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Zambian Tax Authority Raids Gemfields Mine

Aug 19, 2018 8:48 AM   By Rapaport News
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The Zambian Revenue Authority (ZRA) launched an investigation into alleged tax evasion at the Kagem emerald mine, owned by Gemfields.

In an unannounced visit to the mine last week, ZRA served two search warrants on Kagem Mining and Limpopo Polygraphs, a South African company that conducts periodic testing at the Kagem asset.

Authorities seized documents and files including those allegedly used to “evade the payment of value-added tax (VAT), income tax, withholding tax and other taxes,” the company said.

This marks the latest in a number of problems Gemfields has faced this year. In July, its Ethiopian asset was overrun by a mob, and that same site was looted earlier this month. In April, the company was served with a lawsuit over alleged human-rights abuse at its Mozambican mine.

Gemfields holds a 75% share in the Kagem emerald mine.

Gemfields will provide further updates on the situation at Kagem as pertinent information becomes available, the miner added.

The company’s stock price fell 4% on Friday after the announcement.

Image: Kagem Emerald Mine
Tags: Gemfields, Gemfields Group, Kagem emerald mine, Limpopo Polygraph, Rapaport News
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