Saturday, June 22, 2024

Over 9,000 Zambians have offshore accounts-Chibamba Kanyama


Prominent Economist Chibamba Kanyama has revealed that there about 9,000 Zambians holding offshore accounts.

Mr Kanyama who is also a former official of the International Monetary Fund disclosed that the majority of these Zambians are serving in government.

He said he knows this for a fact because he personally introduced some of these Zambians to investment companies that specializes in offshore accounts.

Mr. Kanyama said the country already has companies such as deVere that handle offshore accounts.

Chibamba Kanyama
Chibamba Kanyama

“We have about 9000 Zambians with offshore accounts. Apparently, the majority are serving in government. I know this for a fact because I introduced them to some of the investment companies specializing in offshore accounts,” Mr Kanyama wrote on Facebook.

Mr Kanyama said he is horribly shocked at the noise that some people have created about offshore accounts when it’s the practice everywhere.

“We have tax allowances also to many foreign companies since 1994. After expiration, they closed and came with another name. You can invest offshore, earn your income, bring it back and reinvest in property,” he said.

He added, “I dealt with Mombasa Port Authority who once invested workers pension funds in Zambia and the Kenyans never protested.”

He said, “Taxes are a competitive platform globally. Mauritius is way ahead of Zambia due to these tax havens. We have many Zambian companies registered in Mauritius for this very reason. I am helping a Zambian owned company register in Mauritius. The very reason we have export processing zones is to attract foreign investors to manufacture here and never pay duty so long what they produce is for export.

He continued, “we flock to order things from Dubai by taking advantage of tax havens the country offers.”

Mr Kanyama noted that the only issue about tax havens is that many government crooks use it to steal money from citizens and hide the funds in these anonymous accounts, some of the beneficiaries are middlemen.

Authors note:
The issue of offshore accounts and related tax havens has become an issue of interest. I rarely imagined my conversation with a colleague would be headline news in Lusaka Times and with significant public traction.

Unfortunately, the article only captured my sentiments without the full context of the discussion I was involved in. I simply participated, like I have done a few times before, on a Facebook post by one of my young friends who wanted more information about offshore accounts in as much as it affected the political economy. The backdrop was the Auditor General report that exposed high levels of abuses to public funds.

The discussion basically involved three people and my attempt was to provide an actual definition of offshore, its implications and how such accounts benefit the country or can be abused. Through some kind of question and answer, I explained my personal experiences with offshore investments and that offshore involves making investments and deposits in foreign banks and corporations.

Many individuals and corporations have legitimately invested into offshore accounts where regulations were investor-friendly or relaxed and enabled such entities to avoid paying taxes which in itself was not wrong. For example, many Zambian registered corporations patent their own brands abroad, to companies they own, pay royalties in the foreign country and such payments are tax deductible. This is tax avoidance. Governments cannot prosecute companies for such transactions unless they capture them through a policy pronouncement as happened in the 2018 Zambian budget announcement where there is a 5% levy.

There are many Zambians who have invested into offshore accounts either through direct participation or via other investment vehicles for better returns. Pension Funds and insurance companies have for some time been requesting PIA to relax thresholds on offshore investments.

Though not aptly stated in my responses to the questions, I disclosed the problems associated with offshore accounts as some individuals and corporations use them for illicit purposes. If such activities border on tax evasion and money laundering, such individuals must be made to account and prosecuted.

In short, I never made an intentional statement on offshore accounts but merely responded to a question. My views, nonetheless, remain valid but should be captured within the context under which they were made. I am happy to engage in productive discussions with those whose intention is to share knowledge; who knows we may find solutions to some challenges associated with offshore investments because they exist among Zambians.


    • What’s wrong with someone looking for investment capital elsewhere, then come back and invest it in his home country? What wrong with marketeer forming a group called ichilimba to raise capital for investment into his or her business? There are so many ways of raising capital in business, what is all this fuss about 1 gentleman out of 8999 in Zambia?

    • Its funny that the usual suspects on this blog no longer have anything to say on HH! Whilst he may not be my role model, he has been exonerated! However, as CK says, the loss of revenue when people lock up questionable or tainted funds off shore is what we raise ethical questions about!

