Thursday, 23 February 2012 01:37

This is another great investigative work reproduced (with their permission too) from Noseweek of South Africa. For those wondering the relevance to thenarobian, please read the First Chapter Here.

The Corruption-ridden 2008 maize procurement deals with the Kenyan National Cereals and Produce Board not only saw large financial losses to the Kenyan people – it also saw our own taxman being cheated. Nose127 reported how a technical blunder by Centurion-based Afgri Trading led to investigations that uncovered acts of fraud and corruption. Ongoing investigations now show that, by under-invoicing its parent Swiss-based company, Stellenbosch-based Noble Resources SA (Pty) Ltd knowingly defrauded SARS of tens of millions in undeclared revenues.

According to Washington-based Global Financial Integrity, since 1970 illicit financial transactions have led to an overall loss to Africa of more than $850bn – possibly as much as $1.8 trillion. In that period South Africa lost around $25bn in revenues.