Tag Archives: The Ventriglias

Zambia News

Zambia’s Progress Towards Growth Disrupted with Recent Money Laundering Acts

Zambia’s progress towards economic and social development has been halted lately, due to the only criminal and corruption activities, marring its progress. One of the most recent as well as damaging news has been the illegal mass money laundering heist, in which the government lost more than USD 1.5 billion worth of taxpayer’s money. This news has not only created an uproar among the citizens as well as industrialists, it has certainly damaged the reputation of Zambian government and law across the continent as well as the world.

Money Laundering

The news was released by Financial Intelligence Agency after investigating numerous bank transactions. Some of the top names of lawyers engaged in money laundering acts were of Masozi Banda and Sakwiba Sikota. Banda is a lawyer working with Avic International and was accused of laundering money worth millions of dollars. When contacted, he defended himself by saying that the amount in his account is for government projects such as road construction. However, the FIC did not find any evidence of that and investigation is going further on the lawyer’s illegal acts. Another name which somehow did not surprise the audiences was of Sakwiba Sikota. He is the owner of Central Chambers, a law firm which has been named at the top of the law firm engaged in money laundering worth millions. He is also infamous for his long-term association with the Ventriglias, another infamous Italian family. The Ventriglias are known for engaging in numerous illegal and unethical practices as well as meddling with ethical and honest businessmen like Dr. Rajan Mahtani. In these games, Sakwiba Sikota helps them to avoid punishment by law.

Most of the lawyers and other individuals in this list have committed similar offenses and FIC is also investigating in this manner. It is also a right time for the government to strengthen its lawmaking policies and ensures that the nation is shielded from such mass corruption practices in future.

Zambia News

Zambian Citizens are Shocked with Mass Money Laundering News and Involvement of Top Lawyers

Zambian citizens and government are still recovering from the recent shock it received after FIC released a report on mass money laundering activities going on within Zambia. Industrialists and top businessmen including Dr. Mahtani have shared their concern regarding this money laundering as well as the inability of the government to track this corrupt practice going on within the nation for a long time.

Money Laundering

Some of the noted lawyers and legal counsellors have been named in the money laundering list and investigations are going on against these individuals and associated companies. Among the top is Masozi M. Banda, a lawyer working for the law firm Avic International. He is accused of laundering money worth USD 1 million. When asked about the charges, he defended himself by saying that the cash deposits made in his accounts were for his government projects. However, no such evidence has been found and the investigation is going on against Banda. It is also clear from his statement that this money laundering act goes well past the government to the President, Edgar Lungu, who has established a dictatorship culture in Zambia. Another name which was found in the list shared by FIC was of Sakwiba Sikota. He is the owner of Central Chambers, a law firm and is accused of laundering millions of dollars. He is also known for his long-term association with the Ventriglias as well as helping them in various unethical activities. One of these infamous activities has been an illegal takeover of the Zambezi Portland Cement factory from Dr. Rajan Mahtani, its real owner. Similarly, evidence has been found for the majority of the lawyers and legal counsellors involved in this money laundering scheme.

The FIC has also stated that the investigation is still incomplete and there are chances of more revelations in monetary terms as well as new names in this money laundering scheme.

Money Laundering

Top Lawyers and Legal Professionals Caught In Mass Money Laundering Act in Zambia

Financial Intelligence Centre, a noted investigation agency looking into financial frauds, recently revealed shocking news to the Zambian citizens, corporate and the government. The news was of mass money laundering worth more than USD 1.5 billion, which is staggering and astonishing when compared with the economic and social condition of the nation. At one side, Zambia as a country is trying to get out from its under-developed status and improve its economic and social status; on the other hand, there are individuals and groups involved in mass laundering of money, emptying the government’s finances and rendering it worthless.

