Malawian names and companies appearing in milions of files from the so-called Panama Papers have been known by Nyasa Times and are now revealed with Asian business persons dominating to have placed their wealth in tax havens as forensic audit conducted by RSM Risk Assurance LLP of the UK covering 2009 to 2014 has traces businesses involved.
In its report of a forensic audit of the government of Malawi covering the period January 2009 to December 2014, the auditors—RSM Risk Assurance Services LLP of the United Kingdom (UK)— noted in more than one case that the beneficial ownership of the ‘cashgate’ companies could be traced to businesses or persons based in the Panama Papers.
A number of Malawi companies and people – including Gaffar Shakur Haji Abdulla trading as R.K. Ali limited registered on Po. Box 245 Lilongwe is named together with his other business partner Imran Faruk Abdulla of Southwing Investments Limited as amongst those hiding their cash.
Others mentioned in Panama Papers include Abdul Wahid Omar Kassam of Lilongwe.
Another is Nedughant Jay Krishna of Samtel Global Technologies registered in Lilongwe.
“These companies and their Malawian partners were awarded and paid for multi-million dollar contracts sometimes with limited evidence of legal contracts in place. … One supplier to government referred to in the Panama Papers has an address that matches this business with the offices of Mossack Fonseca in the British Virgin Island,” reads the forensic audit report of Malawi ‘grand corruption’.
The data, which contains 11.5 million files relating to thousands of off-shore companies, was leaked from the Panama-based law firm Mossack Fonseca.
The findings of the so-called Panama Papers investigation were first unveiled at the beginning of April.
Over 11 million documents held by the Panama-based law firm Mossack Fonseca had been leaked to the German newspaper Süddeutsche Zeitung. The paper shared the information with the International Consortium of Investigative Journalists (ICIJ), which is made up of 107 media organizations in 78 countries.
Harris Mahomed Sidik of HTD Limited is also among the business persons whose tax arrangements have to been scrutinised in the wake of their leak.
Sidik’s company called Haj Limited is named as he moved funds from Malawi and other sources paying out politicians.
Others in the Panama Papers are Daud Harun Rashid of PO Box 232 Lilongwe under his company Marydale Limited.
The global news outlets examined published this statement on its website along with the documents:
While offshore business entities are often not illegal, reporters found that some of the Mossack Fonseca shell corporations were used for illegal purposes, including fraud, kleptocracy, tax evasion, and evading international sanctions.Follow and Subscribe Nyasa TV :