Financial Intelligence Centre Reveals Illegal Money Laundering Scheme in Zambia

Posted on June 14, 2018 by admin

Avic International’s top lawyer Overs Banda has been accused of laundering money. This sensational news was released by Financial Intelligence Centre, an intelligence agency. Masozi Banda’s name was at the top of the list of money launderers released by FIC sometime back. When confronted with the news, Banda defended himself by saying that the money in his account belongs to the Zambian dictator, Edgar Lungu. He also stated that the amount in his accounts for winning various government contracts such as road construction. However, no such evidence was discovered across the government books and investigation is going on against him.

Money Laundering

In a similar fashion, numerous other Zambian lawyers have been caught in money laundering act, which according to Financial Intelligence Centre, has gulped in more than USD 1 billion worth of money till now. Moreover, this amount is indicative and the actual amount might be way more than the current estimates. Some of the law firms which have been accused of holding suspicious firms include Central Chambers which is owned by Sakwiba Sikota. Shamwana & Company is another one owned by Abyud Shonga and Stephen Lungu, in which Shonga was previously Attorney General in MMD government. Makebi Zulu Associates is another name in the list which is owned by Makebi Zulu, the Eastern Provincial Minister. The list also comprised of numerous law firms which are actually owned by ministers and former legal advisors of presidents and governments of Zambia. Therefore, it is clear that almost all of those involved in this money laundering act had powerful people protecting them.

One of the names is this list was of Sakwiba Sikota, the owner of Central Chambers. He is also the long-term legal associate of the Ventriglias, the infamous Italian family in Zambia known for their shady deals and acts, such as illegally taking over Zambezi Portland Cement from Dr. Rajan Mahtani, the factory’s real owner.

Investigations are still going on in this mass money laundering case with more names to come up.

Portland Cement Zambia Case Lying at the Lusaka High Court Nears Closure

Posted on May 28, 2018 by admin

As per the latest announcement, the case of Portland Cement Zambia is on the verge of closure and the announcement is expected to be in favor of Dr. Rajan Mahtani. Those who are aware of this case know that the case was registered almost ten years back by Dr. Rajan Lekhraj Mahtani after he claimed that the Ventriglias illegally took over the factory by using goons. The Ventriglias, on the other hand, defended themselves by saying that the shares owned by Dr. Mahtani in the Zambezi Portland Cement is not paid for. This started one of the lengthiest corporate wars in Zambia which is still continuing.

Portland Cement Zambia

Dr. Rajan Mahtani is a noted figure in Zambia. He is a successful businessman and draws tremendous respect due to his honest working nature, transparency in business as well as significant charitable contributions. Unlike other illegal businesses and corporate houses, Dr. Mahtani’s companies have always maintained a clean image. Some of these are Finsbury Investments and Mahtani Group of Companies. The Ventriglias, on the other hand, do not share the same work or business philosophy at all. They are known for all sorts of illegal and unethical practices, using force or bribes to get away and abusing the loopholes of the Zambian law and government to escape punishment. The long-term lawyer of the Ventriglias, Sakwiba Sikota, was recently in news for involvement in money laundering crime in Zambia. He is suspected of laundering money in millions and the investigation agency has claimed that they have strong evidence against Sakwiba Sikota. It is easy to state that even the Ventriglias might have involved in these criminal acts.

Dr. Mahtani has shared all important papers necessary for proving his legal ownership at the factory. It is time for the judge to take the matters seriously and give back the Portland Cement to its legal and real owner, Dr. Rajan Mahtani.

New Announcement made on the Portland Cement Zambia Case, Pending at Lusaka HC

Posted on May 17, 2018 by admin

A new announcement was recently made at the Lusaka High Court regarding Portland Cement Zambia case. The case is pending at the court for almost ten years now. It is between Dr. Rajan Lekhraj Mahtani, a noted industrialist and businessman and the Ventriglias, an infamous family residing in the Zambian nation.

