Finance bank board Chairperson Dr. Rajani Mahtani has been freed from criminal prosecution of money laundering involving the illegal acquisition of 25 percent shares in finance bank limited.
Director of Public Prosecution-DPP-Mutembo Nchito instructed the magistrate court presided by Lusaka chief resident magistrate, Joshua Banda to discharge Dr. Mahtani.
This was after Drug Enforcement Commission Principal state advocate Gracilia Mulenga, who made the formal application informing the court that the DPP had instructed for the discontinuation of the case.
In this case Dr. Mahtani was facing charges of illegally acquiring more than 25 percent shares in finance bank and another count of money laundering involving K81.7 billion.
In the first count, the allegation was that between January 1, 2003 and December 31, 2009, Dr Mahtani acquired beneficial interest in voting shares of FBZ to enable him to control more than 25 percent of the total votes that could be cast on any general resolution at a general or special meeting of the bank.
It was alleged that Dr Mahtani did so without prior approval of the Bank of Zambia in writing, contrary to section 23(1), (2) (a) and (6) of the Banking and Financial Services Act number 21 of 1994 of the Laws of Zambia.
In the other count, the allegation was that between January 1, 2003 and December 31, 2009, Dr Mahtani, jointly and whilst acting together with other unknown persons, engaged directly or indirectly in a business transaction that involved the acquisition or retention of more than 25 percent shares in FBZ, whereby K81.7 billion was realised as dividends from the said illegal acquisition.
He was charged under section 7 of the Prohibition and Prevention of Money Laundering Act number 14 of 2001 of the Laws of Zambia.
[pullquote]“I am a born-again Christian and I believe in Christian principles. Vengeance is not mine, it is the Lord’s…I have forgiven them but I need to make sure that my international reputation, which was at stake, is cleared,” Dr Mahtani said.[/pullquote]
The charges and other numerous allegations triggered the seizure and subsequent sale of FBZ by the Central Bank to First Rand National Bank of South Africa.
The discontinuation does not come as a surprise following Government’s reversal of the sale of Finance Bank to FNB of South Africa last year.
The reversal was done three days after President Sata had constituted a commission of inquiry to investigate the sale of the Bank by the previous regime.
And commenting on the discontinuation of court proceedings against him, Dr Mahtani said he is relieved in that justice has been done.
He said he has no ill feelings against all the people who made false allegations against him and that he has forgiven everyone involved.
“I am a born-again Christian and I believe in Christian principles. Vengeance is not mine, it is the Lord’s…I have forgiven them but I need to make sure that my international reputation, which was at stake, is cleared,” Dr Mahtani said.
He cautioned people to avoid the culture of making false allegations against their perceived enemies. “They must realise that there is the rule of law and justice must prevail,” he said.
[MUVITV/ Zambia Daily Mail]
crooks r smiling as mutembo shows true colours with his first order of business
dont kubeba
Weldone Mutembo! Now lets go forward and work.
Instruments of power at work, Rb biggest looser on this one. turn of events kekekekekeke
PF govt has began handing over licences to national plunders and crooks in our nation to deplete all the remaining little resources left behind by the previous regime. We have argued before and recently an opposition party has informed Mr Sata not to create a smoke screen a fight on corruption in disguise in order for PF to rob and plunder massively the Zambian resources. Who can respect the DPP appointed by Mr Sata? Do these actions merit revisiting when PF will be no more? What goes round, comes around.
Boma ni Boma. Go on Mutembo, George Red Lips Kunda next sonny!
llegalities will take PF government nowhere. So will Mahtani hold on to shares above the legal limit allowed by the laws of Zambia?
You are here again you Indian Bunga Bunga why do you blog in so many names we know you fooolish boy.
Well done keep going PF you are in the right direction.
Just goes to show that Chilufya is not allergic to corruption and confirms the widely held view that the fight against corruption is merely a smoke screen to try and intimidate and weaken the opposition in Zambia. Great day for Mahtani but a sad day for Zambian democracy.
Firng on all cylinders what a boat. At pa clock yaaaaa he he he hen
When was Mutembo sworn in as DPP? He was not among the people sworn in by the President. So how can he make such decisions before taking oath of office.? Could someone with more information help us here
Regrouping of thieves!
Reminds me of Shrek 3. Prince Charming organizes the evil world and sure, they take over the Far Far Away, pillaging and plundering using a good populist message.
