Suspected theft of over US$35 million at ZAMBEZI Portland

ZAMBEZI Portland Cement has reported a suspected theft of over US$35 million to the police, managing director Andrew Kamanga has confirmed.
Mr Kamanga said in an interview yesterday that an audit of the company books is continuing.
“Yes, I can confirm that we have reported the loss of money in excess of US$35 million or billions of kwacha to police,” Mr Kamanga said. “The perpetrators of course appear to be the previous management.”
Mr Kamanga declined to comment further for fear of jeopardising investigations.
But documents show that the US$35 million was externalised from the cement company to various offshore accounts between November 2012 and the period the Ventriglia brothers, who managed the firm, were deported.
Antonio Ventriglia was managing director of the firm while Mr Daniele Ventriglia was operations manager and both were signatories to bank transfers.
The documents show that at one point, a leasing company was used to externalise about US$26.4 million to Dubai, through a local private bank without proper backing documents.
Another US$5.3 million and a US$375,000 were transferred again to another Ventriglia family account through the same local bank, without proper backup documents.
“You must know that the company accounts had not been audited for five years before the takeover, which is also illegal and shows that management must have been conniving with someone to subvert the law,” Mr Kamanga said.
Mr Kamanga fears that “more dirt” and billions in losses will surface once the rigorous audit is completed as he attempts to make the company profitable and efficient.