Mahtani unleashes agents on Watchdog
- Tuesday, February 9, 2010, 9:21
- Breaking News
- 42 comments
Finance bank owner Rajan Mahtani has unleashed his agents to find out who is behind the Watchdog.
Mahtani, according to one of the persons who came into contact with Mahtani’s agents, wants to know who the editors of the Watchdog are, where their officers are and any other contact details.
This is in a bid to block any information relating to the ongoing investigations by the Drug Enforcement Commission over alleged altering of shares in the Ndola based Portland cement.
Last Friday DEC officers grilled for four hours Zaida Essa, the lawyer for Rajan Mahtani.
Sources told the Watchdog that this was about allegations that she fraudulently altered shares in Zambezi Portland cement.
The fraudulent changes in shares is said to be in favour of Rajan Mahtani.
The complaint to DEC was lodged by Odys Mandenakis and Antonio Ventriglias. When reached for a comment, DEC spokesperson John Nyawali said that it is true Essa was summoned for an ongoing enquiry.
But this story apparently angered the mighty businessman so much that yesterday his agents ‘combed’ Lusaka for any hint of the Watchdog contact details.
The Watchdog is operated from outside Zambia.
A few years ago, a branch of Finance bank was closed by the Central bank of Malawi folowing allegations of money laundering.
Below is what the DEC is investigating:
Antonio Ventriglia and his family set up Ital Terrazzo Ltd a stone and tile making company.
Four years ago they decided to set up a cement plant in Ndola.
The family approached Rajan Mahtani to organise start up project funds for the cement plant.
Mahtani quickly proposed a stake in the company and the family gave up 49% shareholding to Mahtani.
The project required over USD100 million in start up funds.
Zambezi Portland Cement (ZPC) was born.
Mahtani arranged finance facilities from the European Development Fund (guaranteed by BOZ) and from COMESA’s investment and development wing, the PTA Bank of Kenya.
Mahtani proceeded to source more funds from his own bank, Finance Bank, Finance Leasing and from Barclays Bank.
All these funds were never credited to the Zambezi Portland Cement Account. Mahtani paid suppliers directly for the construction of the plant.
Only residual funds to cover salaries and petty expenses were credited to the ZPC account which was also controlled by Mahtani’s appointee, Peter Khana.
When ZPC exhausted its borrowing limits, Mahtani persuaded the Ventriiglia family to stake their family asset Ital Terrazzo Ltd, and their family houses as collateral for further loans.
He persuaded them to register another firm, Cladava Mining Ltd and heaped new loans on the two firms to help finance the cement project.
Mahtani imported and employed 120 ‘Indian expatriates’ to compliment the 460 Zambian workers!
When the company decided to increase the plant capacity from 600 ton per day to 1000 ton per day, costs ballooned.
The plant needed additional capital funds! He proposed a change in shareholding to 42% for the Ventriglia and 58% for his Group of Companies.
Later he revised the shareholding to 25% for the Ventriglias and 75% for the Mahtani Group. The Ventriglias obtained more loans from Trust Merchant Bank of Congo to help service their earlier loan commitment to PTA Bank.
With over due schedules, and without commissioning production, ZPC debts mounted and PTA Bank –Kenya, and Finance Bank placed the cement plant under receivership.
Mahtani through Finance Bank also placed Ital Terrazzo under receivership claiming that the firm was liable for the ZPC debts! He even registered mortgage debentures with Ministry of Lands against Ital Terrazzo.
The loans which were obtained for the benefit of ZPC were now to be paid by the Ventriglias!
Mahtani proceeded to lay a criminal complaint against the Ventriglias. On 18th July 2008, police on the Copperbelt picked Antonio, his wife and children locked them on fraud charges! Their passports were confiscated and their travel outside Zambia banned!
They police charged the Ventriglias with offences of obtaining money by false pretences. The loans obtained were now sought under false pretences! To date, the matter has never seen the light of day in court!
Mahtani has proceeded to encumber the Ventriglias with numerous court actions. He has proceeded to change ownership of Zambezi Portland Cement without bothering to obtain consent nor authority from the Ventriglias.
At the last Zambia International Trade Fair, ignoring the pending cases in court contesting the shareholding of Zambezi Portland Cement, Mahtani informed the country that ZPC would commence production by August 15th 2009. He stated that the reported dispute with ‘minority shareholders’ had been resolved! (The Post 8th July 2009).
Antonio Ventriglia and Manuel Ventriglia have since lodged an official complaint to the police on the Copperbelt reporting the fraudulent manner in which Mahtani changed the shareholding of ZPC.
The family accuses Rajan Mahtani of stealing their shares in Zambezi Portland Cement. The family allege that the family shares were transferred to Finsbury Investments fraudulently, without their consent and knowledge.
