Mahtani Loses Arbitration Claim against Ventriglias

A group of foreign investors in Zambia have secured a major international legal victory against one of the country’s most powerful businessmen, Rajan Mahtani, a close ally and financier of President Michael Sata.

According to an award decision dated 15 December 2013 from a Swiss arbitration tribunal in the case of Dr. Rajan Mahtani VS. Claudio Ventriglia, Antonio Ventriglia, and Zambezi Portland Cement, the court ruled strongly in favour of the respondents (the Ventriglias), dismissing the majority of Mahtani’s prayers for relief, which included a wide range of damages to quantified at a later date, likely totaling millions of dollars.

However, the Arbitral Tribunal dismissed all of Mahtani’s claims against Respondents 1 and 2, and was only successful on a small portion of his claims against Respondent 3 (Zambezi Portland Cement).  None of the parties were found to be responsible for repayment of arbitration costs.

The source of the dispute behind the arbitration relates to the repayment of a loan from Barclays Bank for the construction of a cement plant in Ndola on behalf Zambezi Portland Cement, a company which has been dragged into a scandal following the alleged illegal deportation of foreign investors and a complex takeover of the company through extra-judicial methods by Mahtani.

Mahtani has been involved in other controversial business transactions related to his proximity to the ruling Patriotic Front party.  In 2011, his bank was taken over by the Bank of Zambia for failing to comply with national laws concerning the concentration of ownership (a forensic audit discovered that Mahtani himself was a majority shareholder through front companies).  Within 10 days of President Sata’s election, however, the bank was returned to its former owner, and a conviction of forgery (relating to control of Zambezi Portland Cement) was overturned.

Additionally, according to an investigative article published in the Mail & Guardian, Mahtani is also being sued by the British businessman Steven Singleton on a broken financing deal for a private hospital project involving South Africa’s Industrial Development Corporation (IDC), while another local businessman has accused him of violating a contract on the financing for a hotel project.

5 Comments

  1. zedian

    Mahtani don’t post your articles on the ZWD and close comments, open the comments as you are a big crook,only crooks hide like rats and you are a rat!!! let see when your friend ukwa dies then we shall see how you will dance !!

  2. FRED PHIRI

    ZWD is paid by the RAT , Mahtani, everybody is aware of this even the same Ukwa. RAT when your friend Ukwa dies you will just run back to London…..ahahahahahahhahahaha. What a Crook, the biggest Zambia has ever had. !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    • Chita lodger

      Mahtani is a crook, money launderer and enemy to Mother Zambia. The pathological liar and schemer through his sister Mary Schultz and brother-in-law Gabriel Schultz have been cheating gullible Zambians, foreigners and governments alike.

      On portland cement, late Mr. Steven Malama, an unprincipled lawyer and cCairman of Zambezi Portland Cement, used the blank page in the minutes book to creep in the resolution of change of shareholding structures.

      On Finance Bank, DEC has all the documents and it has been published and available online. He through his crooked sister, brother-in-law and two gullible gentlemen from Sri Lanka and USA masterminded and created bogus shareholders. When the cunning Mahtani was tipped by a traitor operating from DEC he rushed to tell his sister to give a statement that she holds shares for him. DEC was about to write to Canadian Government of money laundering and tax evasion by Mary Schultz and Gabriel Schultz, who are Canadian Citizens.

      The crook shall open comments on Zambia Watchdog and some of us who have been in the system and removed from our positions by equally crooked government of Sata will disclose more of his dirty deeds. Why is everybody forgetting Maureen Mwanawasa on shareholding of Zambezi Portland Cement?

      Law enforcement agencies shall investigate how many passports Mahtani, Mary, Gabriel and their families hold?

      • eagle's eye

        Wow! what an interesting insight into this international crook and con man’s life.

  3. Christmas times

    Cannot we forgive each other and in the spirit of Christmas move on?

Comments are closed.