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.

Financial Intelligence Centre reports mass money laundering in Zambia

Posted on June 11, 2018 by admin

Financial Intelligence Centre recently reported mass money laundering scheme in Zambia. As per the report, the investigators are suspecting involvement of amount worth more than USD 1.5 billion. This is a huge sum considering the economic and social condition of the Zambian nation. It is safe to assume that the amount belongs to the taxpayers and the common citizens of Zambia, working day and night and living a hard life. Furthermore, the investigators also confirmed that this amount is indicative and the actual amount involved in this money laundering act might be much more. Some of the top lawyers, legal counselors and government officials have been named in this money laundering act.

The Financial Intelligence is an agency looking into financial crimes and frauds. The agency started digging deeper into the money laundering investigation after observing more than 35,700 unauthorised and suspicious cash transactions. These case transactions were later linked with the individual as well as corporate bank accounts of the lawyers who were already under investigation. Some of the top names in the list comprised of Masozi M. Banda and Sakiwba Sikota. Masozi Banda is a lawyer working with the top law firm, Avic International. He has been charged with laundering money worth more than a million dollars. While he has defended himself by saying that the money is legal and received for government contracts, no such evidence has been recorded in the government books. Another infamous name in the list is of Sakwiba Sikota, the owner of Central Chambers and the long-term legal counsellor for the Ventriglias.

The Ventriglias are infamous for their unethical practices, such as illegal takeover of the Zambezi Portland Cement from its real owner, Dr. Rajan Mahtani. This connections clearly point to the fact that the lawyers and others involved in this money laundering activities are already engaged in some form of unethical practice. The government has been staying silent in this matter but the time has come to take stringent actions. Money laundering is a crime and those accused should be given appropriate punishment.

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.

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.