    • Am one of the the 9000 people holding an offshore account but I swear on my dead grandfather…. I didn’t steal from the fire trucks and ambulances,,,,,, I might have drank with my friend lungu but I swear I didn’t know the money was from fire trucks,,

    • Interesting

      his is indignation and should be condemned with the utmost contempt it deserves.?
      MMuslim males like to marry underage girls within their own families. I guess we should “redefine” marriage for them too right? I guess polygamy is ok Mr Lungu?
      What is wrong with gay married? isn’t that better than seeing children as young as 12 being forced in marriage?
      After adopting it will mean those children will have the benefit of having parents who are married. If the standard is the protection of children, any rational person will be in favour of marriage equality. How can anyone who is concerned about the rights of children be in favour of denying any child the right to have his or her parents be married?


    • My bank here in Zambia has a facility that encourages offshore banking. It is normal business. What is the fuss? HH has always been way ahead of the game when it comes to investment

    • The difference is that the one man is associated with ownership of a company with an offshore account while most of the others save with investment companies in offshore accounts.

    • Ok Mr. Learned Economics, look at these hypothetical situations; Imagine the effect on the local economy if every Jim and Jack who has a a bit of money just rushes to put it in off-shore accounts, Imagine again the effects on our local economy if these 9000 plus Zambians had put the money in the local economy, just imagine again the effects these monies are having on the economies were they are hidden. Mr Economist Sir, so why is this Paradise Papers story such a big issue in major media organisation world over? Are you telling me that these Investigative journaist spent close to a year, putting in so much resources to just investigate some nonsense? Your uncle Dr. VJ was a serious presidential material, but he failed because of the love for “Dark Triangle of Lust”. Your and your HH are…

    • @ 1.4 Mushota is now officially a CRACK POT initially I had suspected she had a mental illness but that is way too understandable since like any other illness one has no choice

    • Count all of them to be birds of the same feather – they are all crooks. They are thieves. It is the reason they are so rich. And why the rest of the Zambians are so poor.

    • @ Panda

      According to you, “patriotism” is identified with theft of tax-payers contribution and plunder of borrowed money? Do yourself a big favor, crap off line. Stench of your 1mbecility is to much to bear

    • @138, Get it in your small **** filled heads, you and your tandem friends of thieves both in Private Business, Opposition and ruling party, here in Zambia and the whole of Africa, lack of patriotism for ones country is wrong. Yes stealing of tax payes money is wrong. Do you feel anything when you see the hordes of abled bodied youths meeting their death on the high seas following opportunities in Europe and other affleunt countries, opportunities created by the stolen money you hide in these countries?

  1. It’s not an offence to own an offshore account. Everyone has the right to save their money in a place they think is safe – inside your pillow case or even stashed away neatly under a sack of mealie meal.

    • There are Legal provisions on how you keep your money. You do not own legal tender. It belongs to the government, and the Government regulates where and how you can store it.

    • You are right, Lombe. Nonetheless, it is the right of privacy that allows you to keep your money secretly.

      I feel the debate here should not be on where you store money but on how this money was obtained in the first place. Tax avoidance may be legal but it is morally detested because it robs governments of funds to pay for education, health care or infrastructure.
      Prices at home will go high beyond the reach of most citizens because a few elite, in this case 9,000 Zambians, are parking their cash behind anonymous companies abroad.

  2. So, Mr Chibamba Kanyama is also a middleman from the way he’s explained things. And what sort of middle would help government crooks to steal money from citizens and hide the funds in these anonymous accounts if he knows for a fact the source of the money? Quite intriguing.

  3. This is the only analysis that is close to being sensible so far, on the so-called paradise papers. The majority of analyses were based on malice and not well-founded.

  4. @Ba Kanyama — having offshore accounts is not what the problem is. The elephant in the room is how those funds were obtained in the first place.

    People have explained one end of the stick which is legally investing these funds, GOOD, now can you explain the other end of the stick, which is how that money came about?

    So Ba Kanyama – do not obfuscate the debate.

    • HH first became a landlord when he was still at UNZA. He has spent his whole life investing and investments grow. You should direct that question to our dull president Lungu who has become almost as rich as HH who spent almost thirty years to amass his riches compared to Lungu’s two years. Shall we be objective and pull our judgmental heads out of our PF butts please??

