KAMPALA, Uganda — A counterfeit gold transaction has ensnared Ugandan businessmen, according to a report published in The Observer, a Ugandan investigative news website, raising concerns about investor protection and the reputation of Uganda’s business environment.
Baishev Rinad and Jambulov Olzhas, two Kazakhstani nationals, claim to have been defrauded by Ugandan businessmen in a gold deal gone sour. The two men allegedly paid $113,125 in taxes and export fees, as well as an additional $40,000 in taxes, but never received the gold.
According to The Observer, the ordeal began when Rinad and Olzhas arrived in Uganda on March 20, 2023, at the invitation of a Ugandan man identified as Eric, who claimed to be a relative of the Ugandan president. Eric introduced them to Joseph Akandwanaho and Joram Kamukama, purported gold dealers operating under Sero Minerals Ltd.
“We were shown what appeared to be authentic export licenses and documentation,” Rinad and Olzhas told The Observer. “However, the deal turned out to be a scam, with the gold dealers allegedly making excuses to delay the shipment and threatening violence when we demanded a refund.”
Lawyer Raymond Ntende, who was hired by the Kazakhs to verify the documents and support the transaction, has denied involvement in the alleged scam. “My role was limited to verifying the existence of the company,” Ntende said in an interview with The Observer. “I repeatedly warned them about the risks associated with such transactions and urged them to exercise caution.”
However, Rinad and Olzhas claim that Ntende was more involved in the deal than he admits. “He confirmed the company’s legitimacy, and we paid him $14,000 for his services,” they said.
Colonel Edith Nakalema, head of the State House Investors Protection Unit, has urged the complainants to formally report the case to the State House Anti-Corruption Unit. “We take such allegations seriously and will investigate thoroughly,” Nakalema said.
Joram Kamukama, one of the alleged gold sellers, denied any knowledge of the transaction. “Let those who gave you the information provide the details,” Kamukama said.
The incident highlights the broader implications of gold scams in Uganda, which can discourage foreign investors and tarnish the country’s image as a safe business destination. As Dr. Jimmy Spire Ssentongo, an anti-corruption advocate, noted, “The price of corruption, impunity, and institutional failures is higher than we think. No business can thrive where trust and security are absent.”
