Interpol to probe Sudhir
Publication date: Wednesday, 17th May, 2006
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The investigation relates to the ongoing tax dispute between URA and Meera Investments controlled by Kampala property magnate Sudhir Ruparelia (above).
The URA has slapped a sh36b tax demand on Meera Investments but Sudhir has made a counter-claim for the same amount on URA.
Sudhir wants the court to grant Meera a permanent injunction preventing the URA from ever issuing any assessment on them.
However, the URA apparently believes the case may involve elements of forgery and fraud, according to a confidential briefing document now in the possession of The New Vision.
The British High Commission yesterday refused to comment on reports that the UK Central Authority of the Home Office had also been asked to investigate.
The URAâs sh36b demand comprises sh6b for disputed tax incentives and sh30b for unpaid income tax. Media coverage has focussed on the tax incentives but the biggest concern is the questionable loans.
Meera Investments has stated that it received two loans of US$10m and US$25m from Anglo Universal Holdings of British Virgin Islands and Goldstar International of Gibraltar in 1995 and 1996.
The URA court case is that these loans are fictitious and represent undeclared income liable to 30% income tax as well as penalties and interest. Loan agreements between Meera and the two companies were presented to the URA but had some inconsistencies.
There is apparently no record of Anglo Universal Holdings in the Virgin Islands or Goldstar International in Gibraltar. The solicitors, who allegedly drew up the agreements, have denied knowledge of them.
The loans were not secured on Meera or Sudhirâs properties, which is unusual in such a large transaction. Meera Investments has not been paying interest on the loans or making loan repayments.
PKF, the auditors of Meera Investments, have reportedly told the URA that there is âno evidence of any loanâ and âno evidence of any transfer from abroadâ.
As evidence of the loan agreement, Meera presented a letter to Goldstar in Gibraltar dated 1995 stating that their account balance stood at US$1.33m. However, the letter is being scrutinised because the telephone number on the Meera Investment letterhead is 341405 yet Kampala numbers started with â2â until 1999.
In March 2006, Meera Investments made its first interest payment of $546,000 to Goldstar International, over 10 years after the alleged loan was made. The payment was made to a firm of lawyers called Trier and Trier Associates in Gibraltar and not directly to a company account.
Interpol is investigating this final payment while the UK Central Authority of the British Home Office is looking into the international status of Meera Investments.
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