Mahtani Delists Finance Bank; Tries to Dribble Lungu

Following months of anticipation, controversial businessman Rajan Mahtani has made the surprising move to withdraw the planned listing of Finance Bank of Zambia on the Lusaka Stock Exchange (LuSE), according to information published by Zambian Eye.

The decision not to list shares of Finance Bank for public investors was made as part of attempt by Mahtani to “dribble” the new President Edgar Lungu, a source informs Zambia Reports.

Allegedly Mahtani was granted a meeting with President Lungu this past Wednesday to pledge his loyalty, while at the same time doing exactly the opposite of what he promised the president. Mahtani is believed to have provided Lungu’s competitor, Wynter Kabimba of the Rainbow Party, with a campaign war chest of $1.5 million last week, the source said. These funds so far have been used by Kabimba’s party to purchase more than 15 vehicles which have been deployed to every province to begin coordination actions.

“Mahtani thinks he can fool Lungu and betray him, just like he did with Chiluba, Mwanawasa, and Sata,” the source said. “He is getting very nervous with the corruption case against the DPP Mutembo Nchito, because several of the illegal nolle prosequis he issued related to his own criminal cases.”

According to the source, Mahtani’s claim to list the bank’s shares for sale was a pre-election bluff that he never intended to fulfill, as it would have forced him to surrender his majority control and require him to make the bank’s operations meet basic compliance and transparency standards for investors that would not be possible due to a number of questionable deals, insider borrowing, and money laundering allegations faced by the bank.

During a press conference on January 13, Mahtani claimed that the listing was imminent:

“We have commenced our process of “listing” by ensuring that all our shares are now ‘quoted’ on the securities exchange commission and to this effect will be presented with confirmations by the securities exchange commission, chairman, Mr. Chintu Mulendema, this morning,” he said.

“Our ‘quoted status’ on the Lusaka stock exchange is being followed up closely to ensure that the date for the actual listing will not exceed 31st march this year. Despite all odds, we are almost confident also of listing on the London stock exchange soon thereafter,” Mahtani continued.

There have been other times that the listing of Finance Bank on the Lusaka Stock Exchange has been promised but not fulfilled, including in 2008, 2011, 2013, and 2014.

In 2011, the Bank of Zambia (BOZ) suspended shareholder interest in the bank after finding that Mahtani had violated the Banking and Financial Services Act by illegally owning more than 56% of the financial institution through intermediaries. However, once President Michael Sata was elected, the bank was unilaterally returned to Mr. Mahtani.

A valuation document from the international accounting firm Deloitte found that Finance Bank was worth only $5.4 million in 2011 – far below the “$250 million” Mahtani had said he hoped to raise by listing the company on LuSE.


  1. Samson

    This criminal cannot be trusted. Lungu should put both him and Nchito into jail as soon as possible.

    • Joan Craven

      What a big surprise! Finance Bank won’t list because Mahtani doesn’t want anybody to look in those books!!

      • MB

        @Joan Craven, aren’t you a Director or shareholder in the same bank? Or you have also been ‘nyunad’!

    • Benny J

      From April 2013 – how come this never happened?

      Finance Bank Zambia Ltd., which is 40 percent owned by Credit Suisse Group AG, plans to raise $250 million selling stock on the Lusaka Stock Exchange in October, Chairman Rajan Mahtani said.

      The man is a serial liar.

    • lake Bangweulu and Mweru wa ntipa


      • K S

        My Comment to yours is 1 zed 1 nation.political pat’s com & go.We are all one,(Bemba,Lozi,Tonga,Mabwe & all the other 69 tribes make up our blessed ZAMBIA)not east,west,south,north or north west it is all ZAMBIA

    • Native

      Finance Bank was reportedly insolvent at the time Caleb Fundanga and Denny Kalyalya professionally managed BOZ. It’s still being said in the media that the bank is worth far less than its management reports. How then can a bank with such a background be listed? Capital raised via the stock exchange is practically interest free money that carries no risk of lenders calling it in. Any entity listing should therefore be absolutely beyond reproach.