Some of the top names in the list included lawyers, legal counsellors, government officials as well as ministers and those working closely with top Zambian ministers. Masozi M. Banda, a lawyer working with the Avic International, has been accused of laundering money worth more than USD 1 billion. When confronted, he stated that the amount is for government construction purpose and he received this amount from Edgar Lungu, the infamous president of Zambia. Another name in the list was of Sakwiba Sikota, the legal counsellor of the infamous Ventriglias and the owner of Central Chambers. His company is also accused of laundering money worth millions of dollars. It is more astonishing to see that majority of those named in the list has some form of criminal accusations against them. The Ventriglias are an infamous family noted for their unethical practices and Sakwiba is known to have participated in almost all these activities. The most infamous of them being illegally taking over the Portland Cement Zambia factory from Dr. Rajan Mahtani, its real owner.

The revelation of mass money laundering has certainly opened the eyes of the citizens, industrialists as well as the government. It is high time for the government to take stringent actions against these culprits and ensure that such mass illegal and criminal activities are minimised in future.

Zambia News

Lawyers and Legal Counsellors Face Prosecution with Money Laundering Charges

Developing nations have different economic and social issues when compared with their more developed counterparts. For instance, majority of the developing nations have observed lack of government scrutiny when it comes to investigating criminal and unethical practices. Zambia is considered as a developing nation, not emerging nation. The country has its fair share of good and woes and it is constantly being marred with difficult situation. The government of Zambia faced a similar situation when FIC announced money laundering activities across the nation. The amount of money on these money laundering acts is in excess of USD 1.5 billion, which is staggering considering the sorry state of the nation, its economic and social conditions.

Money Laundering

FIC is Financial Intelligence Centre, an investigative agency looking into financial frauds across the nation. The acting director of the board, John Kasanga, said during a press meeting that the agency started their investigation after more than 35,000 illegal cash transactions were linked with the corporate as well as private bank accounts of the investigated lawyers, legal counsellors and more. It was found that these amounts were worth more than USD 72 million. Furthermore, top lawyers such as Sakwiba Sikota and Masozi Banda were accused of involving in this money laundering case. It was also found that the money laundering activity was much more channelled, deep and organised that expected. This was due to the fact that most of these lawyers had some connection or help from government officers. Furthermore, various ministers and government officials working in important designations were found to be involved in this act.

This is certainly a dark time for the Zambian governance and its economy. Prominent industrialists such as Dr. Rajan Mahtani, who have been promoting honesty and integrity in businesses, is shocked by this act and has condemned those involved in this act. It is time for the government to take serious actions against these money launderers and given them the punishment that they deserve.

Zambia News

Judge Handling the Portland Cement Zambia Case Makes New Announcement

Portland Cement Zambia is a noted factory that was not for highest production of cement, once upon a time. Now it is just a destitute factory with negligent care & maintenance and almost negligible product. This negative transition can be attributed to the Ventriglias, who took over the factory from Dr. Rajan Mahtani illegally. Since then, Dr. Rajan Mahtani is fighting a case at the Lusaka High Court for legal ownership over the factory.

Lusaka High Court

The Portland Cement Zambia is legally owned by Dr. Rajan Mahtani. During his leadership and before the illegal takeover, the factory was one of the largest producers of cement in Zambia. Portland Cement Zambia was also one of the favourite employers for the people in the province. Even people from far-away places came to work at the factory with the hope of better salary and better life. The factory production was in excess and the revenues were high. This also improved the salary and compensation structure and the workers received regular bonuses and salary hikes. However, the condition of the factory has turned upside down since the illegal capture by the Ventriglias. The goons have looted all the cash from the factory cash box. Workers have either left due to non-payment of finances or are still working with very low salaries and wages. The assets are also ill-maintained leading to low production. Experts suggest that if the factory is not revived now, it will be very late for Portland Cement Zambia.

Dr. Rajan Mahtani is currently fighting the case at the Lusaka High Court. As per the latest announcement made by the judge handling this case, case hearing is closed. This means no more hearing will be done and both parties will be submitting their evidences in written and oral format. After looking into the evidences, the judge will make the final judgment soon.