Economy

Mahtani Seizes ZNBC Land

Mahtani-KapumpaFinance Bank Chairman Rajan Mahtani has recently seized control of a prime plot of land belonging to the state broadcaster ZNBC, a source tells Zambia Reports.

Mahtani’s bank exercised a preemptive call to grab the plot, which had been put up as collateral for a loan from Finance Bank to the borrower Chibamba Kanyama, the former Director General of the television broadcaster who resigned from his position after running into political differences with the sitting government.

Kanyama had allegedly taken out a loan worth K18 million rebased, and put down the deed to the ZNBC plot in the Twin Palm area, which is currently occupied by a rental apartment building.

“The money was borrowed over a period to pay workers’ salaries. But ZNBC surrendered the title deeds as surety. As we speak, that land is gone and Mahtani’s creditors have moved in with plans to put up blocks of flats and a shopping mall,” the source said.

The source says that borrowers are likely to become more wary to taking loans from Finance Bank as Mr. Mahtani develops a reputation for asset seizure, including the disputed takeover of the Zambezi Portland Cement company and the Radisson Blu Hotel in Lusaka, which were both seized following highly controversial diputes.

Mahtani has recently announced that Finance Bank would launch initial public offerings on stock exchanges in Lusaka, Johannesburg, Nairobi, and London before the end of the year, however some questions remain regarding the feasibility of the listings. Mahtani is also working with a UK-based company Sunbird Bioenergy to build a $150 million ethanol plant in Luapula Province.

11 Comments

  1. SABINAH CHIWENOa

    It is a known factor that you you sponsored PF single handed you hired the helicopter which took Katongo around the whole country . you founded Judge Ngoma and Mwaliteta to do what they did . we know you are the president of Zambia you control it by remote . we know what you did to Zorte the cement company . Time is near to for you .HH shall put all this nonsense to an end .all business criminals shall locked up <God is watching

  2. CFH

    Something not adding up! Chibamba Kanyama borrowed in his personal capacity but placed ZNBC land on collatoral and then took back that money to pay salaries for ZNBC staff? If Mathani loaned out the money without Board authority, then BoZ should take FBI to task.

  3. Ruth

    ZNBC is a government institution and Mathani depends on the same government to survive. He has been harassing all public media institutions for repayments. What I know is ZNBC has an overdraft with FB which they service periodically up to a certain limit which the board approved.

  4. nuneun

    Mahtani, you have done it again. You can fool all the people all the time.

  5. Corintha

    Finance Bank officials shall keep an eye on transfer of money by Mahtani. Keep records of all transfers and come next government (Not of HH, he and his mouthpiece Zambia Watchdog are in Mahtani’s pocket- just see the rubbish they have published today on his gmail account. It takes 10 minutes to find out which place the account was opened, from where the emails were sent-it shows on the panel of the recipients- who the hell Mahtani think he is making fool of?) It is anybody other than HH and Nevers who can fix and will fix Mahtani. Take Finance Bank back, it is still owned by Mahtani 96.5%. If he has done any transfers, either those are fake or if true, he has not paid transfer tax to ZRA that runs into US$40 million as per his own boasting.

  6. Daywalker

    Pali Zambia yandi, Umo akaffwilapo. RM is a shrewd man. He was given by one of our well spoken english guys. Chimpwena na Ba Rajan, Ulila!! ask Oddys, ask Ventrigllia, ask Simaata. Rajan has a very well developed greed which feeds on the greed of others. If you are not greedy you have nothing to fear from him.

  7. Ku Masangalatoni -- Lekeni HH Ateke

    The story sure needs editing. CFK got the loan in his capacity as CEO to pay salaries!

  8. Imprezza

    RB did well to squeeze this criminal. His days are numbered. He should be deported forthwith

  9. PM

    Never heard of a loan taken to pay employees. How in hell did the bank approve this loan?

  10. Pascale fonko fonko

    This country sure naba mwenye kumidelela. I hear mattan comes from a very low class of indians, i miss that guy uwaleponona ba mwenye during the days of chiluba……joshua mutisa is he dead or what.

  11. lingerie786

    @pascale fonko fonko, Mutton comes from a lost class of Indians. He was born Hindu, converted to Islam to run away for his money laundering deeds under SITET. Muslim preacher he was associating with is dead now. He used to preach from Fazl Mosque, London. Mahtani realised his folly of not able to benefit from this conversion. Majority of Muslims in Zambia do not accept the sect Mahtani had joined. He had to convert to Christianity as he was avoided by Hindus and Muslims alike in Ndola for his misdeeds and using religion as a conduit to make money. He has fooled many Christians in believing that he is a devout Christian but ask anybody at Bread of Life Church of his weird attitude, fake smile and ruthless pomp.There is no dearth of unpatriotic Satas in Zambia. One Sata goes there are many to take his place and protect Mahtani for dimes.

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