Finance Bank money laundering charges downplayed: Goodall granted licence for Malawi re-opening – M&G Report

The controversial Chairman of Finance Bank Rajan Mahtani has said his bank is not a “money laundering” institution as it was claimed when Reserve Bank of Malawi (RBM) revorked its licence, 10 years ago, saying Finance Minister Goodall Gondwe granted new last licence last year because “the injustice that happened years back has been clarified.”

Mahtani. Chairman of Finance Ban;: Licence granted last year after meeting with Goodall Gondwe in Lilongwe

Mahtani. Chairman of Finance Ban;: Licence granted last year after meeting with Goodall Gondwe in Lilongwe

Goodall Gondwe:  Granted licence last year

Goodall Gondwe: Granted licence last year

Mahtani, who was banned from banking in Malawi over money laundering accusations and who has dodged multiple criminal charges in Zambia, said his new licence to reopen Finance Bank in Malawi was granted last year after a meeting with Minister of Finance Gondwe in Lilongwe.

According to the Mail and Guardian report, Gondwe confirmed that he had delayed issuing the licence, but said he could change his mind because of the “enormous” legal implications of withholding it.

Mahtani said the “money laundering” allegations were “vehemently” denied and appeared to be manufactured to justify ill-conceived action.

“Simply put, the bank was never involved in money laundering,” he said,

Mahtani said that he had obtained a new licence “to ensure that the injustice that happened years back has been clarified.”

He said as quoted by M&G: “Malawi is a small market and cannot make profits. The motive was simply to restore our integrity.”

The report also indicated that Mahtani had promised former president Joyce Banda a $150-million biothermal energy plant for Malawi  in a bid to regain his banking licence.

“We promised to carry out international banking business under internationally acceptable standards of integrity, ethics and best practice, assisting Malawi in its economy, employment and economic growt,” he is quoted as saying.

He promised that Credit Suisse,  a shareholder of Finance Bank of Zambia,   would broker a loan for Malawi government.

He said he would keep his promise to establish the biothermal plant, using cassava to produce ethanol for export to China.

Banda said she referred Mahtani to  Reserve Bank technocrats to independently do “a risk-based due diligence” assessment of all would-be investors and that “no investment would take place until and unless the [Reserve Bank], as a regulatory body for commercial banks, completes this process”.

The former president reportedly left State House before the process was completed and only last year the Finance Minister Gondwe granted the licence for the bank to reopen in Malawi from this week.

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27 thoughts on “Finance Bank money laundering charges downplayed: Goodall granted licence for Malawi re-opening – M&G Report”

  1. Kenkkk says:

    The crux of the matter here is that this man has bribed the whole DPP hierachy. Gondwe can’t do this on his own. This man is a DPP well wisher funding them.

    The history of this man is very bad, just look at what successive govts in Zambia did to him. Even JB eventually kicked him out, so why is the DPP govt allowing this crook back?

    Has RBM now okayed him? Why is the ministry of finance involved in this matter anyway? This is RBM’s territory, only it can have the last say as it did last time.

    It is obvious that this DPP govt has silenced rbm and allowed this crooked man to operate again in Malawi in exchange for money to help DPP and/or its echelons to enrich themselves. Shame!!!

  2. wanangwa says:

    Kanthu kako, this is just semantics. Whether you say Goodall or Minister of Finance is just the same. The truth is Goodall is not supposed to issue a banking license. Mahtani is corrupt to the core. No doubt Goodall got a bribe.

  3. Truth shall free you says:

    The same Mahtani was arrested and imprisoned by Kenneth Kaunda’s government.
    The same Mahtani was arrested and imprisoned by Frederick Chiluba’s government.
    The same Mahtani was arrested and imprisoned by Rupiah Banda’s government.
    Google for more details on this crook.

  4. sain it like it is says:

    amwenye ambili ndi okuba nde uyunso tinadziwa pa kale kuti ndi mbava tamuonenni?

  5. Kanthu says:

    Fathi dont comment on something u dont know licensing a bank is for RMB and ministry of finance not Bankers ass.

  6. Chejumo says:

    Wapulika iwe??????? wapulikiska apa sono iwe??????????

  7. ujeni says:

    Leave Mahtani alone, he is a genuine proper investor unlike the Nigerians we allow to come and open ma hawkala and practice money laundering.

  8. Kanthu Ako!! says:

    Reporting of issues in Malawi is very personal.

    Gooddall Gondwe did not grant the licence, Finance Minister did. The name of the Finance Minister is not relevant.

    I would have understood if you had said Finance Minister (Goodall Gondwe) just to show which finance minister it was, But to say Goodall granted the licence as if he did it in is personal capacity is rubbish to say the least.

