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.

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.

Top Legal Counsellors Including Sakwiba Sikota Convicted of Laundering Money

Posted on May 9, 2018 by admin

The recent money laundering news from Financial Intelligence has created an uproar among the citizens as well as the industrialists across Zambia. While illegal activities and unethical practices such as these are not uncommon here, the extent of this mass money laundering and its reach is unbelievable. According to the FIC reports, more than 1.5 billion worth of money has been taken in this mass money laundering bust and top lawyers, legal counsellors as well as ministers are involved in the scheme.

Money Laundering News

While there were numerous names in the list, some of the lawyers were highlighted for their involvement and high worth of money laundered. Among these were Masozi M. Banda and Sakwiba Sikota. Banda is a noted lawyer from Avic International and Sakwiba Sikota is the owner of Central Chambers, another law firm. Both these lawyers have been accused of laundering money worth more than USD 1 million each, which is staggering. When Masozi Banda was confronted with the news, he simply stated that the money in his account belongs to Edgar Lungu and he received the amount for government contractors such as the construction of roads. However, no such projects were recorded in the government books. Furthermore, Sakwiba Sikota is also noted for his long-term relationship as legal counsellor for the Ventriglias, who are infamous for their unethical practices. Some of the most outrageous activities by the Ventriglias included taking over the Portland Cement Zambia factory from Dr. Rajan Mahtani, the factory’s real owner and being able to escape law and order by exploiting the loopholes of the Zambian law and government.

While the Portland Cement Zambia case is nearing soon and Dr. Mahtani is expecting a good win, the same cannot be said for Sakwiba Sikota as his crimes and unethical practices have become too big to hide. The FIC officials have told that they have prime evidence against these money launderers and are continuing the investigation process with even more religiously and will share the details of their report once completed.