    • Very dull. You sell over a thousand animals at 6000 each a year and you remain poor or or you need to explain to a lazy bum and you take all that money to zanaco? Eish

  5. Everything he was explaining was ok until the very last paragraph.

    “Mr Kanyama noted that the only issue about tax havens is that many government crooks use it to steal money from citizens and hide the funds in these anonymous accounts, some of the beneficiaries are middlemen.”

    I am sure many Zambians want to know who is on the list because of Government crooks who use these tax havens to syphon money.

    • What makes you think that these Government officials have all stolen? It may just be their earnings post tax, and invested overseas to cover the many risks that afflict countries like Zambia: political, inflation, currency fluctuations, and stock market liquidity risks etc.

      Talking of political risks: Nations have been known to bankrupt their own citizens by enacting ridiculous laws overnight in order to siphon money off them. Think of India banning 1000 and 500 rupee notes or Argentina?

      Hedge your money if you can, is my dollar’s worth. And by the way what would be your advice to those that work abroad? There are not many investment opportunities in places like Zambia. Sadly.

      Get a second citizenship, while at it, if you can afford it.

  6. It surprises me at the ignorance exhibited by many Zambians in respect to off-shore accounts. We offer tax exemptions to certain mining companies up to more than 10 years, forgetting that our own wise business men and women in Zambia go and invest in other countries to enjoy the same tax havens out there.

    And because it is someone who is in the opposition, we make so much noise when some of the senior members of the ruling party probably have companies across there.

    Zambians, wake up. Why are you so slobbery.

    • Ignorance levels are so high in this country, YIKES. there’s is need for serious financial literacy.

    • So it is okay when the politicians are involved? Because some are in opposition and others in ruling party? How do we know who has stolen money or not? These secret accounts were not revealed by Zambians and so there is no malice from the Zambians

    • China allows 100 % repatriation of profits by companies operating in China, especially foreign ones engaged in manufacturing. Some businesses i know are owned by Zambians. So, where do they expatriate their profits to, Zambia?

  7. We have bena Kaizer Zulu who have companies in Dubai. That’s a fact and these are serving in goverment. I would be more worried about a Civil servant or a govt official having an off-shore account. I wouldn’t care if private citizens, who haven’t worked in govt like Nostradamus or Ndobo had an off-shore account in Mauritius. That’s their money

    • #Chosen one, you believe that crap from Larry Mweetwa hogwash. Please read about the evolution of Kaizer products in Dubai.

  8. I said it and I will say it again. Without knowledge people perish. Don’t comment if you don’t understand. Read and learn.

  9. Chibamba, please pump sense into these people. Thanks, learned one. Help Peter Sinkamba with a little more education.

    They are stealing money and putting it into such accounts, HH earned and continues to earn it, while you hurt and hate!

  10. hh’s company transferred $40m to these tax havens without the consent of Finance ministry and trustees-nothing wrong with that???

    • Are you sure you have evidence? Instead of making noises like you are in calabash, why don’t you get out of that mutondo find your way to the courts and sort out your grievances in a civilized manner.

    • @Zambian stup1d citizen.

      How did HH do that without having worked for the government?

      Please point at those in government now and the past.

      For your info I suspect that Lungu has accounts in South Africa, USA UK and China . All these accounts are full of stolen Zambian money.

    • 12.1: What do you mean evidence?? Trustees blew this infprmation in the press and Saturnia couldn’t deny it!!! The matter has even been forwarded to Finance Minstry.
      @Wanzelu: I don’t bring myself down to start responding to insults and social media gutter journalism!!!

    • No no no, with due respect this is your thinking? Even to buy a spacio, you need the bank to authorise such transfers?

      Why???? So much hate?

    • How did he accomplishmoving 40MM without the central bank raising a flag?

      Which commercial bank performed the transaction on his behalf?

      Forget the Ministry of health. The holes in the system are at these two stages

    • So you deny Saturnia transferred $40m??? Which country are you living in??? So all those press releases even Saturnia published are not true??? You people are amazing!!!! Right now Zambia has 3 dailies, Nation, Mail and Times where even government publications are circulated. Saturnia published in these dailies and not watchdog and you are in denial??? This is just amazing!!!!!!!!!!!

  11. Chishimba kanyama, the information you have just given is not meant to help Zambians to make right decision regarding HH. What u have just done is to shift the attention of Zambians away from HH. I’m sure beyond doubt that you have a relationship with HH. Chishimba kanyama you not different from HH and I doubt your credentials too. Stop being selfish and misleading the Zambians. U sound so fake!