They accuse Mahtani of even forging signatures on the share certificates submitted to PACRO by Mahtani’s agents.
To verify and support their claim that Mahtani forged their signatures, the family hired Jannie Viljoen Bester of South Africa. Bester is an international handwriting expert and document examiner who is a member of the South African Forensic Society.
Bester has confirmed and collaborated the claim of fraud and forgeries on documents submitted to PACRO Zambia.
Bester’s report is dated 28th October 2008 and sworn in the Registrar of the High Court in South Africa (Transvaal Division) for authentication for authority.
This matter was further reported to the DEC, and Police Service Headquarters. When Mahtani learnt of this, he called the family and mocked them that their allegations ‘’ will go nowhere since he runs a parallel government!’’.
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Boss Mahtani,
we can excuse your business deals with fellow Asians. But if you hurt any of these boys, we shall burn you and finance bank together. Why hunt journalists? They only reported what is going on. Foolish
When Chiluba a fellow crimanal locked up this criminal for his long fingers in the Carlington Maize deal he cried foul and he went to live in London after a few days of prison..he has eaten with both hands now this is out we demand justice once and for all….
Pity the post missed such a scoop am sure he would have been terrified to approach them with such dismissal but am sure one GM in collaboration with NN must have ‘killed’ the psot story…
This mahtani i d i o t should know that Zambian blood is more expensive than all his dubious businesses combined. Should anything happen to the ZWD journalists its Mahtani responsible!!!
When Sata talks about reminding foreigners that they’re are guests in this country and that they should respect the indigenous, muppets like SENIOR CITIZEN and his boss red lip rise up shouting ‘he’s a racist, he’s does like investors blah bla bla..’. Now here is an Indian bragging that he runs a parallel government, i wait to hear what senseless Senior citizen would say about this.
Here we go again! Mahtani is once again accused falsely. He has nothing to do with the allegations. Watchdog be aware that the articles you are writing about are sub-judice and you will have to accept responsibility for any consequences that may arise. Suggest you leave the matters with our Courts who are competent to deal with them. Why must you be bribed by the culprits?
Quite an interesting 411 there by one christain in the name of mahtani. Ive always said poverty is the greatest sin ever coz u tend to be compromised. These guys with a bright idea would not have sold it to mahtani had they had the cash. Same goes to the police service, there is enough evidence to arrest this mahtani but as he says he runs the govrnt.
Sounds like a mafia movie. Mahtani’s days are numbered just like anybody.
iwe chimahtani, don’t think you will be clever forever. Why don’t you just fight with your enemies. My friend, journalist may appear small, but history teaches us that they bring empires down. You may have fought governments, but journalists fight diferently. They have the last word. Look how big this story is becoming. The malawi dirty has been brought in. Am sure these guys are now digging. My advice is back off before you expose yourself more.
I still don’t get it why u can’t comment on matters before the courts!
Leo, the way you talk about bribes, it seems you are good at it. Tell us more. Are you the one who carries the bag of money for this chap to bribe people? A colleague whispered to me that the police are closing in while you are chasing journalists. I respect watchdog a lot. I remember when sajid itowala was murdered, it was only watchdog which was writing the story until mohani was arrested. That was when ordinary newspapers jumped in because it was now safe. This story is getting bigger. Just wait
You know people with humble beginings forget where they come from once they hero worship a rogue but this is what happens when a Grade 12 drop out joins the respectable business of banking and then gets some humble unrecognised certificate from a non-descript colleague in India and then goes to some collage in the UK with an MBA but comes back less wiser then they went in…but I guess if I picked your bills some of you would sale your soul…
we shall wait and see who the law breaker is!
Mwana wa poho yensu, you have your facts wrong and it is apparent that you have no conscience. As you rightly say, he is a Christian and accountable to God. He appreciates that those in leadership are ordained by God. How can he run a parallel government? He chose to voluntarily close Malawi because of political interference. Who was the loser? How many people have lost employment? This is African politics my friend.
Errol
Political interference can be both negative and positive. Now u havent mentioned to me how What makes him clean ( Mahtani) My point earlier was that because of his persived political inclination he has, he knows no one can dare arrest him.
Why is it that everyone is only criticising the one who is giving the money, what about those that receive the money?? They are both at fault, is it not? It is the nature of every business man to bribe! But the people with greed for money, the ones who receive these bribes, how about stereotyping their nationality and religion?!! He is merely (like ALL other rich people) taking advantage of imperfections in the system, and doing it better than everyone else!! But getting to the point, if there is any truth to the title of the article, then it only goes to show that indeed, the pen is mightier than the sword!
