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.

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.