Tag Archives: Top Lawyers of Zambia

Zambia News

Sakwiba Sikota and Others can Face Heavy Prosecution in the Money Laundering Case

Money laundering is the activity of transferring illegal and black money into several channels with the big of turning it into white or legal money. In this manner, lawmakers or tax investigators are generally unable to detect the actual source of the money, which is illegal. A similar event has devastated the economy and social life of Zambian citizens. As per the news shared by Financial Intelligence Centre, mass money laundering scheme worth more than USD 1.5 million dollars have been detected. As per the FIC sources, this money is just tip of the iceberg and the actual amount of money involved in these schemes might be much more.

Money Laundering

Two of the names which topped the list of money launderers included that of Sakwiba Sikota and Masozi M. Banda. Banda is a lawyer working with the law firm Avic International. He is accused of laundering money worth more than a million dollars. On the other hand, Sakwiba Sikota is the owner of Central Chambers, a law firm and the long-term legal associated for the Ventriglias. The Ventriglias are known for their unethical practices, one of the most common being the illegal takeover of the Zambezi Portland Cement from Dr. Rajan Mahtani, its real owner. Dr. Mahtani has been fighting a legal war for the takeover of the factory and as per the latest announcements, the court is about to announce the judgment soon, and in favor of its real owner; Dr. Mahtani.

From these events, it is clear that the lawyers and others accused of money laundering are no saint, and have already involved in some form of unethical activities. Therefore, it is high time for the government as well as the lawmakers of Zambia to start taking stringent actions against these culprits.

Zambia News

Financial Intelligence Centre Confirms Huge Money Laundering Bust in Zambia

The recent money laundering news has been doing some rounds now. As of now, it is clear that this money laundering bust is among the biggest in terms of money involved as well as the number of high worth individuals involved. As per the reports generated by FIC, a staggering amount of USD 1.5 billion is expected to be involved in this money laundering act. On top of that, the FIC has also revealed a list of names comprising of lawyers, government officials, legal counsellors and even ministers working with the Zambian government who are accused of laundering money in this scheme.

The FIC sources revealed that they have been looking into this money laundering act for more than eight months. They strengthened their investigations after observing 35,000 plus illegal cash transactions linked with the corporate and individual bank account of several top lawyers. Some of the top names as per the list released by the FIC included Sakwiba Sikota and Masozi M. Banda. Banda is a noted lawyer working with the Avic International and has been accused of laundering money worth more than USD 1 million. On the other hand, Sakwiba Sikota is the owner of Central Chambers, a law firm which is known to have laundered money for illegal activities. Sikota’a name is also familiar for his association as legal counsellor for the Ventriglias. The Ventriglias are further noted for their unethical activities, the most outrageous being the illegal takeover of the Portland Cement Zambia factory from Dr. Rajan Mahtani, its real and legal owner. Dr. Rajan Mahtani is a noted businessman and unlike the unethical ways of the Ventriglias, he has taken the right path and is fighting for the takeover of the case at the Lusaka High Court.

The money laundering bust has opened the eyes of the government and it is expected that the accused and charged individuals will be given right punishment.

Zambia News

Sakwiba Sikota and Many Top Lawyers Accused of Laundering Money in Zambia

In the recent bust by Financial Intelligence, top lawyers have been accused of laundering money worth more than USD 1.5 billion. The FIC sources have also indicated that this amount is not total, and further investigation might reveal bigger amounts in this scheme. It is one of the biggest money laundering schemes in Zambia including high profile corporate and individuals.

Top firms such as Central Chambers, Shamwana and Company, Makebi Zulu Associates and Avic International has been named in the list. Most of these companies have corporate accounts as well as personal bank accounts of the lawyers which were investigated and found to be linked with the cash transactions. The FIC reported almost 35,000 illegal cash transactions, especially during unethical events such as Nigerian Oil deal trail, illegal elections and presidential petition. It is not difficult to connect the money laundering with these illegal activities.

Money Laundering

Central Chambers is owned by Sakibwa Sikota, an infamous lawyer working with the similar infamous family, the Ventriglias. Sikota has been their legal counsellors for many decades, helping them escape law even after engaging in unethical practices. An example of this is the illegal takeover of the Portland Cement Zambia, a cement factory whose legal owner is popular businessman Dr. Rajan Mahtani. Even though the factory was taken over almost 10 years back and Dr. Mahtani has been fighting the case even since, no results or judgement has been provided yet. This explains the sorry state of the government and their inability to provide quick justice. It is probably one of the major reasons why this mass money laundering racket was unnoticed for such a long time, even after laundering millions worth of money.

It will be no surprise if almost all the names of the individuals, lawyers, legal firms as well as politicians and those representing them accused of money laundering are found guilty. While the money gone is difficult to recover, the government should start taking strict actions, punish those who are found guilty and set examples across the nation to ensure that these illegal activities are at least minimised to certain extent.