  12. …and the pertinent question still stands: how did hakainde get so rich and start investing on offshore tax havens??? As Peter Sinkamba put it, an explanation and evidence from hh would do a lot of good.

    • HH first became a landlord when he was still at UNZA. He has spent his whole life investing and investments grow. You should direct that question to our dull president Lungu who has become almost as rich as HH who spent almost thirty years to amass his riches compared to Lungu’s two years.

      Gave your friend up there this answer when he asked the same question. Surely Zambian citizen, HH has been a businessman all his life. Lungu has amassed millions of dollars in a couple of years when it takes a legitimate businessman over thirty years to make the same kind of money. How do you fail to question Lungu’s wealth? This genuinely shocks me.

    • @Dudelove: Mu chi bemba, we call people like you ati IFIKOPO!! To respond to you is to bring myself down to your level. Your comments are not worth responding to. Absolute garbage!!!

    • @Zambian dull citizen

      The simple answer to your question is HH is an “ENTREPRENUER” , unlike Lungu who is government money thief . Please google this to understand what the word means and how those defined by it become rich.

  13. Mr Chibamba Kanyama is trying to justify something that is morally wrong and deviate attention from his tribesmate the Supreme Leader HH of the UPND…If those Government workers also have money stashed away from the Tax Man it’s still morally wrong and if you have that information publish the list so we can read their names…But trying to justify something morally wrong just because your Supreme Leader HH is a culprit is something that may lower your Intergrity Mr Chibamba Kanyama…

    • @ Mutuloba the truth really pains hence the insults…I am not subscribed to group think like yourself…kikikiki… I hit the nail on the head…

    • @zakeyo

      PF has commited many worse atrocities against the Zambian people for exercising their freedoms than having an investment offshore.

      PF atttocities like butchering people at the grave yard surely that is the worst immoral act in modern day Zambia under PF. But id!ots like you still support the most immoral party PF.

      HH invested his personal money abroad just like I would do. The difference between HH and PF id!ots is that HH used his personal money while PF id!ots are stealing poor Zambians tax money to hide in those off shore accounts.

      Who is more immoral between government money thieves and a private investor who invest in tax havens?

      HH has time and again challenged id!ots to like you to take him to court over his wealth. But no has dared him because there is no…

    • @ Wanzelu you’re one of the UPND cadres who think that the Supreme Leader HH is infallible and you worship him…Most Zambians back home believe that the Supreme Leader HH of the UPND amassed wealth during the privatisation period and I can assure you that those riches are now haunting him unless he repents his sins of greedy…

    • HH made a profitable offshore investment that made him lots of money. If thats is a crime to you then sue the man than complaining like an *****.

  14. This analysis has dissected the whole debate to small pieces. If you are good at analyzing, then the conclusion to be drawn here is that Zambia is also a tax haven. We are giving foreign companies tax holidays. The paradise papers are just showing loopholes, meaning it is the governments that are dumb not to be able to close these loopholes. other governments are aware and have deliberate policies for such havens. They allow these havens. So what’s the fuss about making strategic business decisions in order to make profit. The law only visit those who break it…

  15. The partnerof IDC is CARGILL also mentioned inthe paradise papers. So by association so is the government and this is now confirmed by Mr,Kanyama

  16. Zambians let’s not expose our ignorance publicly. Offshore accounts are a very old concept and I am surprised it is raising such a debate. What we must do is strengthen our financial sector to monitor money flows so that we can catch thieves, money laundering and corruption. Case closed!!

  17. Another idea!! African leaders possess billions of dollars in Swiss and other offshore accounts. Most of this money is former public funds. Can we give amnesty to those Africans who have huge sums of money in offshore accounts to bring that back into Africa so that it can be used for development? We may (in fact) be borrowing our own money. Give a period say 5 years. After that we pursue them with vigor! This can boost our economies and create wealth for our people instead of enriching other countries!! Ask Prof Lumumba, the crusade is on! Join it.



  19. THIS IS THE POINT: Mr Kanyama noted that the only issue about tax havens is that many government crooks use it to steal money from citizens and hide the funds in these anonymous accounts, some of the beneficiaries are middlemen.
    We are suffering coz of these plunderers, they should be exposed

  20. I know Chibamba Kanyama. He is not the author of this article. In as much as what it says is true, the tone of the massage is not that of Kanyama. He cannot mention names of other people so openly. Let us wait.