This author recently discovered the exclamation mark! Wow! Every other sentence terminates with an exclamation mark! What a writer!
LEO STOP BEING MAHTANI!!!!!!!IT IS CLEAR THAT YOU ARE MAHTANI!!!!!!
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This Mathani thief has also been at it with Kavindele, and the new Odys complex at Arcades which he wants to take in the same manner as Zambezi Cement. He is really a crook this man. As for running a parallel GRZ may be we should let RB deal with this idiot.
All Indians are naturally corrupt. Their population should never be allowed to increase any further in Zambia. They are like vermin!
Scott, that is how far you and your fellow Indians can go
I salute you Watchdog for operating this publication outside Zambia. Given the kind of suff you put here, these criminals would have you murdered in minutes. You made a wise decision. Please continue giving us such insights. Those of you who think such news can be published innewspapers like the Post don’t the level and type of corruption this country has.
Mahtani, find a better way of handling these Watchdog chaps. Talk to them. Intimidation seems not to be working. Am told one of them was asking for your files at PACRO this morning. I can only speculate what will be published next here. And am told this blog is read by thousands of people in and outside Zambia.
Gentlemen and ladies,
Well,the innocent Zambian indigenous have been working in our midest with this “thief Mathani” and he proudly announces that is running a parrallel govt. This is teasonable. This criminal MUST be arrested without wasting much of Zambians’ time.
Mathani has stolen from Zambians, has continued to bring unqualified Asians for check labour, igoring all cries for qualified Zambians that he needs to Zambianise the bank. How can an institution such as Finance bank have 13 expatriates when bigger banks such as Barclays, Stanbic, standard chartered bank maintains only 1 expatriate.
Noel Nkoma is “chola” boy, his time is up since this is the person who has poisoned most of the highly integrity Zambians who have since left the bank. Noel, we know that you only have a certificate in Marketing and unclassified MBA, but only have risen through reporting your Zambian collegues in the bank. You shall surely perish together with your heartless Mathani. But the way Noel, Stop your prostituting habits because you have infected a number of small girls with …….
Zambians,
I totally agree with the previous writer.
Look at these statistics of staff at Finance bank.
MD Dick King-Foreigner
DMD Barkat Ali (Chemical Ali)-Foreigner
Exec Director Credit Ishrid Ali -Foreigner
Director Special Project Peter -Foreigner
ASS Director Treasury Matt Khan – Foreigner
Director Facilities Mrs Pathak Uma -Foreigner
Director IT Ghazi Sharhzard- Foreigner
Exec Director Finance Abraham Gervhaeeger- Foreigner
and so on and on, the list is long with foreigner who he continues to use for money laudering dirty games. Remember in 2006/7 when FTJ told Mathani that one day his day of reckoning will come….. it is nearing. Zambianizje the bank or shall truely face dirty deals… This time there is NO mwanawasa to protect YOU and your cohorts.
Send them all back to India including the DEC, Task force, ACC and any other “witch hunting” tool that our so called leaders come up with. Maybe some senior politicians and senior officials of the above organisations are in Mahtani’s Pocket. WAY TO GO WATCHDOG: Expose these dirty people walking our mother Zambia streets.
The call to justice has finally come for Mathani, we hope he can still remain in Zambia.
ALL INDIANS ARE VERMIN!! THEY SHOULD GO BACK TO INDIA! WHERE ARE THE ARMED ROBBERS…WE SHOULD USE ARMED ROBBERS TO ROB THESE GUYS UNTIL THEY GET OUT THE COUNTRY…!!!
MAHTANI NGA WAIKATA WATCHDOG WAFWA!! WE WILL TRACK YOU DOWN UNTIL WE FIND YOU! ZAMBIA IS OUR COUNTRY NOT YOURS! GO BACK TO THE SLUMS OF BOMBAY…
To those in the knowhow,what mahtani has done to ODYS is criminal.the guy has grabbed all that investment from a friend at no cost but pure fraud.FTJ kamuntu sana.he made that con pay the price but ba levy succumbed toa dear friend and partnered in zambezi portland i hear.bwafya
My fellow journalists. Let us be ethical and professional in our reporting as this type of articles merely reduces us to ‘gossip mongers’ and demotes our principles to ‘tabloid reporting and threats.’ Let us be reminded of the fact that there are two sides to a coin and unless we have checked the article we cannot be constructive. Have we spoken to Mahtani? Does anyone know whether the ‘agents’ are from Mahtani? Or are we scared of the repercussions now that we have given cause to Mahtani to institute proceedings? I have checked with the High Court in Lusaka and all the matters you have mentioned in your article appear in this case. In addition there is an injunction preventing the Italians from purporting to be shareholders and making any statements directly or through their agents. Now they are in contempt and those aligned to this article are also in contempt! The bribes will not be sufficient to settle the contempt charges! Let us be proud to be Zambians and not make allegations just because we are induced. Shame on you!
