

  4. Indeed the chickens are coming home to roost!

    And what is that nonsense in the statement by Finance Bank that the Attorney General undertook to close the matter permanently? What is wrong with crooks kanshi mwebantu, don’t they and us know the meaning of Nolle pros qui? That it means legally the matter can be re-opened? Is that what the former DPP cheated you with his prefence at law? Oh my, this is sweet, umunati sha! Chanzuna, nachilowa bane seni mulyeko!

  5. Mr Mahtani was cheated out of his US dollar 4.2 million by someone in exchange for a useless Nolle. Well I suppose he knew but just wanted to buy time?

    Mmembe and cartel made a terrible boob on the tribunal, delaying it in the high court was not such a good idea after all. You see, by the time the tribunal reconvenes the evidence before it will be much more overwhelming and convincing than before.
    And Mmembe has ranted so much in his Past news that we can use his running diarrhea mouth against him, all those meaningless bible quotations symbolic of “Do what I say, not what I do”!

  6. Do not vilify RB, the only advice which he probably gave Edgar is to sort out the scoundrels Mmembe and company if he wants to go past 2016 and to develop Zambia.
    And who would not take such wise counsel? Not HH, no you say? Well, certainly our Edgar is wise enough to heed good advice. And the missiles are dropping in places never imagined by Mmembe, our “smart Mmembe” being played fo.ol and I.dio.t.

  7. Mahtani’s resignation should not stop openly or transparently investigating what led to him losing the bank in the first place and how Sata gave him back the bank. The country needs to know whether the first loss was corrupt or whether Sata’s dictatorial handing back the bank was corrupt. Someone somewhere was lying in either transaction – We need FACTS.

  8. Kolopa.com. I am enjoying this. Who’s next?
    I will celebrate the day Mmembe and Nchito will leave Zambia for good.

  9. @CHILESHE CHEPELA MMEMBE AND NCHITO ARE NOT PUSH OVERS….IN CASE YOU NEW IN ZAMBIA,Lungu will leave office jst like Rb fred will always be at bwinjimfumu….

    • @ Bangweulu
      I never understand why your reasoning on such matters is very warped. There is nothing special with ka Mmembe, he is just, plainly put, a crook who will some day go down the Pablo Escoba way! No crook lives forever, one day time will just come and ka booom!

  10. Mahtani and Meembe these guys are swift and slippery. The have had issues with every government in power and some how have found their way out. Aba babili balishupako.

  11. Amin another Zambian born Indian was exporting Supersonic Radios to India. Good idea, but he was actually stuffing Kwachas(the Kwacha had value then) in those radios. He fled Zambia after being discovered.

  12. @Senior Citizen, mwilatubepa, the banking industry and Wall Street caused the meltdown, how many individuals are in prison now? 0!

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