FINANCE Bank Zambia Limited board chairperson Rajan Mahtani has resigned in order to protect the interest of the bank and to also defend himself from allegations made against him.
According to a statement released by Finance Bank last night, Dr Mahtani’s resignation is with immediate effect and the board of directors has since accepted his decision.
“In his letter of resignation addressed to the board and copied to Dr Caleb Fundanga, Governor of the Bank of Zambia, Dr Mahtani said the decision to resign was entirely in the interest of the continued prosperity of the bank and in order to freely defend certain allegations made against his person and thereby protect his integrity and that of the bank,” the statement reads in part.
According to the statement, the Finance Bank board of directors convened an extra-ordinary meeting during which they accepted Dr Mahtani’s resignation.
They thanked him for the decision he made in the interest of the bank.
Dr Mahtani thanked Dr Fundanga and his team, the board, management and staff of Finance Bank Zambia for the support and understanding during his tenure of office as board chairperson.
A suitable replacement for Dr Mahtani will be announced soon by the bank’s board of directors after consultations with various stakeholders.
Dr Mahtani is one of the people appearing before the Magistrate court for the alleged money laundering case by Zambezi Portland Cement Limited, which is a subsidiary of Finance Bank Zambia Limited.
Last week, the Drug Enforcement Commission (DEC) officers raided Zambezi Portland offices housed within Finance Bank Limited office on Cairo Road to carry out investigations.
Later, Finance Bank Zambia Limited corporate affairs manager Mr Noel Nkoma released a statement categorically stating that the developments at Zambezi Portland Cement Limited had nothing to do with his bank as the company was just a subsidiary of his bank.[Zambia Daily Mail]