  2. Frederick's ghost

    Chiluba said at some point in office, he began to open his office door to Mahtani, rather reluctantly and with a lot of trepidation because of his terrifying experiences with him. He said he burnt his fingers in his effort to try and help Mahtani in his business deals and operations.

    Chiluba said Mahtani through his company Furncoz failed to deliver the school desks after his government engaged them to supply a substantial number of school desks with billions of kwacha. He said the Ministry of Education paid the money upfront but the desks were not received until then permanent secretary in the ministry Dr Kasanda reported the matter. Chiluba said he summoned Mahtani to State House.
    “First he said he had delivered the desks to schools but when the ministry officials told him that they had visited the school he was mentioning, before the meeting and found no desks, he then said yes, he took back the desks from schools immediately after they were delivered because he wanted to deliver to other schools as well at the same time,” Chiluba said.

    ” It was pathetic. One wonders what could have happened if ministry officials did not inspect the schools! This was one of such frightening experiences with Rajan Mahtani.”

  3. Michael's ghost

    According to a letter dated March 2, 2007, Sata thanked Mathani and assuring him of continued friendship.

    As Sata writes to one of Zambia’s wealthiest men, “As a friend I will never hurt you directly or indirectly. My party in general and myself in particular need you more than you need us. (…) I can assure you that nobody can misuse my name and Party. But there are certain issues we can deal with outside the courts apart from the published ones.”

    But at the exact same time that the Sata-Mahtani relationship was blossoming, Mwanawasa was led to believe he had the loyalty and unwavering support of his former client, for whom he had helped escape criminal prosecution on numerous occasions.

  4. Mary Schultz

    There is no such news on Zambian eye. This media is a liar.

  5. Reverend Schultz

    My wife is telling the truth. Finance Bank will be listed by end of this month. Zambia Reports is a liar.

    • Barkat Ali

      Lies, lies and more lies. I am a holy man, heading Finance Bank. Finance Bank is about to be listed on LuSE, London, Johannesburg, Karachi and Tehran exchanges.

  6. Nachimutu

    And what about Chennai stock exchange?

  7. Buck Teeth Lungu

    PF got themselves entangled in this Web if lies. Chikwanda has already confessed about Mahtani s breaches against the Banking and Financial Services Act. The wonder is what is govt and BoZ going to do about these illegal acts. Surely criminals who break the law get prosecuted – or maybe Mahtani operates using other laws other than Zambian laws? The price of corruption is disregard of laws to suit the briber.

  8. mary

    Mathani should not be trusted… very fond of dribbling presidents. Watch the space.

  9. David Frost

    Dr. Mahtani is a true Zambia. He has created 26,000 jobs in the last 3 years. HH with all his wealth has not created a fragment of this. Blacks are just jealous of foreigners.

    • edgar

      Why mention HH sure? We re talking about Marthani. HH is therefore not an issue here

  10. Peter Kanan

    Zambezi Portland is the nation builder. Dr. Mahtani single handedly created such a huge cement plant. Zambians are grateful for this.

    • mulenga

      Mathan never created the cement plant, instead he grabbed it from the Vita Family the Italians, after they failed to pay the bank loan on time. He is the man anybody willing to deal with should be careful

      • Stanley

        You said they failed to pay the loan, so where is the problem Nkongole has to be paid its not charity its business. You people don’t seem to understand capitalism or business.

  11. ok

    Which Zambezi portland has he built? After grabbing it from the right owner the italians, him volunteered to be used as a guaranteer under PTA Bank financing and ends up getting the cement plant. How many of such companies has Matani gotten in this same dubious way? So many including the latest one the hotel opposite Arcades 100% fully financed by PTA bank and ends up in his hands. God is living, one day you will surly pay for your sins.

    • Stanley

      Things went to court, the court ruled, the so called owner of the hotel apologised to Mathani,so where is your problem?

