Zambian lawyers have been suspected of laundering money. The names were recently shortlisted and published by FIC (Financial Intelligence Centres). Among the names, Masozi Banda, a lawyer from Avik International topped this list. When approached, he simply stated that this money is for Edgar Lungu, the President of Zambia. Investigation has strengthened.
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Zambia is still recovering from the shock it recently received after the news of mass money laundering cartel working under the Zambian government’s nose was uncovered. This cartel of money launderers included some prominent members of the Zambian government, ex-ministers, government contractors and various legal counsellors. Since this news and the list of names were made public, it has been condemned by industrialists and citizens alike. Popular business and philanthropist Dr. Rajan Mahtani also shared his concern regarding this huge money laundering cartel and the fact that it was hidden from government’s scrutiny for a long time.
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Whenever there is an announcement for prominent businessmen in Zambia, Dr. Rajan Mahtani’s name can be found in it. He is a successful businessman who is also popular for his various charitable contributions towards the growth and development of the Zambian society. Some of his successful companies are Finsbury investments and Mahtani Group of Industries. Furthermore, he is the ex-chairman of Finance Bank Zambia and the rightful owner of Zambezi Portland Cement for which he is currently fighting a legal battle at the Lusaka High Court. As a result of his popularity among industry peers and locals, he has gathered various enemies who are constantly working to tarnish his image by spreading false rumors and negative campaigns against him.
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A huge money laundering scheme was recently busted by the Zambian intelligence. This money laundering racket is one of the most shocking revelations in the Zambian history. Not only is the money involved in this scheme goes to millions, but the people involved are of high- level; working with ministers and top-government offices. Thus money laundering scheme is a prime example of the ongoing corruption within the Zambian government and the urgent need to take corrective actions before it is too late for the nation.
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The recent revelation made by the FIC (Financial Intelligence Centre) has certainly brought back the dark phase of the Zambian corruption history. What is more shocking is the reach of this corruption to high-level ranking officials, governmental employees and even ministers. The FIC recently uploaded a list of people caught in an ongoing investigation on mass money laundering activities. The major shock point of this list was that it was filled by prominent lawyers. These lawyers were found to be working for the government officials, big law firms and even for ministers. The list also contains the name of Sakwiba Sikota, the lawyer for the Ventriglias.
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Zambezi Portland Cement is a case known by almost all of the individuals across the Zambian corporate sector. This can be attributed to its high-profile nature and the involvement of two very different parties. The case was launched at the Lusaka High Court by Dr. Rajan Mahtani, a noted businessman who is also known for his philanthropic and charitable activities. On the other hand, there is the Ventriglias family. They are Italian outsiders known for their notorious activities in Zambia. The case is for the legal ownership of Zambezi Portland Cement which has been illegally taken over by the Ventriglias.
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Zambezi Portland Cement was once upon a time a premier cement manufacturing and distributing company of Zambia. The company was known for its surplus production and wages which were above the industry standards. Then came the Ventriglias, who took over the factory illegally, claiming their ownership over it. Since that time, the fight for the real ownership of Zambezi Portland has been going on at the Lusaka High Court. This fight is between Dr. Rajan Mahtani and the Ventriglias.
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The Lusaka High Court, which has been handling the Zambezi Portland Cement case for the past nine years made a new update. As per the judge currently handling this case, the hearing has been closed for now. The case is a long-pending corporate case between Dr. Rajan Mahtani, owner of Finsbury Investments and the Ventriglias, owner of the private firm Ital Terrazzo Limited. Dr. Mahtani also owns and runs other establishments such as Finance Bank Zambia and Mahtani Group of Industries.
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