  21. Many zambians own trucks which are registered in Tanzania. and the reason for this is the unreasonable and unbusiness like tax resume in zambia wich wants to consume every thing you sweat for.. there are currently slightly below 1,000,000 workers in Zambia and being made to pay 36.7% of their money to government. do MPs pay tax on their allowances? and there are big mining companies in Zambia that have a waived tax requirement for 10 years. these are the ones bringing in off shore money, make profits and go. Why is MOPANI stubborn? KCM? all the resistance you see is about tax. see CK for advise otherwise you will end wishing you heard well from him. Analyse the 9000 names you will be shocked to note that some leaders are using spouses or relatives as fronts. this is normal business sense.

  22. With due respect to Chibamba Kanyama,we all understand what tax havens are.What the masses are being denied is the full weight of the argument against tax havens which support illicit cash international cash flows.
    Tax havens have a very dark side that we all need to deal with in our submissions.
    If you have lived outside Zambia,you may understand how much backward our country’s financial system is.
    It’s not long ago when we all saw what Access Financial Services was able to do under the very nose of BOZ and MOF.
    What we truly need is to remove the veil on these transactions( which we can’t do legally as witnessed by the arrogance of one politician)to see the sources and destinations of these funds.

    • what you need to understand is that its not illegal. even your government can create a tax haven here if they so choose. foreigners will then bring their money here if they so choose. its just that a lot of you don’t seem to understand the world of business. capitalism rules!!! change the rules if you don’t like them instead of criticising those playing the game!!

  23. how do you expect a cadre to understand investments, offshore accounts, tax havens, stock exchange, bonds, treasury bills, playing the markets, bear markets, bull markets etc its beyond them. even responding to such characters is a worst of time ba Chibamba!

  24. The main issue is whether this money invested by HH was declared when he was filing in as a presidential candidate. We would like to know the source and time when the said money was invested in off shore accounts. Under five is a thief and cannot be trusted.

  25. Chibamba Kanyama you have done well.HH was in trouble as if he was the only one who has an offshore account. So Zambians have got money! But why do we keep saying that we are a poor country?

  26. I know this for a fact because I introduced them to some of the investment companies specializing in offshore accounts,” Mr Kanyama wrote on Facebook. You introduced them ??????

  27. Its not normal to me a lay person and we can only talk about thing we know and not something we dont know.mention the names of the other 8,999 we shall talk about them as well.we cant justify anything even things that are happening using under hand methods .Kindly Mention every one of the remaining 8,999 Ba Chibamba we want to know them and talk about them.

  28. He introduced 9000 Zambians for a fee but it was up to the person to make an informed decision on what was crooked and what straight. Even during his brief stint at the IMF he introduced them, even at znbc he introduced his organization an they brought back the investment, even at breweries he introduced them at Zambia state he increased the introductions….great stuff

  29. And the list goes on !!! So if this issue wasn’t highlighted in foreign reports, would Zambians have gone on a band wagon in this manner ? Zambian government should have a robust law regarding this issue and only then should it be an unlawful practice. So far, most do not think it’s an offence.
    Is the queen under investigations? Hell no !! Because it’s practically legal !

  30. Chibamba is much more intelligent and a sound finance professional, Journalist and Leader, you cannot poke sh**t on Chibamba, most of you damn bloggers, who are attacking his well spanned out advice, especially to dull people like we have en mass in Zambia!

    Perosanally, ” Je Suis Satisfait” with his explanation and also HH’s stance.

    Take personal hatred for HH outta your head, you will find no problem here.

    Infact even some more dull people in PF government have invested money offshore, ask Bowman?

  31. Policy guidelines are missing. Hence, the confusion faced with moral dilemma. The perceived moral evil of investing money away from the home country is in conflict with the profit motive. The public has a unique opportunity here to seek leadership from government. The policy options must reckon with the profit motive as the source of economic growth. Unfavorable tax regimes could lead to investments away from home. At the same time, some form of taxation is necessary in order to finance public expenditure. A national dialogue can help but preconceived ideas would stifle imagination. It could also aggravate the situation.

