Huang in counterfeit kwanza storm

OGONE TLHAGEChinese businessman Jack Huang has been arrested in Angola for allegedly being in possession of counterfeit money. Huang is a self-declared friend and former business partner of President Hage Geingob.He was reportedly arrested last week after authorities in Angola raided the Hua Dragão 'City of China' shopping centre in Viana. Huang is the chairperson of the shopping centre where the counterfeit money was being produced, before it was allegedly released onto the market.It was reported that 58 million kwanza, allegedly in counterfeit bills, was found during the police operation. Huang is also facing tax evasion, fraud and money laundering charges involving about N$3.5 billion in Namibia.He and seven other suspects, namely former customs officer Laurentius Julius and Chinese citizens Tao Huizhong, Gua Zhihua, Jia Hongying, Cao Shuhua, Li Dadi and Zhang Ying are alleged to have committed fraud and money laundering between 2013 to 2016 by presenting documentation to Nedbank Namibia in which the value of the goods claimed to have been imported into Namibia was overstated.This was allegedly done with the aim of sending inflated amounts of money out of Namibia to supposedly pay the suppliers of the imported goods.Two businesses operated by Julius – Extreme Customs Clearing Services (XCCS) and Organise Freight Services – were acting as clearing agents for 105 importers in Namibia over the period, and in that time sent more than N$3.1 billion out of Namibia, ostensibly as payment for imported goods, it is alleged in the State's charges.However, in documents presented to Nedbank Namibia for payments to be made to the suppliers of the imported goods, the costs of freight and other charges for shipments sent to Namibia were either overstated, so that increased amounts of foreign currency could be sent out of the country, or the value of imported goods had been understated in documents presented to customs authorities for the payment of import duty and value-added tax.In respect of the 1 607 counts of fraud against the eight accused, the State is alleging that while a total value of about N$213 million for goods imported into Namibia was declared to customs authorities, the value declared to Nedbank Namibia to have payments made to the suppliers of the goods was about N$2.78 billion. It is also alleged that the accused deposited large amounts in cash, totalling more than N$3.2 billion, which did not tally with the nature and size of their businesses in Namibia, into the bank accounts of XCCS and Organise Freight Services.Julius and XCCS received income of about N$35 million from processing payments made offshore from the bank accounts of his businesses on behalf of his co-accused.

Huang in counterfeit kwanza storm

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Namibian Sun 2026-08-03

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Huang in counterfeit kwanza storm

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Namibian Sun 2026-08-03

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