Published On: Mon, Aug 15th, 2016

Somali Finance minister Embezzling Tax Revenue

An Exclusive document obtained by Radio Shabelle revealed that Somalia’s Finance Minister Mohamed Aden Ibrahim (Farketi) has embezzled tax income.

The secret document says the finance minister misused large sum of the tax revenues by hiring a foreign finance firms, instead of using the central bank.

Radio Shabelle has learnt that the annual tax income decreased over the past year compared to 2014 – 2015, whereby it was receiving $10 million per year.

The document discloses that the finance minister did not deposit the yearly expected tax budget of the government to the central bank in Mogadishu.

The minister argues that the central bank of Somalia lacks to capacity to handle the funds generated from the financial sources of the country.

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