  32. It’s no wonder we continue with rotten leadership, yes offshore accounts are normal, but it matters where they are and what kind of investment, if you read the paradise papers HH operates P.O box investments in a tax haven which is also a secrecy jurisdiction. And these are usually used for illicit financial flows which continues to rob Africa and in this case Zambia of resources needed for development. It’s not even an issue of morality but also a case of possible illicit flows. Follow the debates globally and see the fight against this and people here are busy justifying this to save face and subject Zambians to yet another crook of a leader. Remember we only have one zambia and this is beyond HH or the PF and Zambians need to learn to hold these leaders to account and stop accepting…

  33. I have 3 accounts overseas. Why should I bring my money into Zambia where thieves and thugs disguised as a political party called the PF are busy schemeing with ZRA to grab where they did not sow? I think that citizens must start thinking about how to evade paying taxes to this regime until it reinstate complete democracy for all political parties, ensures that all public companies are not fronting for illegal activities such as siphoning money (eg purchasing Fire tenders for USD1m each when elsewhere, they cost not more than USD300k each), recruiting ZP personnel from only PF membership, and recruiting ZAF personnel from PF members and officials, etc. Why pay taxes to strengthen poverty and poor governance?

  34. That is beside the point Mr Chibamba. The point is under5 holds himself high on the moral platform. He therefore expects people to demand a higher degree of morality from him than from me. Are you not aware that the US Commerce Secretary Mr Ross admitted and APOLOGISED that what he did was wrong, morally. It could even be illegal in his country. So what do you think Ross is apologising for? Who is under5 compared to Ross? Why do you think the International Commitee of Investigative Journalists is interested in this matter? Just wait, lets hear what comes out of this, why the defensive stance? Could some of the 9000 people be hiding something? And of course did under5 declare this as part of his worth when he swore on oath during 2016 nomination?

    • Iwee Terrible! has your Lungu apologised for stealing money from a poor widow and now stealing from the docile Zambians. Edgar Lungu within two years is richer than GBM by far! where did he get the money from. The lazy drunkard is not a businessman. HAS HE APPOLOGISED! If you live in a glass house don’t throw stones.

  35. Why invest in a country full of ignorance, tribal hatred and uncertainties ? Why do it when you know that your money could be squandered by money hungry , lazy individuals who will pocket it and not use it for the benefit of the country. Hauling out this Zambian mass corruption would encourage people to invest in Zambia and maybe Indians and Chinese would also invest in Zambia. The problem is quite large … where do you investing such broken down loopholes in the system !!

  36. To support and not to support Chibambas article is that there is nothing wrong when things are done in secrecy like HH Offshore accounts, but when you are exposed like now
    It has become bad that people now are aware that he didnt fully declare his offshore assets when he declared under OATH his assets when filling in Presidential Nominations Papers.

    Under Zambian law, you can be disqualified and face justice.

    Am challenging the LAW ASSOCIATION OF ZAMBIA to tell the Zambian people what the Law of Zambian and the implication to a person who wants to assume the highest Office in the land say or state when one does fully disclose his assets and liabilities.

    I State my case.

  37. It must be true that some people have the evil spirit to brain wash even those we see as intelligent. Mr. Kanyama morally it is wrong for HH to have offshore account and try to run for presidency in which he does not even declare that he has issues hidden.
    Why justify the unjustifiable shame on people who feel you have answers for everything, The fire tender is not justifiable so is the HH paradise account, Evil!

  38. Well offshore account or no offshore account….iam gonna be thinking what can I possibly do after work to improve my wealth basket…..perhaps go speed up works at my plot … So I can free my little house to earn a bit more income…maybe some day after working hard and not spending my energy on things I can’t control….I can leave an inheritance for my little ones…! Just thinking.

  39. Its a lesson to cadres when u re given few coins to scandalise others dont waste it all,invest some or else you end up like CHANDA CHIMBA 3rd used and completely forgotten,almost dying in prison. THUMBS UP HH let these stinking cadres continue admiring your GOD given WISDOM.

  40. In institutions of learning, we learn how to save and invest one’s money prudently. This entails placing one’s funds in either bonds, fixed deposits or indeed buying shares in companies. All this is done with view to earning interest and grow one’s wealth. However, one must be careful not to invest wrongly – as money can be lost. Thus, entrepreneurs choose to invest where they can get maximum returns – and that’s not illegal.