They say each dog has its day! Bank of Z should also audit how funds given to financebank for onward lending to various sectors have been utilized. This man may have been using these funds to lay as bait to vulnerable customers. I also hear there is one pakistani who was involved in the defunct finance bank malawi but is now operating as a defacto director of treasury.This man has not been cleared by bank of Z and he is being hosted by mathani in his office with full knowledge/ blessing of immigration.
Imwe chimahtani has again proven his true colours!!!!!!!He is a crook and deserves to be jailed for having taken over Zambezi Portland Cement and Ody’s hotel with fraud!!!!!!!
Deport Mahtani
WOW! What a sensational story! What a response! The writer has just discovered exclamation marks! You gotta love the watchdog! It’s got well-trained journalists! Yes?! No?! Maybe!
Apologies if I go off topic now.
Anyways, if this story is true, then it’s people like Mahtani who are further pushing our reputation as Indians to the ground, when this is actually the time that we are supposed to be building bridges for the betterment of the country. We Indians (5th generation or fresh-off-the-boat types) are already hated for a number of reasons, some justified but in most cases, for no good reason. That we are despised, we are very much aware of.
So to read comments that call us vermins(!) or want us to go back to India (wishful thinking) come as no surprise to us. We have been at the receiving end of these insults, taunts & sometimes even violence ever since I can remember. All it does is expose the xenophobic tendencies that exist in frustrated Zambians who are directing their anger at a mostly passive group of people who have got very little to do with the problems Zambians are facing.
It’s the easy answer, but try not to stereotype. Judge Mahtani alone for this, not the whole Indian community.
In all fairness, ZWD, kindly delete some of the comments. People will be forced to debate level-headedly if you do not entertain such racist comments.
why does it not appear?
RB’s next flight tomorrow.
Apologies if I go off topic.
Anyways, if this story is true, then it’s people like Mahtani who are further pushing our reputation as Indians to the ground, when this is actually the time that we are supposed to be building bridges for the betterment of the country. We Indians (5th generation or fresh-off-the-boat types) are already hated for a number of reasons, some justified but in most cases, for no good reason. That we are despised, we are very much aware of.
So to read comments that call us vermins(!) or want us to go back to India (wishful thinking) come as no surprise to us. We have been at the receiving end of these insults, taunts & sometimes even violence ever since I can remember. All it does is expose the xenophobic tendencies that exist in frustrated Zambians who are directing their anger at a mostly passive group of people who have got very little to do with the problems Zambians are facing.
It’s the easy answer, but try not to stereotype. Judge Mahtani alone for this, not the whole Indian community.
In all fairness, ZWD, kindly delete some of the comments. People will be forced to debate level-headedly if you do not entertain such racist comments.
Fellow Zambians, if Mahtani is wrong let it be!let us blame the man! but let us not discredit all Zambians of Indian descent!it an alarming fashion this intolerance to persons whose the Zambian law has granted citizenship or accomodated, as if we Zambians are saints. If this spirit of XENOPHOBIA goes unchecked:ZAMBIA will be an island with indigenous natives. since xenophobia as favorite SPORT, will clear all the foreigners, then lack of opponents will create a new game to pratice among ourselves: TRIBALISM . after all, BANE can someone tell us :which nation over the earth is without other humans from other part of the globe? may be that why our immigration laws refer to these fellow human beings as ALIEN!if so from which planet?
guys lets not be emotional about such issues.it matters less who the fella is.he/she can be anyone as we should know by now everyman is capable of anything.
this stereotyping of indians is very wrong just it’s wrong for one to label me as africans being scandalous just because a few of my type engage in fraudulent activities.
we have worked with very hardworking indians before and they should not appologise for their discipline but we should learn how they do it and what drives them?
to all those calling indians names stop being shallow minded as we your relatives are in foreign countries aswell.
Guys with money are evil, and yet they spend so much time in church. I see Mahtani at Miracle Life Family church in Lusaka almost every Sunday; and you know what? He has a special place in front. Funny what money can do. It can even buy you a grandstand ticket in Church.
Not all Indians are bad pipo. All the Indians practising education and medicine, even those poor Kamwala traders should be left alone to conduct their business. If Mahtani has committed a crime, his hour of reckoning has come. God bless the Zambian Watchdog.
I HAVE KNOWN MONEY TO BUY ANYTHING EXCEPT DEATH. IN A POOR COUNTRY MAHTANI WILL EMERGE A WINNER ——