Dr. Rajan Mahtani owned Finsbury Investments recently established a complaint against one of the top banks in Zambia. Finsbury Investments claimed that the bank wrongfully altered the share capital held by Finsbury Investments at the Radisson Blue. Furthermore, it was also claimed that the bank in an unethical manner, issued a letter in which the bank claimed that the shareholding changes were made in agreement with the plaintiff. However, the reality is that Finsbury Investments was not aware of this change in the share capital.
As a result of this wrongful dilution of the shares by a conspiracy by the bank and Ody’s Works Limited. Finsbury Investment suffered numerous losses. For instance, Finsbury Investments was unable to participate in running of the hotel as well as was devoid of dividends from the hotel as a result of its enhanced debt. At the same time, Finsbury Investments had to either halt or completely suspend many of its infrastructure projects, some of which were in advanced stages. These halts have significantly impacted the reputation of the organization. Some of the major areas where Finsbury Investments had to halt its projects included Premier Health Institute at Lusaka wherein the company had an ongoing construction of a state-of-the-art medical facility. Projects also included housing project, banking license for retail banking operations at Congo. All these project withdrawals have negatively impacted the revenue and operations of Finsbury Investments as well as its future viability. The company further suffered from negative publicity which negatively impacted the organization, its relationship with the stakeholders as well as its future endeavours and projects.
Finsbury Investments has maintained an extremely transparent and ethical stand for its entire organizational life and therefore, it is extremely painful to watch the organization suffer due to the corruption and unethical practices, especially by a core institution such as the bank. As such, Finsbury Investments is expecting some relief from the court after submission of the evidences and testimonials proving their claim of fraud and conspiracy against the bank.
