Two Kazakhstani nationals, Baishev Rinad and Jambulov Olzhas, have accused Ugandan businessmen of defrauding them in a counterfeit gold transaction.
The duo alleged that they arrived in Uganda on March 20, 2023, at the invitation of a Ugandan man identified as Eric, who claimed to be a relative of the Ugandan president. That Eric introduced them to Joseph Akandwanaho and Joram Kamukama, purported gold dealers operating under Sero Minerals Ltd., located at Plot 9 Golf Course Road, Kampala. The Kazakhs were shown what appeared to be authentic export licenses and documentation.
To ensure the deal was legitimate, they hired a local lawyer, Raymond Ntende, to verify the documents and support the transaction, reportedly paying the lawyer $14,000 (approximately Shs 51.3 million) for his services. Ntende reportedly confirmed the company’s legitimacy, but the investors now claim he conspired with the sellers to deceive them.
The investors agreed to purchase and export 25 kilograms of gold to a refinery in the UAE. Akandwanaho and Kamukama demanded $113,125 (Shs 415.1 million) in taxes and export fees, which the Kazakhs paid. They received three kilograms of gold as a deposit and a receipt acknowledging payment. However, days later, the sellers claimed that additional taxes of $40,000 (Shs 146.7 million) were required.
The investors transferred the funds, signing a new contract. After the second payment, the gold dealers allegedly began making excuses to delay the shipment. When the investors demanded a refund, they were met with threats of violence.
Fearing for their safety, they fled Uganda, only to later discover the gold deposit was fake—an alloy of zinc and copper. They also allege that employees at a testing facility, Eurogold, replaced the genuine gold with counterfeit bars.
Rinad and Olzhas have appealed to the Ugandan government for justice, demanding the return of their funds and the prosecution of the alleged scammers.
“These fraudsters are tarnishing the president’s name by claiming a connection to him, undermining the credibility of the government and Uganda as a whole,” they alleged.
However, lawyer Raymond Ntende denied involvement in the alleged scam. He maintains that his role was limited to verifying the existence of the company and that the clients continued their dealings independently.
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Additionally, Ntende claims he repeatedly warned the investors of potential risks but insists they chose to proceed without his full involvement. He also disputes the amount paid to him, saying it was $5,000 (Shs 18.4 million), not $14,000.
He maintains they stopped sharing critical documents with him and acted without his knowledge in subsequent dealings. In an interview conducted on Monday, January 6, lawyer Raymond Ntende stated that his role was solely to verify the existence of the company involved, which he confirmed was legitimate. However, he emphasized that his clients, Baishev Rinad and Jambulov Olzhas, proceeded independently with the gold sellers after his initial engagement.
“I have messages that clearly show they went to the Uganda Revenue Authority (URA) and other places without informing me. They also held several meetings without my knowledge… I repeatedly warned them about the risks associated with such transactions and urged them to exercise caution. Despite my advice, they chose to proceed independently,” Ntende narrated.
He further clarified that when the deal went awry, the clients alleged he advised them to “run for their lives” and insisted there was nothing he could do to help. Ntende denied these claims, asserting that the clients left Uganda on their own accord.
Ntende also reached out to Erken Maxermarks for further clarification. Maxermarks confirmed that he had neither seen nor spoken to the clients since their time in Uganda.
“I haven’t talked to them. I don’t even have their numbers anymore. These people are not truthful,” Maxermarks reportedly told Ntende in a WhatsApp conversation.
When contacted, Joram Kamukama, one of the alleged gold sellers, denied any knowledge of the transaction.
“Let those who gave you the information provide the details,” Kamukama said.
Meanwhile, Colonel Edith Nakalema, head of the State House Investors Protection Unit, urged the complainants to formally report the case to the State House Anti-Corruption Unit. She emphasized the importance of conducting thorough due diligence through the State House Investors Protection Program before engaging in transactions.
The documents exposing the alleged fraud were first shared by Dr. Jimmy Spire Ssentongo last week on his X (formerly Twitter) account. Dr Ssentongo recounted an incident during his recent visit to the United States, where he met one of the nine recipients of the Anticorruption Champions Award—a lawyer from Kazakhstan.
Upon learning that Dr Ssentongo was Ugandan, the lawyer immediately shared how his brother, a legal gold dealer, had a distressing experience in Uganda.
Ssentongo, an anti-corruption advocate, highlighted the broader implications of the incident. He noted that such scams discourage foreign investors and tarnish Uganda’s image as a safe business destination.
“The price of corruption, impunity, and institutional failures is higher than we think. No business can thrive where trust and security are absent,” he wrote.
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