The Ventriglias have not been able to share even one single evidence to prove their arguments. Dr. Mahtani, on the other hand, has continuously shared critical evidences such as signed shareholder’s agreement, independent audit report, financial exhibits and numerous testimonials that prove his true ownership over the factory. The judge currently handling the case has announced that the case hearing is closed and both parties have been asked to share their evidences in oral and written format. Post evaluation of these evidences, final judgment will be announced. It is hoped that this time, Dr. Mahtani will receive true judgment in the form of the factory.
One of Dr. Mahtani’s establishments was Zambezi Portland Cement, the cement factory which was established as a joint venture. While the factory worked very well under Dr. Mahtani’s leadership, things soon changed when the Ventriglias took over the factory illegally. The Ventriglias, known for their notorious and unethical practices, took control of the factory by force. Rather than scooping to their level, Dr. Rajan Mahtani registered a case at the Lusaka High Court. Since then, it has been 10 years and Dr. Mahtani is still fighting the case. Meanwhile, the Ventriglias have transformed the growing and productive factory into a destitute with half of the workers leaving the factory and assets of the factory becoming corroded. It can be seen clearly that the Ventriglias are in no way interested in the well being of the factory. In spite of this, they have defended their acts in the court by saying that Dr. Rajan Mahtani has not paid for the shares he owns at the factory.
The Ventriglias have not been able to share even one single evidence to prove their arguments. Dr. Mahtani, on the other hand, has continuously shared critical evidences such as signed shareholder’s agreement, independent audit report, financial exhibits and numerous testimonials that prove his true ownership over the factory. The judge currently handling the case has announced that the case hearing is closed and both parties have been asked to share their evidences in oral and written format. Post evaluation of these evidences, final judgment will be announced. It is hoped that this time, Dr. Mahtani will receive true judgment in the form of the factory.
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Since the news of the money laundering case started making rounds, industrialists and citizens have started wondering if the government can be trusted at all. The amount of money involved in this money laundering case highlights the shady side of the government officials and top public and private enterprise workers and their schemes. This scheme was busted by Financial Intelligence Centre, an intelligence agency that looks into financial frauds. The agency had been looking into this matter for a long time. However, they could not open about their investigation due to the lack of evidence or materials. However, when the actual money laundering scheme was busted, people were quick to understand the reason behind lack of evidences or supporting materials to charge the corrupts. This is due to the fact that majority of those involved belonged to the government. These were government officials, government contractors and even some ministers working with the Zambian government.
The FIC revealed that more than 25000 illegal cash transactions were observed across the individual and corporate bank accounts of the lawyers involved. Also, the FIC started their investigation and started to pick up individual accounts when the cash deposits did not add-up as per their compensation or other legal business revenues. The FIC also picked up its investigation by observing those accounts dealing in huge cash transactions which would otherwise not involve in cash trading. Some of the top lawyers involved in this money laundering list include Masozi M. Banda from Avik International and owner of Central Chambers, Sakwiba Sikota. The FIC has assured that they will share any new revelation from the investigation as and when discovered. The Zambian nation was recently petrified with the news of mass money laundering involving top Zambian officials and lawyers. It was found that legal counsellors, lawyers, government officials and even ministers of various provinces were involved in the money laundering act. The amount of money involved in this money laundering act was staggering, reaching more than USD 1 billion. Top lawyers such as Masozi M. Banda from law firm Avik International has been accused of laundering more than USD 1 million worth of money. Another name which popped up in the list of names by FIC was of Sakwiba Sikota, the owner of Central Chambers and long-term legal counsellor for the Ventriglias.
The FIC, which started its investigation many months back, recently declared the existence of a mass money laundering racket in Zambia. Worse, this money laundering racket was run by top lawyers and legal counsellors within the nation. As per the reports, more than USD 1 billion worth of money has been detected floating in the illegal market. It can be easily said that the money belongs to the hardworking taxpayers and has been skimmed by these accusers from various sources. According to FIC, one of the main reasons why this racket was saved from government scrutiny was the involvement of top government officials and even some ministers. With their help, this money laundering act was comparatively easy. Industrialists such as Dr. Rajan Mahtani have heavily condemned this act and have demanded strict action against the culprits. The nation is in a fix now and the government needs to start acting soon by giving strict punishments to those involved in this money laundering act. Financial Intelligence is a noted agency that investigates financial fraud. The agency recently made news when it released a list of names involving top lawyers and legal counsellors involved in a mass money laundering scheme. This news was one of the biggest news during the time and investigations are still going on to reveal more details on the act.