  12. RajKumar

    @ Peter Kanan, Mahtani is a crook, criminal and money lauderer. You are Mahtani,s agent at siphoning money at Zambezi Portland Cement and you are busy dismissing workers you think are loyal to the Ventriglias and recruiting your tuma bootlikers. And you are also busy scheming to grab ZPC from the Italian owners, using court cases, We know what you have been stealing in the last few years at Zambezi Portland. Edgar must be careful or his fingers will burn. Mahtani always buys his way criminaly and these politicians don’t seem to learn a thing.) Is the only one who knew the indian was criminal. Edgar, just like Chikwanda did, will soon realise this and cage you thief. And you and mahtani hide in christianity, one day you will pay, burn in hell if you are not sorted out here on earth, Zambia.

    • benny onyango

      its people like Mahtani that make me think there is no God! How can God allow a crook like him use his name to steal from others in broad day light and he is left to go scot free??? Mahtani has been grabbing companies from hard working people from time immemorial and yet hides in the name of God. He grabbed Professional Insurance, Zambezi Portland Cement, Radisson Blu is latest and I am sure he will continue!!! Someone should cage this criminal very quickly before he destroys more lives. Edgar would do well to keep this crook at along distance otherwise he will be sorry one day. Edgar has a lot of good will from good people in the country and he shouldn’t mess himself up with such crooks!!!!

      • Peter Kanan

        @benny onyango, Who did Dr. Mahtani grab Professional Insurance from? Before hitting on the keyboard, hit your dumb head.

  13. Pf man

    Ni bank yanyoko!? Work hard and start yoz.

  14. Lord Voldemort (The Dark Lord)

    Mahtani is a crook. That is no secret.

  15. John Ziba

    I’m given to wonder that perhaps Rajan Mathani is just a shrewd businessman?
    Let proof be given by the accusers, otherwise we shall not believe these incredible accusations.

  16. Mahtani is deity and cunn he needs deliverance

    Beware of mahtani

  17. Dilip Kumar

    This fucker Mahtani will bribe Edgar Lungu that is for sure. HH is in Mahtani’s pocket already, Kabimba is bought too, so who remains only RB. The fucker is controlling Zambia and now neighbouring Malawi. Seems we blacks Africans would even sell our sisters and mothers to this fucking Indian crook

    • Peter Kanan

      @Dilip Kumar, mind your language. President Lungu is very honest. Dr. Mahtani does not buy anybody.

      • Dilip Kumar

        Mahtani is not only the biggest crook, he is a fornicator and has been bribing leaders in Zambia and Nalawi for decades. If Edgar Lungu met this crook Mahtani then there can be no question about it Mahtani is bribing Edgar Lungu. Kwacha!

  18. Dilip Kumar

    Mahtani is a fucker too.

  19. Zahida Essa

    I should know yes Mahtani is a fucker. But not a good one.

  20. Aaron Lekezya

    Rajan is just a great biznessman. What he does is not grabbing you fools. If your co. is limping, he saves it and that is called aquisition in biz. Read the WALL STREET JOURNAL and watch CLOSING BELL on CNBC Africa on DStv, may be you’ll understand Dr M’s moves. He’s just sharp….!

    • Beena Mathani

      My husband is very sharp but not in bed, but in boardrooms. He always speaks truth, nothing but truth in board rooms. His board members admire him in awe and every time they attend board meetings they learn a lot and get an hefty allowance.

    • Stanley

      Please Aaron educate these people about business, they think we are leaving in a communist country with their complaints. If you spend the whole day watching MUVI TV and ZNBC you will never get it. Invest in a decoder and even for one month pay prescription watch CNBC, BBC Business, CNN Buisness and you will understand and maybe you will stop calling us crooks when its normal business. There are even people after FACEBOOK founder Mark Zuckerburg claiming he crooked them. Get educated then you will understand.

  21. Undi

    Lungu is a useless politician. He will never take any action against Mr. Mahtani. How I wish HH had won these elections!

  22. sorted

    Mahtani was bragging in his office that Lungu is his friend and he will get the deal done. It seems Lungu is compromised.

  23. Stanley

    ZAMBIANEYE has apologised for this article, since your source has apologised are you also going to apologise? Even people who are fast to comment on things they don’t understand should also apologise. and why this focus on Mahtani, even if he is corrupt, is he the only one in Zambia. Its Mahtani this Mahtani this, Mahtani that. I am telling you its boring!!! And broke characters sound the most bitter. Your friend is working hard and you just play, drink and womanise and you expect to be rich. IT DOESN’T WORK THAT WAY. WORK HARD MAYBE YOU CAN REACH 1% OF WHAT MAHTHANI HAS ACCOMPLISHED!!