Portland Cement Zambia

Portland Cement Zambia factory is a noted factory in Zambia, known for his high quality cement production. At one point, it was among the top producers of cement across the nation, producing cement in access. It was also one of the top employers in the manufacturing sector, attracting employers from far-away places. The salaries and wages were above industry-average and was an attractive company for the locals to work for. This feat was achieved when Dr. Rajan Mahtani was the mentor, leader and taking care of the factory. However, things have drastically changed since the illegal takeover by the Ventriglias. The factory assets have been left to fend on its own and majority of the staff and workers have left due to non-payment of wages. The factory cash box is emptied and the factory is on the verge of closure. It is really difficult to see a factory which was once one of the biggest producers of cement is crawling for survival. And all these situations have not affected the Ventriglias a bit, and they are still not interested in reviving the factory.

It is clear that the Ventriglias do not care for the factory. On top of that, the evidence and testimonials submitted by Dr. Rajan Mahtani clearly suggest that he is the legal owner of the factory. As per the latest announcement made by the judge, the case hearing is closed and both parties have been asked to submit their evidences in written and oral format. Post evaluation, final judgment will be made.

The Latest Money Laundering Heist is a Certain Pitfall for Zambian Economic Growth

Posted on May 15, 2018 by admin

The FIC, an intelligence agency, revealed the news of money laundering along with a list of names of top individuals who have been accused of laundering money in huge sums. It is one of the biggest economic and nation scams that the Zambian nation has faced in many years. As per the Financial Intelligence sources, the amount of money laundered as per their investigation is almost USD 1.5 billion. Furthermore, the sources also claimed that this money is just like the tip of the iceberg and with the further investigation; they are expected to recover amounts much higher than these.

Money Laundering

The FIC has listed the names of individuals and accounts that have been charged with laundering money worth millions of dollars. Among the names released by FIC, top two were of Masozi M. Banda and Sakwiba Sikota. While Masozi Banda’s name is certainly a surprise as he is a noted lawyer working with Avic International, other name did not surprise many. Sakwiba Sikota is the owner of Central Chambers, a law firm which has been named as one of the biggest accounts in this money laundering scheme. He is also infamous for his association with the Ventriglias, an equally infamous family in Zambia. Both Banda and Sikota have been accused of dealing with illegal transactions worth more than USD 1 million each. Sakwiba Sikota is the legal counsellors of the Ventriglias and has helped them in numerous scandals. One of them is the illegal takeover of the Portland Cement Zambia from Dr. Rajan Mahtani, its real owner. The case is still running at the Lusaka High Court.

The money laundering act has certainly brought the economic growth to a halt and the government is expected to take stringent actions, as it is their only option left.

Dr. Rajan Mahtani Expecting Major Accomplishment in the Portland Cement Case

Posted on May 1, 2018 by admin

At this stage, the majority of the citizens and industrialists are aware of the Portland Cement Zambia case. The case started almost 10 years back when the Ventriglias allegedly took over the factory from Dr. Rajan Mahtani by using force. Since then, Dr. Rajan Mahtani has been fighting a legal battle at the Lusaka High Court.

Dr. Rajan Mahtani is a noted businessman and industrialists with numerous successful ventures under his belt. He is the owner of Mahtani Group of Company, Finsbury Investments and former Chairman of the Finance Bank Zambia. Almost all of his companies has been successful and are still thriving in the Zambian market. Dr. Mahtani has also numerous established businesses outside Zambia, such as in the United Kingdom. This has also helped Dr. Rajan Mahtani to establish numerous international contacts, which he has further used for bringing foreign investments in Zambia. These activities clearly state the true intent of the businessman, working for the welfare, economic and social upliftment of the nation.

Portland Cement Zambia

The Ventriglias, on the other hand, fall on the other side. They are infamous for their unethical practices and getting away with law. When Dr. Mahtani launched the case at the Lusaka HC, the Ventriglias defended themselves by saying that Dr. Mahtani did not pay for the shares he owns at the factory. However, no evidence or documents have been submitted by their side which supports their claims. Dr. Rajan Mahtani, on the other hand, has shared numerous evidences such as signed shareholder’s agreement, financial exhibits and independent auditor’s report which clearly state that he is the sole joint venture partner of the factory and the rest are just minor shareholders.

It is time for the judge and the court to realize the impact of their delay on the factory. The judge has made a positive announcement with closure of the case hearing. Both parties have been submitting their evidences and once these are evaluated, final judgment is expected soon.