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The Mahtani family recently shared its deepest condolences towards the family, friends of Kenneth Kaunda along with the entire Zambian nation. Dr. Kenneth Kaunda, its first-ever President and the Independence Hero of Zambia. Dr. Kaunda was respectfully regarded as the ‘Father of the Nation & African Union".

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Ody's Loses Hotel to Dr. Mahtani and Finance Bank

Hotellier Limited’s Managing Director, Odysseas Mandenakis, loses Radisson Blu Hotel to Dr. Mahtani and Finance Bank. Finsbury Investments, one of the companies of Dr. Rajan Mahtani, has taken possession of the hotel following Lusaka High Court ruling, which sustained Mr. Mandenakis’ forty million US dollar indebtedness to the FBZ.

Dr. Mahtani says that the outcome of Lusaka Court justifies the handing back of the FBZ to its original shareholders by the PF administration.

On 7th May, the Lusaka High Court delivered a verdict where Hotellier Limited was found legally responsible to pay a compound interest to FBZ at an overdraft rate for the amount that the hotel had borrowed at the time of constructing it. This is in the matter where Finsbury and FBZ as plaintiffs sued Odysseas Mandenakis Sr, Odysseas Mandenakis Jr, Ody’s Works Limited, and Hotellier Limited as the defendants for monies, which they took from the financial institution for constructing the hotel.

As per the consent verdict, which was delivered on 20th June by the judge Flaviour Chishimba of Lusaka High Court, taking over the shares of Hotellier Limited in Radisson Blu by Finsbury Investments was a result of free and voluntary settlement between the parties. Chishimba said that the verdict was entered against defendants in the sum of forty million US dollars and that the amount included indebtedness of Hotellier Limited.

Lusaka Court ordered that FBZ should take over debts of Barclays Bank, which amounts to about 1.3 million US dollars as well as the debts of the Ody’s Group in relation to PTA Bank in sum of 22.3 million US dollars. The court even ordered that the sub division of the stand number 19028 on the Great East Road should be revised. It was even ordered that office complex of banking hall on 19028 is to be transferred to FBZ and that the Ody’s Group must be paid one million US dollars that the bank has already paid.

The court ordered that the service station on 19028 should be retained by the Ody’s and that shares of the hotel should be vested in Finsbury under Mahtani Group of Companies. Chishimba said that if the indebtedness of Mr. Mandenakis’ Hotellier Limited be found to go beyond 23.5 million US dollars, then the sum above the figure should be paid by both Jr. and Sr. Mandenakis and Ody’s Works Limited.

The judge ordered Ody’s Works Limited to transfer the property popular as sub-division A of 19028 in the partial satisfaction of defendants’ indebtedness to FBZ. He also stated that apart from this transfer to FBZ, Hotellier Limited should also raise its share capital and give FBZ such number of the shares as shall be determined by bank in full satisfaction of the hotel’s indebtedness to the financial institution.

In another consent verdict delivered by Isaac Chali the judge of High Court on 20th June where Ody’s Works and Hotellier Limited had sued FBZ over shareholding issues, both the defendant and the plaintiff agreed on rectification of the shareholding. It was agreed that register of Hotellier Limited’s member be immediately rectified to reflect Finsbury with a shareholding of 4,999,999 shares and Joan Craven with only one share. It was an agreement from both sides that the composition of Hotellier Limited’s board of directors reflect directors as only Craven and Mary Schultz and that the verdict be registered and effect the important changes with PACRA.

On the same day, in another consent judgment delivered by Chali, in which Procurement Limited and Flame Promotions sued FBZ for 6.2 million US dollar debt, both the defendant and the plaintiff agreed for a mutual settlement.

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Apologies to Dr. Mahtani and Finance Bank by Hotellier’s Mandenakis

The owner of Hottellier Limited and Hottellier Limited, Odysseas Mandenakis, regrets on whatever allegations he has made against Dr. Mahtani and Finance Bank, his officers, associates, colleagues, families and other businesses and has claimed that all the charges that he brought against Dr. Rajan Mahtani since 2010 were false. He even undertook that he will never ever make any unfounded allegations against this great businessman of Zambia.

Mr. Mandenakis expressed his sadness in his apology letter for distressing and embarrassing Rajan Mahtani publicly.

However, a person who is very closely associated to this case said that there was no question of damage caused to Rajan Mahtani, his colleagues, family members, relatives or fellow workers; it was all about damaging the reputation of Mahtani Group of Companies both nationally and internationally, which took almost 50 years to build. The perpetrators used different means to destroy the business activities of Dr. Mahtani and the career opportunities and livelihoods of all those who direct employees of the Mahtani Group of Companies. 

When Rajan Mahtani was asked to comment about the issue, he said that he has forgiven all people who have damaged his business and reputation because of his Christian principles. He had even engaged the former chief justice Dr Mathew Ngulube to arrange for an appointment with any person who wishes to discuss their grievances or apologise to Dr Mahtani.

He said, “‘Let us put this vendetta, envy, evil thoughts and unfaithfulness aside and concentrate in walking in God’s righteousness for the benefit of God’s people being the Zambian people and indeed the Nation.”

The apology by the owner of Hotellier Limited has left open the people who had sold themselves to fight the battle that they didn’t comprehend. Where do these leave people such as Simaata Simaata, the journalists and the lawyers who have been engaged in a malicious campaign against Dr. Mahtani and his businesses in exchange for a free beer Odysseas Mandenakis’ hotel?

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