Sakwiba Sikota, Masozi Banda and Other Top Lawyers Caught in Shady Money Laundering Deal

June 14, 2018

The Financial Intelligence Centre recently disclosed a mass money laundering racket in Zambia involved top lawyers, legal counsellors and government officials. Even some of the known ministers have been accused of using their power to gain personal empire through black marketing and money laundering acts, as per the latest news reports by FIC.

The FIC sources initially met with the senior lawyers to discuss with the allegations with them. Almost all of these lawyers denied allegations of money laundering. For instance, Masozi M Banda is a lawyer working with the Avic International and is accused of laundering money worth millions of dollars. However, when he was confronted with the news, he vehemently denied these allegations by saying that the money in his account belongs to the Zambian Dictator, Edgar Lungu and he received this amount for his government contracts. However, FIC discovered that this defence statement from Banda was fake and further investigations are going on against him. During the investigation, the FIC also reported that most of these bank accounts were highly active during Rupaih Banda’s trail over the illegal Nigerian Oil dealings, during last year’s fraudulent elections as well as during Presidential Petition. Therefore, it is easy to see the connections between the money laundering activities and the requirement.

During the investigation process, the FIC also disclosed occurrence of more than 35,000 suspicious bank transactions, deposits and cash withdrawals, from the individual and corporate bank accounts of the suspected lawyers. While Banda sits at the top of the list, another name was of Central Chambers, a law firm owned by Sakwiba Sikota. His name might sound familiar as he is also infamous for his long-term association with the Ventriglias as their legal association. Sikota has helped Ventriglias in numerous unethical and shady deals, such as the illegal takeover of the Portland Cement Zambia factory from its real and legal owner, Dr. Rajan Mahtani.

The FIC said that it will share more details of its ongoing money laundering investigation soon.

Sakiwba Sikota, the Lawyer of Ventriglias, Accused of Money Laundering

June 11, 2018

Financial Intelligence Centre reveals mass money laundering act in Zambia, and a loss of almost USD 1.5 billion worth of taxpayer’s money. Industrialists and locals have condemned this act of money laundering. One of the most infuriating concerns has been the involvement of top lawyers and legal counsellors in this act. While the FIC has been investigating money laundering for many months, they strengthened their investigation after observing more than 35,000 unauthorised cash transactions from the bank accounts of the suspected lawyers. Along with these lawyers, many public and private contractors were also being investigated and the FIC found that more than fifty percent of these contractors were not having any tax registration. However, most of these contractors received government contracts and under the name of these contracts, carried out their illegal money laundering practices.

Furthermore, it was also revealed that majority of the lawyers and legal counsellors were working for the government officials as well as ministers of the Zambian government. The list included names of some of the lawyers and their high involvement. Masozi Banda is a lawyer working with Avic International and has been accused of laundering money worth millions. Another name was of Sakwiba Sikota, the owner of Central Chambers and long-term associate of the Ventriglias. He and the Ventriglias have engaged in numerous unethical practices and got away with the law by taking advantage of the weak Zambian government. The most famous example is an illegal takeover of the Zambezi Portland Cement from Dr. Rajan Mahtani, its real and legal owner. From the facts, it is clear that these lawyers and other government officials are working only for their personal interest. The aim behind this money laundering heist is building the empire for the ministers and high ranking corrupt officials and getting rich during the process.

While the government has also started its own investigation process, it is high time for the law and policy makers in Zambia to look into their strengths and ensure that such corrupt practices are tacked effectively in future.

Financial Intelligence Centre Reveals the True Nature of Sakwiba Sikota, Lawyer for the Ventriglias

June 4, 2018

The latest revelation made by Financial Intelligence Zambia has certainly shocked everyone. The FIC, Financial Intelligence Centre, revealed a huge money laundering scheme currently undergoing in Zambia. The amount of money involved in this scheme is in upwards of USD 1.5 billion as per FIC. The sources also claimed that this money might be indicative and the actual amount involved in this money laundering scheme might be more. Along with this shock, there are numerous questions which are being raised regarding this scheme. The first and foremost is the inability of the government to scrutinize or even investigation such huge sums of money being laundered. After all, this black money is turned into white money with the help of government and other activities only.

