The Anti Corruption Bureau (ACB) and the Financial Intelligence Authority (FIA) have finalised investigating SH Adam Wholesalers over money laundering and illegal business transactions encountered over the past decade.
This follows a written tip by Human Rights (HRDC) which went viral exposing allegations of illegal dealings perpetrated by S H Adam Wholesalers.
Among many companies to be investigated are;
1) Shoprite
2) Chipiku Stores
3) Sana Cash and Carry
4) Peoples Supermarkets.
It is speculated S H Adam Wholesalers and their affiliated business ventures have accumulated serious wealth over the years in Malawi using the crooked way.
The saddest part is that all the billions are laundered into other countries especially India and Pakistan in a form of real estate.
If that is not all, the company is also accused of tax invasion, milking Malawi government of billions. It is recorded that the H Adam team are suspected of various offences committed contrary to the provisions of the Customs and Excise Act, Taxation Act and Value Added Tax Act thereby defrauding the Malawi Government of revenue amounting to MK4.6billion.
Our investigative reporter is on the ground and will bring more details whenever new developments crops up.
