Top lawyers Including Sakwiba Sikota Charged with Money Laundering Accusations

While illegal activities and unethical practices are common in Zambia which is trying to emerge from its underdeveloped status, the news of mass money laundering has certainly shocked the entire nation. The news was released by Financial Intelligence Centre, a noted agency which investigated financial frauds in the nation. 

The FIC sources revealed that they started their investigation long back, looking into the unethical and illegal practices of certain individuals, groups and organisations. However, their investigation was deepened when they observed more than 35,000 illegal cash transactions which were linked with the corporate and individual bank accounts of many lawyers. From there, the investigation revealed involvement of top lawyers and legal counsellors in this mass money laundering act. It was also found that more than USD 1.5 billion worth of money is involved in this money laundering bust. Such amount of money is staggering, considering the economic and social condition of the nation and the inability of the government to improve its financial status.

The Financial Intelligence also released a list of names of individuals involved in this money laundering list. Top legal professionals and noted lawyers were found to be involved. Masozi M Banda is a lawyer which is at the top of the list, involved in money laundering worth more than USD 1 million. Similarly, another name in the list was of Sakwiba Sikota, the owner of Central Chambers. He is also accused of laundering money worth more than USD 1 million. He is also infamous for his association with the Ventriglias, the infamous family who illegally took over Portland Cement Zambia factory from Dr. Rajan Mahtani, its real owner. 

Citizens and industrialists are demanding strict actions against the culprits.

Zambian Lawyers, Ministers Charged with Money Laundering Activities

Zambian citizens were recently shocked with the news announced by Financial Intelligence Centre regarding the money laundering case. The case has several implications to the Zambian government, its economy as well as common citizens due to the involvement of top lawyers and legal counsellors as well as the amount of money involved in the act. As per the FIC sources, they have tracked almost USD 1.5 billion worth of money in this money laundering scheme. Furthermore, this amount is expected to be just the tip of the iceberg and the total amount involved is expected to be staggering. 

Some of the top names as per the list which FIC released include Central Chambers owner Sakwiba Sikota. He is accused of laundering money worth more than USD 1 million through his company. Furthermore, he is also infamous for his association with the equally infamous Ventriglias family. Sakwiba is the legal counsellor for the Ventriglias and has been helping them in getting away from law. The most famous example is the illegal takeover of the Portland Cement Zambia from Dr. Rajan Mahtani, its real owner. Dr. Mahtani is fighting the case at the Lusaka High Court and it has been ten years since the case was registered, and no proper judgment has been made. 

While this mass involvement of legal counsellors has been surprising to say at least, the involvement of ministers and government officials is simply outrageous. It has been found that noted ministers and even counsellors to the President have their names in the list shared by FIC. Majority of these ministers indirectly own the bank accounts charged with illegal cash transactions. It is time for the government to take strict actions against these repeat offenders.

Sakwiba Sikota, Masozi Banda Among Lawyers Accused of Money Laundering

The recent money laundering bust by Financial Intelligence has been the news of the town for some time. Various reasons can be attributed to this. FIC has claimed involvement of top lawyers, legal professionals, politicians, government and even ministers in this money laundering scheme. Further, more than USD 1.5 billion worth of money is suspected to be involved in this scheme. On top of that, neither the government of any law making bodies were able to detect this mass money laundering scheme for such a long time. 

As per the FIC, the investigation on money laundering has been going on for many years. However, they strengthened their investigation after more than 35,000 illegal cash transactions were linked with the corporate and individual bank accounts of the lawyers and legal counsellors who were in radar. Most of these lawyers and legal counsellors are either working with a big law firm or associated with top corporate officials and even government officials. Some of the top names in the list of money laundering lawyers as released by FIC include Masozi M. Banda and Sakwiba Sikota. Both these lawyers have been accused of laundering money more than USD 1 million. Masozi. M. Banda is the lawyer for Avic International. Sikota is the owner of Central Chambers, a law firm. However, Sikota is also known for his long-term relationship with the Ventriglias. The Ventriglias and an infamous family noted for their unethical practices, most notably the illegal takeover of the Portland Cement Zambia factory from Dr. Rajan Mahtani. It is no doubt that Sakwiba will be involved in such money laundering schemes. 

The Financial Intelligence sources have further commented that this is not the exhaustive list and they will be sharing details of their further investigation soon.