  24. Stanley

    What I expect people to be complaining about is that Mathani has not been paying his taxes, he is fanning political violence in the country etc. But you are all complaining about his business deals with other business men. Some Italians (Zambians of Italian decent maybe), a Greek (don’t know his status) etc. How do we as ordinary citizens become involved in these deals? People get serious!!!

  25. mbwewe

    Can Zambia rid itself from these corrupt foreigners (in particular indians). They are only in Africa to exploit africans. We have a generation of youth who are well educated and entrepreneurs. There is no place for corrupt indians in Zambia. The pharmaceutical industry id plagued as well with corrupt indians. All the pharmacies in Zambia are owned by indians. The pharmicists that work in these pharmacies do not have qualifications that can match that of zambian pharmacists. Indians have bribed officials in past governments so that zambian pharmacists would not be successful supplying drugs and the indians would have the monopoly. The clean up of this corrupt indian businessmen only started with the PF government. There is an indian businessman called who owes money to a zambian business for the supply of drugs. He works for a multimillion dollar company that supplies arv’s to Zambia through an agent in Zambia. This indian refuses to pay the agent. This is the kind of nonsense Zambian’s should not tolerate. Don’t come to my country and try to bribe me indian.

    • Big J

      Mbwewe — you sound like Idi Amin. Targeting one racial group as a scapegoat. Every Indian I know in Zambia (and I know a few) are hard-working, employers who are building the nation. We could use more of them as they put down roots here and build.

  26. Kabimba's father

    Mahtani is our man. Leave him alone or else Lungu will lose in 2016 and we will sort you out.

    • mbwewe

      Justice is catching up with this indian criminal!

  27. Kabimba

    Mahtani is a shameless exploiter. Being a Hindu he exploits Christianity by lying to say he is a Christian. He corrupts our leaders so that they are like putty in his brown hands. He fucks all women working for him be it Zambians, Indians and Whites he beds. This man impersonalise evil, best to seize his bank and deport him or make him a wife of prisoners at Kabwe Prison.

  28. zedos

    Men are made to bed women. It is no news. HH is a man and Maureen is a woman. Mahtani is a man, a Pride Lion and he has the rite to bed lionesses at Finance Bank.

  29. Kabimba

    @zedos that is why I am sure Mahtani is looking forward to being bedded by his fellow prisoners and to be the wife to the prisoners

    • nono

      Who will like to make him his wife? His back is infected.

  30. Buck Teeth Lungu

    Since FBZ isn’t listed, the correct heading should be that Mahtani has changed his mind about listing the bank.

  31. wila

    Let God arise in this and His enemies be scattered

  32. Wina

    Mahtani’s arse hole is stitched up so no prisoner can have him as a wife.

  33. African Wisdom

    Mahtani saw the death of Chiluba
    Mahtani saw the death of Mwanawasa
    Will Mahtani see the death of Lungu
    This man Mahtani is evil an casts evil spells bring death an destruction. For Zambia to ever prosper and Zambian to be free Mahtani needs to be sent packing to India.

    • Zimba

      Mahtani = Chiluba death
      Mahtani = Mwanawasa death
      Mahtani = Sata death
      Mahtani = Lungu??? Who knows? But as Africans let us accept Mahtani is a death machine

  34. Rosa

    Ba sata was just a village bafoon who unfortunately joked his way to state house a clear proof that sometimes jokes can eventually be taken seriously. he thought that rb made a mistake to grab this bank from mahtani? he is really denting the financial sector

  35. wila

    Have counter checked with Mary, she dasnt read zambia reports because yr intentions are nt right and therefore who ever is submitting as Mary is an imposter, please, it is not right to do tht, equally, her husband as well as Dr Mahtanis dear wife and including Joan Craven, pls let’s have moral standards,

  36. mb

    Mahtani loves crooking presidents. He has no integrity and should be prosecuted sooner than later.

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