Tag Archives: Dr. Rajan Mahtani

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.

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.

Money Laundering

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

May 17, 2018 PCZambia

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

Financial Intelligence Centre Confirms Huge Money Laundering Bust in Zambia

May 12, 2018 PCZambia

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

May 4, 2018 PCZambia

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.

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.

Zambia News

Lawyers and Legal Counsellors Face Prosecution with Money Laundering Charges

April 25, 2018 PCZambia

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.

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

April 15, 2018 PCZambia

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.

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.