    HH (like many other Zambians) was smart enough to invest his personal funds off-shore – where he can get maximum returns on his investment.

    Leave HH alone, and start addressing local tax issues that are killing Zambian Citizens and Entrepreneurs alike.

    If you cant beat him (HH), just join him quietly – and learn a thing or two.

    Thank You.

  41. I wonder at what Zambians are up to. The auditor general,s report is revealing a lot of anomalies in all Government institutions, but what are you saying about it? The money which should be of concern to you people is your money. You pay taxes so that the health institutions are improved, education and all other things, but people like pada are concerned about an individual,s monies, who bewitched you kanshi Zambians? You are too loud mouths for wrong reasons. Why do your women carry buckets to labor ward? It is because someone is pocketing your money meant for better services, what kind of foolishness is this? Follow up this report, get those thieves arrested. HH is always showing you how he makes his money, you see his animals everyday, but as if you are blind fools, you are still…

  42. You are still asking where HH got his money from, and yet everyday you see his animals and many other projects he is runing within Zambia. The problem is that, most of you are thieves, you never believe that there are people who are hard workers by nature. Your hospitals are stinking, but you have just gotten used to such a smell. Your efforts should be to put to task those whose names are appearing in the AG report, let them pay back all the money they stole. As if you are bewitched, now you are pursuing a wrong person altogether. He worked for his money, why are you like that mwebantu kanshi? Is it a matter of lacking wisdom, or dullness? Even people I respected like Katele Kalumba are falling into the same trap? No wonder some of them even God removed his favor on them. They are like…

  43. Chibamba,the legal position about your complicity in tax off shore schemes is quite trite.It’s the moral dimension that matters especially if you are the queen of England or a presidential aspirant of a poor developing country. Your professional ethics are zero.I would not place my confidence in your reserve. Take away message: Tax dodging even if legally normal is wrong. You cannot use a legality to commit a crime.A plethora of case law in support of this analysis exits in the Common Law world.

  44. Chibamba Kanyama is a failed broadcaster and I wonder what economics he can talk about. If he cant interpret the Bloomberg jagon, he is just a noise maker trying to get a loan from Kachema.

  45. Registering your company abroad, but operating in Zambia as an offshore company is done to purposefully avoid corporate taxes in Zambia. There is nothing wrong with this. As business men we do things that make sense. Example, its cheaper for me to produce things in Zambia than in the usa, so I will make that decision as a business decision. Many people have offshore accounts, infact im currently opening an offshore account in Zambia. There is nothing wrong with this.

    Now, what people are forgetting is that “tax avoidance” while legal does not look good on your resume if you are running for president. It just doesn’t. The issue, though is that even when you have offshore companies and investments, that has to be disclosed to your revenue authority. The Income Tax Act clearly…

  46. Its not about legality, its about integrity.. even prominent people like, Lewis Hamilton and companies like Apple mentioned in the paradise papers are being taken to task.. Zambians also have the right to question the integrity of HH because of his intention to become the republican president.

  47. The guy is just smart. All the way to be in the group of world wealth people at his age. Others would have spent that money showing off and marrying to ma small girls. I’m now so interested to learn the art. Kuti wakwatako utumadola kaaaa.

    Mind you we also have tax havens next to Cairo Road – Katondo street the origins of Kampyongo.

  48. The Paradise Paper was a big expose (a scoop) in international media. The investigative journalists spent time and money to expose this. But us DULL Zambians are being told to shut up! We know nothing! It is fine. HH is rich and deserve that. Other government officials are doing the same. Chibamba is even shocked at our DULLNESS. The great opposition leader and the other Government officials are fine to stack their money elsewhere. After all Zambia is also a tax haven to investors who bring their money here to create jobs for thousands of Zambians! Our rich people avoid tax and ZRA is killing DULL us. The whole international expose has been reduced to those FOR and AGAINST HH

  49. Really, as many as that? At least we can argue that we are not under-represented in that fold! As infamous as it might be!

  50. Let’s close Zambia Breweries, and any companies that sell immoral goods like beer. But wait a minute, their business is legal so we can’t close them. Do u get my point… its not about morals it’s about investment. If it is legal, then whats the fuss. If you want off shore accounts are illegal then legilate that and not make any noise thanks.

