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Zambian Tax Authority Raids Gemfields Mine
Aug 19, 2018 8:48 AM
By Rapaport News
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RAPAPORT... 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
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Tags:
Gemfields, Gemfields Group, Kagem emerald mine, Limpopo Polygraph, Rapaport News
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