Maravi

No injustice will prevail - Mahtani

No injustice will prevail - Mahtani
By Maluba Jere
Wed 11 Jan. 2012, 13:59 CAT

FINANCE Bank chairman Dr Rajan Mahtani says no injustice will ever work out against him. In an interview at the Lusaka magistrates' court after criminal proceedings against him were discontinued yesterday, Dr Mahtani said he felt somehow relieved in that justice had been done.

He said he had forgiven those that made false allegations against him. Dr Mahtani said that he needed to make sure that his international reputation which he said was at stake was cleaned.

He said vengeance was not his but for God and that he now seriously needed to consider how to get redress.

"There is the rule of law, justice will prevail and above all, we have the Creator who is the main judge," he said. "No injustice will prevail."

President Michael Sata's government recently gave back Finance Bank to Dr Mahtani and other shareholders after the Rupiah Banda's regime forcibly took over and sold it to First Rand National Bank of South Africa.

Lusaka Chief Resident Magistrate Joshua Banda yesterday discharged Dr Mahtani who was charged with two counts of unlawfully acquiring 25 per cent voting shares in Finance Bank Zambia Limited and money laundering activities involving the same bank.

When the matter came up yesterday, the state told the court that the case was scheduled for commencement of trial but that they had an application to discontinue the criminal proceedings against Dr Mahtani.

After the state made their application, magistrate Banda discharged Dr Mahtani.

Dr Mahtani, a 62-year-old businessman, was in the first count charged with the offence of acquiring beneficial interest in voting shares of a bank without prior approval in writing of the Bank of Zambia.

The offence is contrary to section 23 (1) (2) (a) and (6) of the Banking and Financial Services Act number 21 of 1994.

It was alleged that Dr Mahtani, on dates unknown but between January 1, 2003 and December 31, 2009, in Lusaka, without prior approval in writing of the Bank of Zambia acquired beneficial interest in voting shares of Finance Bank Zambia Limited to enable him to control more than 25 per cent of the votes that could be cast on any general resolution at general or special meetings of the bank.

In count two, Dr Mahtani was charged with money laundering contrary to section 7 of the prohibition and prevention of money laundering Act.

Particulars of the offence were that Dr Mahtani on dates unknown but between January 1, 2003 and December 31, 2009 in Lusaka jointly and whilst acting together with other persons unknown engaged direct or indirectly in a business transaction that involved the acquisition or retention of more than 25 per cent shares in Finance Bank Zambia Limited whereby K81, 700, 253, 230 was realised from the said illegal activity.

Labels: FINANCE BANK, RAJAN MAHTANI

posted by MrK @ 9:21 PM