Govt ready to fight graft, transfer pricing in mining industry

Copperbelt Permanent Secretary, Augustine Kasongo, says the Zambian government is resolved to fight graft and transfer pricing in the mining sector.

Kasongo stated this at the Mining Sector Symposium on Corruption Prevention which theme was “Stimulating Economic Growth by Enhancing Integrity in the Mining Sector” held at Garden Court in Kitwe on Tuesday.

He said the anti-corruption crusade embarked upon by the Hakainde Hichilema administration should permeate to other sectors of the economy such as mining given the critical nature of the industry.

Anti-Corruption Commission (ACC) Director General, Tom Shamakamba, pointed out that no one would be spared from the anti-corruption fight.

“Some mining companies have been at the fore front of paying bribes or making facilitation payments both locally and at international levels,” Shamakamba stated.

Others have been found guilty of tax avoidance and under declaration of profits and losses as well as engaging in transfer pricing to the detriment of the country.

He noted further that some mining companies were also known to have lobbied for unfair incentives for them to invest in a country and still make huge profits without ploughing back anything significant in
the host countries.

On the other hand, Transparency International Zambia (TIZ) Executive Director, Maurice Nyambe, said corruption eroded confidence in public institutions hence the need for concerted efforts to curb graft.

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