Windhoek-A 49-year-old Chinese businessman, Yuiqua Huang, was yesterday granted bail of N$1 million by the Windhoek Magistrate’s Court after he was arrested at Hosea Kutako airport on Wednesday morning in connection with a high-profile case involving tax evasion, fraud and money laundering to the tune of N$3.5 billion.
Three others people arrested in connection with the case posted bail in the amount of N$1.5 million each after they were arrested by the police following the lodging of a complaint by the Directorate of Inland Revenue at Finance.
Yuiqua Huang, also known as Jack Huang, was arrested between 10am and 11am on Wednesday at Hosea Kutako International airport while en-route to Angola, where he also has business interests. He yesterday made his first mandatory court appearance in Windhoek, where he was granted bail.
Huang – who is said to be politically well-connected in Namibia – was added to the list of four other suspects linked to a long chain of business people (many of whom are yet to be arrested) that are suspected of defrauding the Ministry of Finance of N$3.5 billion.
Huang first arrived in Namibia in 2001 to pursue various business interests.
All the accused are being charged with tax evasion, fraud and money laundering.
His co-accused, Chinese nationals Tao Huizhong and Jinrong Huang, as well as Namibian national Julius Laurentius were all granted bail of N$1.5 million each last month.
Honggang Zhu – the fifth accused person – was granted bail of N$500 000 in the Ondangwa Magistrate’s Court last year.
The massive fraud case reportedly involves more than 100 importers, which caused the Ministry of Finance to suffer a potential loss of the monies in question between the start of 2010 and December 2016, through under-declaring the true value of goods imported into Namibia and on which customs duties were supposed to be paid.
Through ongoing investigations it was discovered there was a huge discrepancy in the amounts presented at the bank for deposit and those presented at customs for clearance. The suspects allegedly represented the same invoices repeatedly at the bank and at customs for clearance with huge differences in the amounts presented at the bank for deposit.
It was reportedly found that the money in question had over a period of several years been remitted to offshore accounts and foreign beneficiaries through Nedbank.
Huang was represented by attorney Sisa Namandje, who also represents the other two Chinese nationals, Huizhong and Jinrong Huang, arrested in connection with the case. The matter will be back in court on February 16.