Fraud Charges Claimed By Finsbury Investments Against EASTD Bank

Finsbury Investments, one of the most notable investment firms in Zambia, recently filed a compliant at the Lusaka High Court claiming fraud charges against a notable bank. This bank is ESATED (Eastern and Southern African Trade and Development) Bank. Finsbury Investments claimed that the bank unethically and illegally transferred the shares of a prominent hotel which belonged to Finsbury Investments. Finsbury Investments is a company under the ownership of Dr. Rajan Mahtani, a noted businessman and philanthropist in Zambia. The company suffered huge losses as a result of this illegal share ownership changes. 

According to the claim made by Finsbury Investments, the said bank allowed the company Ody’s to transfer the shares of Radisson Blue in an illegal and unethical manner. This was done by the bank by issuing a letter without any formal application process as well as without informing Finsbury Investments. The contents of the letter indicated that the shared of Radisson Blue owned by Finsbury Investments were transferred to Ody’s and further distributed to the family members of the owners of the Ody’s Limited company. However, this letter was issued without the knowledge and consent of Finsbury Investments. As a result of this unethical process, Finsbury Investments was unable to made any claims in front of the Lusaka High Court and suffered significant financial damages. 

The financial damages and losses have impacted Finsbury Investment’s current and future business opportunities. The company had to stop and halt many of its ongoing projects and was unable to pursue significant future contracts. Some of the major projects halted included a housing project for Zambian people, a project for developing a retail bank, health clinic at the Lusaka district and state-of-the-art medical centre. Dr. Rajan Mahtani owned Finsbury Investments is awaiting high court’s decision. 















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