As per the FIC (Financial Intelligence Centre), the investigation started after more than 35,000 transactions were observed linked with the bank accounts of top lawyers and legal counsellors. Some of them were also owners of famous law firms across the nation. Also, the amount of illegal cash transactions involved is staggering. According to the reports, more than USD 1 billion dollars have been transferred here and there in the cash transactions. It was also observed that these cash transactions and bank accounts became highly active every time there was an illegal or controversial event going on. For instance, the accounts were highly active during the infamous trail of Rupiah Banda for his involvement in the Nigerian Deal as well as during the corrupt presidential elections. Top lawyers such as Masozi Banda from Avik International and Sakwiba Sikota from Central Chambers have been named in the list. While the name of Masozi Banda is surprising from many, Sakwiba Sikota’s name in the list is far from surprising. He is also notorious for his relationship with the Ventriglias and has been involved in various cases involving the Italian family. According to reports, if those involved in the list are convicted of the crimes, they will be facing serious implications such as cancellation of licence as well as criminal charges. We are waiting for further reports from the intelligence agency. Lusaka High Court, which has been handling the case of Portland Cement Zambia for more than 10 years, recently made a new announcement. The case hearing is closed and both parties have been asked to submit their all evidences they have in both written and oral form. Once these evidences are evaluated, the judge will provide his judgment. This announcement has been considered as a milestone for the case which has been running for almost a decade.
The parties of this case are Dr. Rajan Lekhraj Mahtani and the Ventriglias family. Dr. Mahtani is famous as a successful businessman, corporate giant and industrialist. He is also famous for his charitable contributions to the society. Some of his successful ventures include Mahtani Group of Companies, Finsbury Investment and Finance Bank Zambia. He is also the legal owner of Portland Cement Zambia. The Ventriglias own Ital Terrazzo Limited, a private firm whose businesses and profits are unknown to most. As per Dr. Mahtani’s case, the Ventriglias have illegally captured the factory with the help of goons. However, the Ventriglias have defended themselves by contesting that Dr. Mahtani did not pay for the shares he owns at the factory. Ultimately, this high profile case has been going on unresolved, propelled by the conspiracies as well as the inability of the court to provide quick and truthful judgment. Out of all these, the real loser has been the factory. Portland Cement Zambia, which was once a successful and profitable cement manufacturing factory, has been turned into ruins. It is clear that the Ventriglias do not have any intentions of saving the factory. Therefore, it is high time for the court to give the factory to its real owner while there is still chance of saving the factory. The current news of mass money laundering by top law makers of Zambian corporate and political houses is certainly appalling. The FIC recently revealed a list of names that included top political personalities, lawyers, officials from the government and even some ministers who were found to be engaged in money laundering acts. In the list, the top name was of Masozi M. Banda, who works as a lawyer for Avik International. He is suspected of laundering money worth USD 1 million. This amount is huge and the reason behind investigation by the financial agency.
Another name is the list was of Sakwiba Sikota, notorious lawyers known for his partnership with the Ventriglias and raging war with Dr. Mahtani over the course of several decades. Since he is the official lawyer and legal counsellor for the Ventriglias, he has been engaged in several court cases, most notably the case for legal ownership of Zambezi Portland Cement. It has been established several times that the factory legally and truthfully belongs to Dr. Rajan Mahtani. However, technical incompetence of the courts and government has stretched the case for almost 10 years. Now, the news of money laundering is out and if Sakibwa Sikota is found guilty with evidences, he might be prosecuted with his license taken. This will again leave the fate of the Zambezi Portland Cement in balance. However, majority of the industrialists and corporate houses have demanded strict actions against these culprits. Once the investigation is completed and the extent of the money laundering act is busted, all individuals, groups and companies involved are expected to face charges. The employees working with the Zambezi Portland Cement recently rejoiced after the Lusaka High Court announced case hearing of the cement factory. It is great news for those who are still looking for the revival of the factory after decades of minimal production and treatment like garbage which has turned the factory into a ruined place. The Zambezi Portland Cement factory initially belonged to Dr. Rajan Lekhraj Mahtani, a noted and celebrated businessman, philanthropist and charity worker in Zambia. He is among those few businessmen in Zambia who is respected for their hard work and transparent businesses rather than being feared or hated by counterparts or common citizens. Dr. Rajan Mahtani is the real owner of the factory and is responsible for bringing success and fame to the factory. During his tenure, the factory productions were more than expected and so were the remunerations and compensations for its workers. At one point, it was among top industrial employers and provided employment and livelihood opportunities to hundreds of people.