  9. Fathi Alshehaab says:

    kodi a Gondwr ndi licensing authority wa commerviak banks? why was banjers ass. not involved in the process

  10. inayake says:

    Gondwe is a thief and corrupt as they come. Has his excellence ever wondered why he was dropped as Minister of Finance. This issue was being looked into by the Reserve Bank. Sad that APM is being hoodwinked. Mahtani is got cases in Zambia he is running away from. I cry when all I see is laziness, greed and corruption.

  11. Too many banks in Malawi and all are thieves!

  12. KONDWANI NYASULU says:

    “Malawi is a small market and cannot make profits” yet he wants to go ahead and open a Bank. Guys please help me what is this man saying? who is he trying to fool

  13. John Nyirenda says:

    Zili mu account

  14. Mtchona wopanda mano says:

    You think Goodall has clean hands? He was previously implicated in a FISP scam!

  15. che Zumba says:

    Goodal…Goodhallll….reminds me of the fertilizer deal and your involvement!!

  16. Moses says:

    A beggar has no choice. Ine bola ndalama zanga ndimayika ku National Bank. Out Reserve bank of Malawi is a disgrace.

  17. chilombo says:

    This guy don’t sound good to me.Firstly, he’s dodged multiple criminal charges. Secondly, he said Nyasa is bad for business(no profits)but he is still willing to invest millions of $ and on top of that to build a biothermal plant $150M all this just to clear off his name? And Goodall,have you checked with the RBM before giving this guy a license? Mama did the right thing,amwenye ena a FMB akutibela kale kuno

  18. dadaboma says:

    So why is DPP through journalist Rex Chikoko and the RSA Mail & Guardian newspaper tarnishing the image of Dr JB for a licence issued by DPP’s finance minister? DPP agents should stop always wanting to pull Dr JB into their own mud. JB is innocent of any wrong-doing. She served this country very well, and all Malawians are missing her and wanting her back as president. This is what is causing DPP sleepless nights over JB. Let me assure DPP zealots that this is the last time for their party to rule Malawi, and mwinanso samaliza teremu yao. Dr JB will be restored as the rightful president so that this country can move forward. Otherwise God knows we’ll not move even an inch with DPP. And DPP is already preparing for an exit as they are now busy transferring the money stolen under Bingu to Botswana. So becarefull how you talk about JB, you’ll regret very soon.

  19. Ngongoliwa says:

    NDI MABANK OTHANDIZA MAGURU MONGA BOKO HARAM, ISIL, AKAIDA AMENEWA…….CHENJERANI AMALAWI TSIKU LINA A MWENYE ADZALAMULA DZIKOLI. PANOPA CHIRICHONSE CHOONEKA NDI MASO MWENYE ALIPOMPO! NDITHU TISAMALE MOMWE TIKUGAWIRA CHUMA/MALO ATHU KWA ANTHU OBWERAWA!!!!!!!!!!!! KONSEKU NDI KATANGALE AMENE OBWERA AKUTENGERAPO MWAYI

  20. Imraan Sidik says:

    For once leave JB alone. Mail and Guardian it is really silly and rather ligubrious that you would allow to be used by malawian politicians for their ill motives. Its sad that such a reputable paper would sink this low to put a stain on a reputation that you have so hard and for such a long time to build and maintain

  21. Mayi a Priscilla says:

    So why was someone implicating JB in the Mail & Guardian story? Malawian journalists, when are you going to separate personal political inclinations from professionalism? Shame, shame, shame .

  22. Nkhombokombo says:

    Chenjelani ba dada Gomdwe apa. Mukumbukile mazgo agho ghakayowokanga pa nkhani ya subuside yila. Mnthangalaro ya zovu tikujumphamo kabili yayi!!

  23. wafika says:

    What Happens To the claims that jb pocketed some tambala’s as previously reported.

  24. sakhwi says:

    Damn these guys Bingu would have killed them. Bad minds

  25. martha says:

    Mdala uyu ngonyoza. N a liar too. Spending USD150m n operating at zero profit just 4 integrity? He must think we r fools to believe that. By the way, i read somewhere that as far as banking goes, malawi is the most profitable market. Thanks to the huge interest rate differentials. Even the forex rates hv huge differentials.

  26. Namalila says:

    Adada a Gondwe bola liri mumawoko ghinu apa.
    Mukuti uli tikumumanyani no underhand thing with you. .

  27. Ababa Thamangiwa. says:

    every one knows that the issue of finance bank reopening started with Joyce Banda. She was duped int believing that Mahtan was a clean investor. in fact JB went to the podim to announce that she had agreed with investors to open a biothemal plant tht would help ease energy needs in the country. Granted Goodal Gondwe is a crook but on this one it was difficult for him because the renegociated sour deal had been struck with the influence of the crooked former president JB.

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