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Timber firm sues former CEO

Publish date: 08 July 2019
Issue Number: 831
Diary: IBA Legalbrief Africa
Category: Zimbabwe

Allied Timbers Zimbabwe is seeking to recover $10m from its former CEO Joseph Kanyekanye which was allegedly lost through hefty discounts to customers, unauthorised allowances and diverting millions of dollars meant for payment of Value Added Tax (VAT) to other projects. The Herald reports that a recent audit report by KPMG, which is yet to be tabled in Parliament, shows that Allied Timbers owes the state $3.1m in unpaid VAT in respect of contract milling arrangements that were never accounted for. The company claims Kanyekanye’s actions subjected it to tax liabilities. Kanyekanye left the firm in 2015 after being suspended by the board.

Full report in The Herald (subscription needed)