ZRA, DEC uncover retrieves K9.4M Gold scam entangled company

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A COLLABORATIVE operation between the Zambia Revenue Authority (ZRA) and the Drug Enforcement Commission (DEC) has exposed and recovered over K9.4 million in taxes from AFME Metal Exchange Limited, a company entangled in the Gold scam case alongside Shadrick Kasanda.

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The company, where Kasanda holds significant roles as a shareholder and director, allegedly funneled unexplained funds from overseas sources without fulfilling tax obligations.

Following an in-depth investigation into the tax compliance of AFME Metal Exchange Limited, authorities revealed a substantial assessment of over K52.4 million.

To safeguard tax revenue, a notice was issued under the VAT Act (cap 331), Customs and Excise Act (cap 322), and the Income Tax Act (cap 323), aiming to forfeit K9,433,000. found in a bank account held by AFME Metal Exchange Limited.

According to a joint statement issued by ZRA corporate communications Manager Oliver Nzala and DEC public relations officer Mwenge Mulenga, DEC blocked the account, and ZRA seized the funds to offset the total assessment of K52.4 million owed based on the investigation into its tax compliance.

“This serves as a warning to all entities not complying with the law that Law Enforcement Agencies, through the Inter-Agency Framework, will visit them. All taxpayers are, therefore, encouraged to comply with tax laws,” the statement read.

By Moses Makwaya

Kalemba December 30, 2023

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