However, things changed drastically after the factory was illegally captured by Ventriglias, who claimed to be the real owner of the firm. This started one of the longest running cases for Dr. Rajan Mahtani and his team. However, after almost 10 years of wait, it seems that the case is finally towards closure. The judge handling the case will collect the documents and evidences from both sides and will review them. After this, final judgment will be given. As per experts, Dr. Rajan Mahtani has all relevant documents and evidences to prove his rightful claim over the factory. Final judgement is expected soon. Being a developing country, Zambia is no stranger to corruption and criminal activities. It is known as people even at high positions are corrupted and engage in illegal and unethical activities such as bribery. It can also be said that the Zambian industries and politics are divided into those conducting their businesses honesty and those engaging in corrupt practices. Among those businessmen who have earned respect and fame for their honesty and transparency, Dr. Rajan Mahtani’s name is definitely at the top. He has established his name with hard work and integrity. Some of his successful companies are Mahtani Group of Companies and Finsbury Investments. On the other hand, there are individuals, groups and even entire companies that do not shy away from stealing the hard earned taxpayers’ money to fill their own pockets and build their illegal empires.
A similar scenario but in large scale was detected when FIC (Financial Intelligence Centre) started an investigation on money laundering. What came through shocked the entire nation. It was found that many top legal counsellors, government contractors and officials and even ministers were involved in this money laundering scheme. Most of those who have been accused have confronted that the money found in their account was for Edgar Lungu, the President of Zambia and a notorious dictator. Among the top names in the list of accused, one name was of Sakibwa Sikota. He is the owner of law firm named Central Chambers and long-term legal counsellor for the notorious Ventriglias. These names clearly suggest that most of the people involved in this racket are already corrupt and have been evading law by exploiting loopholes in them. Those who are familiar with the case between Dr. Rajan Mahtani and the Ventriglias for Zambezi Portland Cement are aware of the fact that the case of Ventriglias is taken by Sakwiba Sikota. He is the legal counsellor for the Ventriglias as has been working with this Italian family for a long time. The recent money laundering bust involving prominent Zambian lawyers was certainly negative news for the Ventriglias as Sakwiba Sikota’s name also appears in the list of suspects in this cartel.
FIC (Financial Intelligence Agency) started their inquiry after they detected suspicious cash transactions of large amounts by prominent members of the legal counsel of Zambia. These transactions were then tracked to several bank accounts across Dubai and China. It is well known that these cities are known for being safe havens for illegal money laundering activities. As such, the investigation strengthened and it was found that the amount of illegal transactions have gone as high as USD 1 billion. Since then, the intelligence agency has released a list of names of prominent individuals suspected in the money laundering act. The list is topped by Avik International’s prominent lawyer Masozi M. Banda and it is suspected that he has made illegal money transactions of amount more than USD 1 million. It has also been suspected that these individuals are laundering money under Edgar Lungu. Therefore, it can be clearly seen that they not only have political power, but also legally they are untouched. While the government has also started investigation along with the FIC, it is time for the Zambian government to take strict actions against those found guilty. In a country that is consistently weighed down with corruption and illegal activities, a new of money laundering might not bother much people. However, when this money laundering scheme is worth almost USD 1 billion and involves prominent legal counsellors and government officials of Zambia, it is a news worth considering and pondering upon. This news was recently given by FIC (Financial Intelligence Centre) and this bust has certainly shocked the entire Zambian nation.
FIC released a list of names along with the news of mass money laundering which has been going under the noses of government officials and law makers and nobody notices. This can be directly attributed to the fact that the list consists of prominent legal counsellors, government contractors, and government officials, owners of law firms and even ministers who are accused of laundering illegal money in cash transactions. It was these high quantity and high amount cash transactions that made the agencies suspect and start the investigation. Among those caught in the list, one of them is Sakwiba Sikota, the legal counsellor for the Ventriglias. It is a known fact that the Ventriglias have various illegal activities in their business resume. However, they have been able to escape law and legal punishment by exploiting the current inabilities of the Zambian government. This list and the money laundering act is a considerable explanation of how corrupt individuals and business families like the Ventriglias get away so easily. This recent bust has certainly opened the eyes of the Zambian government and they have also started taking extreme steps against repeat offenders and law breakers. |
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