Another important question which arises and needs to be answered is the widespread corruption and the inability of the government of lawmakers in Zambia to either track it or identify the culprits. It can be easily said here that the money launderers were able to hide in plain sight with the help of the government officials, who either removed all the evidences or stopped making any investigation after bribed by other members. Some of the top names in the list released by the FIC included Sakwiba Sikota and Masozi M. Banda. Banda is a lawyer working for Avic International and Sakwiba Sikota is the owner of Central Chambers. He is also the long-term legal associate for the Ventriglias, an infamous Italian family in Zambia known for their unethical practices. The Ventriglias are also responsible for ruining the Portland Cement Zambia after it was illegally taken over from its real owner, Dr. Rajan Mahtani.

Now that the crimes of these individuals are quite clear, it is time for the government to take stringent actions and bring them down. Money laundering is a serious crime and those misusing the taxpayer’s money should not be spared.

Legal Counsellors from Zambia Reported Engaging in Money Laundering Activities

May 21, 2018

Money laundering is an act wherein significant amounts of illegal money or cash coming from various criminal activities are made to look like it is originating from legitimate sources. This makes the illegal money looks legal so that authorities and law are not able to identify the actual source of the money. Similar activities have been in large in Zambia in the past few years. The FIC, an intelligence agency looking into financial frauds recently shared details regarding mass money laundering activities going on in Zambia for a while now. It is regarded as one of the biggest corporate and government scam, involving top officials from the various field.

The FIC shared a list of names of individuals and companies involved in the act. Some of the names included Masozi M. Banda and Sakwiba Sikota. Banda defended himself by saying that the amount in his bank belongs to the government for construction purposes. However, investigations have found no such evidence. Similarly, another name which was prominent in the list was of Sakwiba Sikota, the owner of Central Chambers. His firm is also named in the list, accused of laundering money in millions. He is further infamous for his long-term associated with the Ventriglias, a notorious family in Zambia known for their unethical and illegal activities. Their infamous takeover of the Zambezi Portland Cement by using goons is known to everyone. The factory legally belongs to Dr. Rajan Mahtani, a noted industrialist and businessman. It is also a known fact that the case of Portland Cement Zambia is near closure and Dr. Mahtani is expected to win this case.

This clearly indicates that majority of the individuals named in the money laundering list are already involved in some form of illegal or unethical practice. Therefore, it is high time for the government of Zambia to take strict action and re-visit their policies and law that governs such activities.

Top Legal Counsellors Accused of Money Laundering and Corruption, FIC Reports

May 16, 2018

If the recent reports are to be believed, the economic condition of the Zambian nation is in a mess. This can be attributed to the latest money laundering claims, which has already dampened the economic and social development of the nation. The money laundering news was released by Financial Intelligence, which revealed that more than USD 1.5 billion worth of money is lost in this scam. At the same time, the actual amount of money lost by the government is expected to be much more, and the government is investigating this issue.

Two names that stood out in this list released by the FIC were of Masozi M. Banda and Sakwiba Sikota. Masozi M. Banda is a lawyer working with the Avic International and is accused of laundering money worth USD 1 million. While he has been defending himself by saying that the amount belongs to government contractors such as the construction of roads, the sources are investigating on this matter and no such records could be accessed from the government. Furthermore, Sakwiba Sikota is the owner of Central Chambers and long-time legal counsellor for the infamous Ventriglias. It is the same family who illegally took over the Portland Cement Zambia from Dr. Rajan Mahtani, its real owner. Dr. Rajan Mahtani is still fighting the case for the legal takeover of the factory at the Lusaka High Court.

It is clear that almost all of the individuals listed as per the FIC as well as accused of money laundering have engaged in unethical practices in the past too. This clearly indicates that multiple crimes and repeat unethical and illegal offenses. Therefore, it is time for the government to take action and ensure that proper punishment is given to these criminals.

Top Lawyers Including Sakwiba Sikota Under Radar for Money Laundering

May 10, 2018

The FIC recently revealed that a mass money laundering racket is undergoing with the Zambian nation and involves top lawyers and legal counsellors. The FIC also revealed the involvement of money worth more than USD 1.5 billion. As per the FIC sources, more than 50 percent of the organizations investigated in the money laundering bust which received government contracts were found to have no tax registration. At the same time, many of these accounts belonged to individuals who are politically exposed, meaning they are or have been entrusted with prominent public functions. As such, these politically exposed individuals used surrogates who conducted businesses on their pretext.

