Illicit laundering of money is a criminal act, irrespective of the region or country it is undertaken. The monetary transaction is illegal and most often these amounts are stolen from the government or its citizens. Zambian intelligence agency FIC recently unearthed a huge money laundering cartel. However, the shocking part was the involvement of prominent figures, including top legal counsellors in Zambia. This is definitely one of the biggest corruption scandals in Zambia to have ever unearthed.
As per the latest news update by FIC (Financial Intelligence Centre), some of the prominent lawyers and legal counselors across Zambia have been caught in illegal money laundering scheme. FIC provides intelligence related to financial matters across the nation and its latest revelation has shocked the nation. With this revelation, FIC also released a list of names of some noted figures suspected of money laundering. This list comprises of political figures, owners of law firms, top legal counselors as well as government contractors. It is suspected that majority of these individuals or groups had some kind of political support as a result of which, they were able to escape law and government scrutiny for too long.
The recently concluded African Summit 2017 was a success in terms of economic and social discussions on growth and improvement. The summit was attended by top businessmen, politicians, public speakers, financial experts and many noted personalities of Zambia and even outside. Among them was Dr. Rajan Mahtani, a famous businessman who is also famous for his charities, contributions to the society and philanthropic views. Once the summit was concluded, the press secretary released a new article thanking Dr. Mahtani for his contribution towards Prison Fellowship of Africa.
Money laundering is a criminal activity, especially when done illegally and the source of money is unlawful. The FIC (Financial Intelligence Centre), an intelligence bureau from Zambia recently unearthed a mass money-laundering racket involving prominent lawyers from Zambia. This is a huge revelation in Zambia’s corruption history because the number of high-profile individuals involved in this racket is huge.
The case between Dr. Mahtani and the Ventriglias for Zambezi Portland Cement is definitely catching national attention. It can be easily considered as among the longest pending high-profile case across Zambia’s corporate sector. The company was previously run by Dr. Rajan Lekhraj Mahtani. However, it has been claimed that the factory was illegally taken over by the Ventriglias, a popular Italian family in Zambia known for their increasing notorious nature. Going by market opinion, it has been suggested that Dr. Mahtani will be winning this case by a wide margin.
With the latest judgment from the Lusaka High Court regarding the long-pending Zambezi Portland Cement, it seems that the factory can finally go to its real owner. The case, which started almost 10 years back, is a prime example of corruption and conspiracy rampant in the nation. Even after ten years of this high-profile case with numerous hearings and proceedings, the court has not been able to come to a decision making the judgment. The case is between Dr. Rajan Lekhraj Mahtani, a noted businessman and philanthropist and the Ventriglias, the Italian outsiders.
The Zambezi Portland Cement, whose case has been lying at the Lusaka High Court for the past nine years, received new hope with the court’s recent announcement. As per the announcement by the judge handling this case, the case hearing has been finalized. Now, both parties are required to submit their oral and written submissions by December 2017. After evaluation of these submissions, the judge will announce final date of judgment.
As per the latest development, the Lusaka High Court that was handling the high profile case of industrialist Dr. Rajan Mahtani and Business owners the Ventriglias took a new turn. The High Court announced that the case, that started almost nine years back, has completed its hearing process. This is a big milestone for both the case contestants and even the High Court. The case was launched by Dr. Rajan Mahtani claiming that the Ventriglias have illegally taken over his factory, Zambezi Portland Cement. On the other hand, the Ventriglias have counter-claimed saying that the shares of Dr. Mahtani in the cement factory has not been paid.
If one goes by the popular opinion of the market, Dr. Rajan Mahtani owned Finsbury Investments is going to win the case of Zambezi Portland Cement. The case was launched by Dr. Mahtani almost nine years back, when his factory was illegally captured by the Ventriglias. Since then, the case has been going on non-stop at the Lusaka High Court.