  51. When did Chibamba Kanyama become an economist? Doing two courses or three courses at college does not make one into an economist. Its like saying just because Brig general Miyanda argues as a lawyer, then he is a lawyer. Chibamba Kanyama and such characters like Dennis Wood, Dodia poase an Economist when they are not. Chibamba can you deny this? Chibamba is a Journalist who has done two courses in Economics at College level. Tax avoidance is wrong no matter the reasoning!

  52. HH is a stooge of the Oppenheimers, FreeMasons alike. Do you wonder why he always goes to South Africa . The Paradise Papers by the ICIJ have exposed his involvement in the transfer of illicit funds and rogue dealings. The chap, Chibamba is first, simply trying to distract us from scrutinising HH’s misdemeanours. What the Paradise papers have revealed is just the tip of the iceburg. Second, Chibamba has come on here to “school us” and with vested interests, so we lay of HH.
    Third, his shinanigans are only about damaged control, sorry Chibamba you efforts amount to zero, your efforts have failed to work.The damage has already been done.

  53. I am a follower of Chibamba Kanyama on Facebook but missed this post. Looks like whatever he says, even a simple cough attracts interest!

  54. The question of Chibamba’s credentials should not be a question of debate. He double majored at UNZA and his Master obtained from University of Reading is in Decelopment Finance, a branch of economics.

  55. Thank you CK for your contribution. The question I would like to ask is if there are almost 9000 Zambia’s with off-shore accounts , why did the investigative journalist choose to call HH and leave the 8999. Could it not smell something about the commissions for the sale of the mines were invested there and he has just been bring interest home. Can he prove to the Zambians which bank transferred or gave him the money he invested off-shore. Zambians wake up and be patriotic. Don’t support just because you are tribemate or belong to his party. Wake up ! Wake up! Stop this so that others can learn. The people who transacted on behalf of the queen apologised whilst we are busy defending the wrongs.

  56. I feel our degrees are not benefiting our nation and our people; if we can deny our people the civilisation they wanted us to have so we could lift their lives form poverty.
    However the opposite is true.
    Do we really need a foreigner to come and rule us because we have failed our nation.
    Selfish educated characters it is a great shame to even boast about these immoral acts.

  57. Ignorance is Zambia’s worst disease. First of all, a few of you claiming Chibamba has no background in economics should know he is one of the published Zambian authors. His book, Determinants of Foreign Direct Investments in the Southern African Community- Risks and Opportunities’ is one of the expensive academic books. Check Amazon. I may not fully agree with him on many issues he raises but let us give respect where it is due. His claim of over 9,000 Zambians with offshore accounts is in my view an understatement. How many Zambians are currently in universities abroad? Offshore simply means offshore. If anything, pension funds have for some time been allowed o invest no more than 5 percent of funds offshore. Who even monitors if they do not exceed the threshold? The day Zambians…

  58. Sichilongo, the article has just amputated those cadres who peddled lies out of ignorance. Now they do not know what to do. I just listened to one of the radio stations a while ago that ZRA Commissioner has clarified that they do pursue individuals who invest offshore provided their incomes were subjected to local taxation and that is if they earned the money within Zambia. What is the issue people?

  59. year in and year out you hear in the auditor general’s report that money has been misappropriated, stolen, embezzled and extra. This is the same money which finds it self in offshore accounts. This Kanyama should have explained the source of the money which these civil servants put in these offshore accounts pantu salary yena teti.

  60. @Amagenge, well said. Our learned Economist is trying to justify that since even people in Government are doing it, then it is ok, there is nothing wrong, we are all dull and stupid for questioning the morality of these crooked thieves.

  61. For me the issue here is the source of this money, the amounts involved, and the intention behind stashing the money in a safe haven outside the country.

    If the amount is not unreasonably large, it is honestly earned, and the intention is to invest it in a safe haven to earn interest, and then bring it back to Zambia to reinvest it in productive sectors to boost our economy, there is no problem there. The problem comes in if the amount involved is huge, it isn’t honestly earned, and it only benefits only one or a few individuals in Zambia.

  62. This is not a political platform it is not Zambian government complaining it was discovered from their and ba ck I think u a one of the middle men coz u no and believe that most of pipo u introduced wear thieves but u go ahead so light now u a just protecting yo self in advance coz maybe u a one of them

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