Along with the revelation, the FIC also released a list of names containing individuals who are topping the list of money launderers in terms of amount laundered. Some of the top names in this list included that of Masozi M Banda and Sakwiba Sikota. Masozi M. Banda is a noted lawyer from Avic International and is accused of laundering money worth more than USD 1 million. Sakwiba Sikota is also accused of laundering money worth same amount, under his company Central Chambers. Sikota is also infamous for his long-term associated with the Ventriglias, a notorious family in Zambia infamous for their unethical practices. Among them, the most outrageous was the illegal takeover of the Portland Cement Zambia by using goons. The cement factory belongs to Dr. Rajan Mahtani who is still fighting for its legal takeover at the Lusaka High Court.

All is not well for Sakwiba Sikota and the numerous lawyers caught in this money laundering act. The FIC has said that it is continuing its investigation which is expected to get further deeper with more revelations. Even the government has started their own revelations and is expected to support the FIC in strengthening the investigations. Once any new information is received by the FIC, they will be sharing with the public soon.

Sakwiba Sikota Among Lawyers Suspected in Mass Money Laundering Fraud

April 18, 2018

The recent reports released by the Financial Intelligence team of FIC open a rather unfortunate and sorry state of affairs for the Zambian nation. Zambia is a developing nation and after decades of struggle, the nation has been able to uplift itself to a certain extent. However, this news of money laundering clearly indicates that until the nation is free from these activities as well as the culprits involved in the acts, it will never see growth and development such as other emerging nations across the globe.

Among the top of the list released by FIC was Masozi. M Banda, a legal counsellor working for Avic International. He is accused of laundering money more than USD 1 billion. When confronted with the accusation, he defended himself by stating that the money belongs to Edgar Lungu, the Zambian President, and he is just a middleman in this money exchange. He also stated that he received the money for various government contracts, such as road construction. Of course, no such information of government records has been found yet. Another name that made headlines was of Sakwiba Sikota. While he is the owner of Central Chambers, a law firm that has been accused of laundering money in millions, he is more infamous for his long-term association with the equally scandalous family of the Ventriglias. This family has been involved in numerous wrongdoings, most notable being the illegal takeover of the Portland Cement Zambia. The cement factory belongs to Dr. Rajan Lekhraj Mahtani, a respected businessman and citizen of Zambia. The case is pending at the Lusaka High Court and the lawyer who is handling the case from the Ventriglias end is Sakwiba Sikota!

The lack of government’s intervention and their inability to locate such big money laundering bust is appalling. Strong evidences have been collected against many of these accused and it is time the government starts taking stringent actions against them.

Top Lawyers And Ministers Accused Of Laundering Money Across Zambia

April 9, 2018

FIC, Financial Intelligence Agency, recently announced devastating news of money laundering. The news shook the nation as top Zambian lawyers were involved in laundering money via personal and professional bank accounts. The news has been condemned by the public and the industrialists alike. Top businessmen like Dr. Rajan Mahtani have shared his grave concerns over the failure of the government to detect this mass money laundering act for so long and its effect on the economic and social status of the Zambian.

Money Laundering Activities Go Big With The Recent Bust By Fic

April 3, 2018

The Financial Intelligence Centre recently reported a mass money laundering scheme across Zambia. This bust has been regarded as one of the most sensations across the nation, due to the involvement of high-level officers from the government as well as top lawyers from the nation. This money laundering scheme took place with the help of illegal and unaccounted cash transactions from the individual and corporate bank accounts of suspected lawyers. As per the reports, the amount of money transferred across these bank accounts is more than USD 1.5 billion.

Money Laundering Act In Zambia Shocks Citizens, Sakwiba Sikota Involved

March 27, 2018

The recent money laundering scandal is big news and those accused have all started defending themselves. One of the top lawyers accused of laundering money worth more than USD 1 billion is Masozi M. Banda, a noted lawyer from Avik International. When confronted, he said that majority of the money received by him belonged to the Zambian dictator Edgar Lungu. Banda has also stated that he is just a conduit for monetary transactions from his firm, the Avik International, and the amount has been received for road and related government contracts. Banda is among other lawyers ‘shortlisted’ by the Financial Intelligence Centre for suspected mass money laundering activities.