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Tuesday, August 16, 2022

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Exposed! Embattled Kukoma Oil Company owner Shiraz Karim caught declaring already made product as raw materials, tax invasion

BLANTYRE-Barely days after Malawi Fiscal Police on Monday, July 11, 2022 pounced on Kukoma Oil Company owner Shiraz Karim home in Blantyre for money laundering worth US$4 million, new reports show that he has been invading taxes on raw materials imported into the country.

Not only that but also declaring already made products as raw materials which is theft.

Karim is taking advantage of Malawi’s state of forex shortage to steal Malawi’s hard earned taxes

Sources within Malawi Revenue Authority (MRA) say Karim has been conniving with Tonse government officials to escape taxes when importing raw materials.

This is come when the company products cooking oil has been overpriced despite government removing 16.5% Valued-Added Tax.

The company is reaping Malawians on cooking oil high prices.

Currently, one litre cooking is pegged at MK3, 800 while 2 litre MK6, 800 and 5 litre is now MK15,500.

Apart from law materials’s tax invasion has been keeping such huge some of money meant to be externalise out of the country.

Kukoma oil owner’s fiscal fraud also comes amid the country’s forex shortage.

The country’s graft body Anti-Corruption Bureau (ACB) has been alerted on the matter as Karim is reportedly also corrupted government officials on other government business contracts.

Shiraz however continues refusing to comment on the matter when contacted on several attempts.

More to come……

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