Dr. Rajan Lekhraj Mahtani is a noted figure in Zambia, known for his business acumen, successful ventures as well as charitable and philanthropic contributions to the Zambian society. He is the owner of several top companies in Zambia and is known for his significant philanthropic as well as charitable contributions towards the development of the Zambia economy.
Finsbury Investments is one of the top companies instituted by Dr. Rajan Mahtani. The company recently registered a complaint against one of the top banks in Zambia for conspiracy and fraud. This bank was ESATD (Eastern and Southern African Trade and Development). In their complaint, Finsbury Investment stated that in the year 2012, the bank without giving any notification to the plaintiff or Finsbury Investments as well as without processing any application form, issued a bank letter. In this bank letter, it was written that Finsbury Investments is agreeing to the changes in the shareholding of Radisson Hotel. In this letter, it was written that the shares owned by Finsbury Investments of the hotel are being transferred to Ody’s and the shares can be distributed to the family members of the owner of Ody’s.
Finsbury Investments claimed that this letter was issued without any knowledge of the company and as such, it was an unethical and illegal act from the bank. Furthermore, this unlawful increase in shareholding by the Odysseas Mandenakis family resulted in Finsbury Investments losing their application for injunction on the grounds that it was no longer major shareholder at the Radisson Hotel.
Finsbury Investments had to halt several of its projects within Zambia as well as numerous business opportunities and prospects. As a result of this unethical share transfers, Finsbury Investments has suffered significant losses and it has also threatened the long-term viability of the company. Justice is expected from the Lusaka High Court soon in this matter.