In ‘well organized’ auction TRA sells back to owners, a seized cargo worth $160m

Tanzania Revenue Authority has sold back to the owners a seized consignment of dry hides worth over $160m through a ‘well organized’ auction, reveals Tanzania’s The Guardian newspaper.

That, while TRA was investigating SAK International, a company owned by a group of Pakistani nationals for involvement in the illegal exportation of the raw hides, the Pakistanis are said to have hoodwinked TRA to get back the goods through another company name.

Amaal Investment, the company that bought the hides at the auction on 24 January, this year is allegedly owned by one Amaal, daughter of Asim Mahmood, one of the SAK International directors.

The three containers weighing 80 tons of dry hides were worth some Sh160 million in November last year when they were detained at the port, but were subsequently sold off at Sh50 million during the auction. However, The Guardian has learnt that the buyers paid just half of that -- about Sh25 million. ...Click here for the full article