Starring:
Shrek (RB, complete with looks)
Charming (Sata, not exact looks)
Artie (Elias Chipimo Jr, wimp, scrawny but with good message and brains)
We shall keep on reversing issue like this one each time the Govt changes yaaa. But hey get to work now Ba kapumpa let us share!
ba mmd, the chap you publicly disgraced and humiliated is back. only that, this time he is wielding too much power. infact instruments of power. i feel for you thieves, you are all gonna go in.
time will tell..one day the same guys will face prosecution by another govt..
of course, why not. if they steal like mmd thieves, they will definetely be prosecuted. infact we are warning them not to dip their dirty fingures, if at all they are, in the national coffers cos we will follow them. meanwhile, since they have not dipped in, lets make sure that we support them deliver to our expectation(s) not haranquing them unnecessary out of hatred and malice. i will be back!!
Assuming that Nchito has acted according to the law and there really is NO evidence of wrong doing on the part of Dr Mahtani, are there no other cases that are before the courts right now that are involving poor ordinary Zambians which have no urgency of review? If there are cases like this, is it not clear therefore that Nchito has also acted politically, by prioritising a case in which further appearance before the courts does not disadvantage Mr Mahtani as it does those who without evidence but by reason of poverty are in remand prison? I submit, that we have exchanged one devil for another.
Think things need to go to court to show where they stand the purpose of the courts is to find the true not to put people in jail
All other appointments by mr. SATA were good until this one. Say what! Nchito might as well drop all charges against Xavier chungu. To think like myself, since Nchito is a Christian he would stand for justice. Even as strong a believer in destroying stereo types, Nchito is feeding the one of Bembas supporting criminals or being always blinded by money.
# First blunder by PF government.
# leave RB alone after this travesty
Ya, I also beg to ask, has Mutembo Nchio been sworn in? I ask because we could obviously have seen him in the Post, Times and daily Mail been sworn in by the president. If he hasn’t been sworn in, can he make that decision? Please learned colleagues, shed more light.
mwenye anikonde!
Who is interfering with the courts now? Let those PF cadres or supporters that used to say sensible things against thieves in the MMD, explain this one to me. Stop your blind following of Sata; MMD took us for a ride because as Zambians we easily forget, is this case taking a turn because Mathani financed the PF campaingn. Oh! Zambia how grand would it have been if a man of Miyandas integrity was elected president. Now we know how to vote so 2016 choose wisely.
At least Mathani has proved to be the real Zambian by owning a company. So all bloggers prove that you own something thats wen your comment can be taken seriously.
Lets call it the ‘Moron’s law of citizenship’
On this one Tyke Myson I truly agree with you. Kwame Nkuruma was a great leader, Sr. Seretse Khama was a great leader. ZAMBIANS, look at Botswana and Ghana today, because of their presidents that knew Africans were great kings and queens in days of old from Egypt to Timbuktu, they prioritized law and order. Development was a foundation some where on the side stone. How I wish we as Zambians would embrace our heritage like the Chinese; remember we saved baby Jesus.
@mwanawakwitu,
Take it off your shit, Mathhani never financed PF campaingns. Remember his source of income was sold to another company. Its therefore not possible for this guy to fund any organisation. Please let discuss issues not bedroom issues
@ Chief you really don’t want to start a war of arbitration nor words with me; not in my state of heightened alertness. Yes we will discuss bedroom issues ( marrying of people to their financiers ) because the PF campaign was in bed with Mathani, only a veiled king in new clothes didn’t know this. I stand up for my country and my people. This is a mockery of justice that affects you too. Whether rich, upper middle class, middle class, lower middle class, survivor or just plain broke; justice has been abrogated here.
I really like my president mr. MICHAEL CHILUFYA SATA, but he needs to start obtaining advice from people of level moral fortitude like Miyanda and Dambisa Moyo; or this time it won’t be thieving chickens that come to roost, but ostriches. Shaking my head in dismay. If a judge had dropped the case that would have been justice; this is as fishy as chisense.
I can not believe bloggers are condeming this move. The same mmd thieves sold this bank for a song, whilst RB et al got kick-backs. So what exactly are you suggesting should have happened on this Finance Bank issue????????? Don’t just criticize but offer viable solutions
@ Janet C we did offer viable solutions. He should have been taken to court so as he is proven innocent. The MMD illegally selling the bank is a totally different twine in a Forrest of spiders and their webs. Transparency is the key here.
The true traits of a criminal government. And then you claim you’re fighting corruption? Mutembo was put in his position to ensure Mr Sata and his buddies stole without legal hitches.
At least the bank is given to a Zambian and not foreigner.Most of money shall remain in the country.
