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Business man Odysseas Mandenakis has vowed to bring all the malice that he has peddled against Rajan Mahtani to a stop. In a letter dated 17th June, 2014 addressed to Finance Bank Chairman Dr. Rajan Mahtani, Mandenakis who has been under the malicious influence of Lusaka lawyer Sakwiba Sikota has categorically apologized and unreservedly withdrawn all allegations made by his Ody’s Group through himself and Sakwiba Sikota’s Central Chambers to the various institutions in Zambia against the Mahtani Group. Apart from his commitment to bring the malicious campaign to a stop either directly or through his agents such as Sakwiba Sikota, Mandenakis has also expressed sadness for having made such statements that caused considerable embarrassment and distress to the person of Dr. Rajan Mahtani and his business interests. Ody’s Group has further undertaken henceforth not to make and/or lodge any malicious allegations, complaints and statements against the Mahtani Group and has additionally conceded that all issues that he and his agents used to defame the person of Mahtani and the business under the group constitute commercial matters that would have resolved in civilized manner. The letter reads in part, “I regret the harm to your reputation and/or your associates caused made by me or anyone associated with me especially where the said statements questioned your integrity, character or reputation.” And when contacted for a comment, Dr.Mahtani said that God had vindicated him and the Bank over allegations that were perpetrated by a group of known cohorts that had personal interests to serve at whatever cost. He further stated that this outcome also justified the Government’s decision to hand back the Bank to its original shareholders which the previous Government wanted to sale for a paltry US$5million to First National Bank which action had the potential of putting the job security of over 800 Zambians at risk. And when asked about how he felt about his assailants, Dr.Mahtani said that he had forgiven them all despite the incalculable damage and distress that they had caused him and the Bank. “I am a firm believer in Christian principles, and I leave ‘vengeance’ to the Lord for it is His. I would urge all of us to put aside vendetta, envy, evil thoughts and unfaithfulness and concentrate in walking in God’s righteousness for the benefit of God’s people(Zambian people) and indeed the Nation at large,” he said.
Meanwhile, the Zambian Intelligence News has established that the protracted legal battles between the Mahtani Group and Mandenakis and some of his cohorts have finally come to an end. In what has been a long protracted and highly contentious litigation between Finance Bank Zambia Ltd, Finsbury Investments Ltd and Dr.Mahtani(Mahtani Group) on the one hand, and Hotellier Ltd, Ody’s Works Ltd, OdysseasMandenakis and Flame Promotions and Procurement Ltd No:2 a/c (Ody’s Group) on the other hand, the cases are finally over. To put the issue into perspective, the litigation that beset the 2 Groups were under causes 2011/HPC/0669, 2011/HPC/0670, 2011/HP/0260, 2011/HP/1124, APPEAL No.4/2014 and APPEAL No./2014.
Not only did the issues in these cases besiege our Courts, but they were equally webbed in a matrix of political meddling and undertones that arguably led to Bank of Zambia taking possession of Finance Bank Zambia Limited in 2010.
You will recall that about 2 months ago, the Zambian Intelligence News ran a story in our edition in which we reported that Honourable Justice A.M. Wood delivered a Judgment in favour of Finance Bank Zambia Limited against Hotellier Limited (Radisson Blu Hotel) wherein Hotellier was found liable to pay compound interest to Finance Bank at its overdraft rate for money that Hotellier had borrowed towards construction of the Hotel.
In a twist to all these cases, on 20th June, 2014 all the parties entered into Consent Judgments in which all the cases have been concluded with no possibilities of Appeal. The Court has ordered, among other things that:
1. Ody’s Group is indebted to Finance Bank Zambia Ltd to the extent of US$40million;
2. Ody’s Group is indebted to the PTA Bank in the sum of circa US$22.3million; and
3. Ody’s Group is indebted to Barclays Bank Zambia Plc in the sum of circa US$1.2million;
Pursuant to the aforementioned debts, the Court has further ordered that:
1. The debts of Ody’s Group in relation to the PTA Bank and Barclays Bank Zambia Plc shall be taken over by Finsbury Investments Limited (Mahtani Group);
2. The Subdivision of Stand No.19028 shall be revised;
3. The Office Complex (Banking Mall) on Stand No.19028 shall be transferred to Finance Bank Zambia Limited;Ody’s Group shall be paid US$1million
4. The Service Station on Plot No.19028 shall be retained by Ody’s Group;
5. The shares of Hotellier Limited (Radisson Blu Hotel) shall all vest in Finsbury Investments Limited (MahtaniGroup)…