# 17 Mature. What support is needed for PF to deliver to Zambians expectations? Voted into power by Zambians, what else? Zambians are waiting for tngible meanigful service delivery. We dont need 360 days for even one case to go to court or pay farmers in Mulobezi. A non performing govt is noticed with its exciting press statements to its citizens. Mahtani has cases that will be followed by the next govt. He clearly funded PF campaigns and has been rewaded. Fact are there for Zambians who have followed Mahtanis in Zambia.
Let justice prevail,here we come DORA
Funny how an important article like this one draws only 36 responses. Thanking all that did respond, good or bad; you have shown true character in stating your minds. Let this be about some politician calling another a bad name, then over 100 respondents. Smh same things different government.
Yesterday at Lusaka International Airport when sata failed to answer the question regarding the legality of Veep and then instead chose in his usual style to pour contempt on the learned lawyer GK,he said that soon he will swear in Mutembo as DPP cos he knows them better.Question:how can Mutembo start discharging the functions of DPP without being sworn in?Pls bane where are the lawyers before this country is destroyed?And that quick recovery message from sata to dora was malicious indeed.Sata should not mock people’s ailments.GK please continue and posterity will judge you cos other lawyers are cowards,they fear sata.
MUTEMBO the criminal Releases another Criminal.What a
DPP!!!
MUTEMBO we know you owe Mathani millions in dollars.
ITS PAY back Time .Could you also Pay back National Airports
The reminded departure fees which I once paid to Zam airways
When traveling to SA or is that case Also dropped???
This country is UNfortunate.
MUTEMBO the criminal.Wapya Munzi.Don’t kudabwa.
With stinking toilet acrobatic moves like these, one wonders how long this SataNIC charade masquerading as a government will last. It also vexes me deeply to note that instead of firing Muchenga who approved the prosecution of Mathani, Sata opted to promote him to the bench. I honestly doubt Sata’s sanity because all these glarring contradictions point to a mind riddled not by demencia or ignorance but pure psychiatric masalamusi. The man is sick in the head. And then there is the appointment of Chikwanda to act as president when Guy Scott, the veep, is on the country. Good lord god almighty save us from this satanic boat we have gotten ourselves into.
Have our learned colleagues become cowards and decided to bury their learned heads in the sand? The question is, has Mutembo Nchito being sworn in? If he has’t been sworn in, does he have powers to make decisions like that one for Mahtani? If he hasn’t been sworn in, it means he hasn’t even looked at the case because he hasn’t been availed the case files. Gentlemen, I am getting scared. Can someone please quickly explain?
AFTER 5YRS, CHANGE OF GOVT AND WE SHALL DEAL WITH THUGS IN THIS NATION, WATCH MY WORDS!
Cry my shallow country
MY PEOPLE, THOUGH IT MIGHT NOT SEEM THAT JUSTICE HAS BEEN SERVED, IT IS ONE IT’S WAY. THESE THIEVING FOOLS ARE TOO BUSY REJOICING TO EVEN NOTICE THAT WE HAVE HIM EXACTLY WHERE WE WANT HIM – ACCOUNTABLE. WHEN THEY SOLD THIS BANK THE RESPONSIBILITY OF CRIMES VANISHED. IT HAS TAKEN YEARS TO BRING THIS BACK ALL FOR THE PURPOSE OF ACCOUNTABILITY AND NOW IT IS BACK IN THE SAME HANDS, HE IS ACCOUNTABLE \:d/ WHICH ALSO MEANS HE CAN NOT PLAY THE VICTIM ANYMORE AND HIS REPUTATION WILL RUINED WORLDWIDE WHEN THE TRUTH IS RELEASED. THAT MY PEOPLE IS WHEN JUSTICE WILL BEGIN FOR THIS CORRUPT GREEDY MAN AND IT WILL GO ON UNTIL HIS DEATH AND BEYOND SO ALLOW HIM HIS FALSE SENSE OF SECURITY ;) THEY WERE ALL WARNED AND NOT ONE WILL BE LET OFF BUT THROUGH HIS OWN NON CORRUPT DEEDS. ENJOY
DK I AGREE HE MUST DIE IN HIS OWN MISTAKES!!!!!!!
FALSE ALLEGATIONS HAVE NEVER BEEN OUR M O AND IF THIS MAN EVER SAYS ANYTHING BUT THE TRUTH, WE WILL SEE HIM IN COURT BECAUSE WE HAVE EVIDENCE TOO. IT’S GOOD TO FIND GOD AFTER YOU HAVE DESTROYED LIVES AND FAMILIES ISN’T IT? I MIGHT DO THE SAME WHEN I AM DONE WITH THESE DEMONS