Bullion Cargo and Security company Ltd attempted gold scum has taken a new twist.
From a recent development the company directors have cleared the air dismissing the recent reports in the media saying that the would be buyers had attempted to scum them by posing as genuine buyers with shares in Uganda Airlines, and running a string of big businesses in Libya, Dubai and South Africa.
“We were nearly scummed by these two South Africans and other two Ugandans, had we not been well aware of the tricks scammers use.” Kato Muhammed a director of operations in the company said.
He added that the two South Africans Sandile Mazubuko and Tracy Mazubuko purportedly pastors and two Ugandans prophetess Racheal Mutesi and Eliphaz Muhangi who later turned out to be Internal Security Organization – ISO Operatives wanted Bullion Cargo to help them purchase and export 2, 000 kilograms of gold to the Middle East.
Kato further added that the said buyers were not 100 percent genuine in their transactions. The company obliged to their request and acquired 500 kgs of gold.
Smelted and shipped to Dubai according to the agreement entered into by the company and the buyers. The company having footed some of their bills including purchasing the mineral, on an understanding of a refund of the expenses incurred and payment for the gold shipped to their destination, within 24 hours upon arrival.
However, the event did not turn out as agreed. The South Africans upon arrival in Dubai, UAE dishonored their agreement and attempted to possess the consignment by forceful means from the transporter including using underhand methods of torture of an agent, Kato said.
Adding that had the financier’s agent in Dubai who is their business associate not engaged the authorities in the handling of the matter, the agent’s life would have been lost in the process, Kato narrated.
Kato added that the matter is still pending the fulfillment of the agreement in which a refund of US$ 14,000 be made to their company and US$ 888,000 be fully paid to the financiers of the gold purchased and shipped to Dubai on the behalf of the South African buyers before handing it over to the two South African buyers.
Kato said that although gold trade is lucrative worldwide there are many challenges to doing the business.
A number of competitors sometimes resort to blackmail to tarnish one company and gain the trust of the potential buyers who in most cases end up being scummed.
Adding that the unlicensed dealers are the major peddlers of falsehood- scums.
“Bullion Cargo and Security is a genuine company and observes a high standard of customer satisfaction. Since we have been in the business for 2 years now we work to win the trust of our clients. So keeping a clean record of our name is a very integral part of our operations in this competitive business.” Kato said.
Adding that if anybody has any complaint against the company they can reach their offices in Entebbe or use the relevant means to reach them or even cross check with the licensing authorities.
Another director who preferred anonymity, also pointed out that the gold trading space in Uganda is not without potholes.
Many unscrupulous persons and groups, commonly knowns as Bafere (illegial gold dealers) have infiltrated the business and scuming unsuspecting buyers or sellers. According to a well-placed gold dealer who prefer anonymity, “90 percent of gold sellers are scammers or unregistered fake gold dealers. And 99 percent of gold buyers especially foreign buyers are middlemen who normally pose as genuine buyers. But in most cases have no money to buy. So they resort to dubious means of trying to cheat the seller.”
“Some dealers may have the money to buy but want to deal in the black market to avoid paying taxes and other regulations that govern the trade. So at the end of the day fall into the hands of scammers and are conned. ” The director said.
The Bullion Cargo and Security company’s director further warned against prospective buyers dealing with unlicensed dealers.
However, the licenced gold and other mineral traders and miners appeal to government to institute a systematic regulatory framework that governs and protects the sector and weeds out fake unlicensed dealers commonly known in the sector as scumers. Since the trade is lucrative it can attract a great deal of foreign and domestic revenue to the National Gross Domestic Product – GDP. basket.
Companies such as Bullion Cargo can greatly benefit the industry through employment, attracting foreign investment among others.
Bullion Cargo and Security Co. Ltd. is a registered goldsmith company in Uganda and operates through a Geological Survey and Mines accreditation among other legal instruments as required by the laws of Uganda.
They offer services including: gold and other precious minerals prospecting, refining, shipping (export), storage, security, private investigation, Lear (private) jet services, tourist aerial attractions, private cargo shipping, exotic holiday arrangements services among other quintessential services.
Bullion Cargo has offered services to clients such as:
In the last financial year 2020/2021 Uganda registered a high revenue earnings (US $1.2 billion) from the export of minerals especially gold.
The gold trade worldwide has deposited high margin in the post Covid-19 pandemic with nations like China and the UAE registering high trade volumes.
Uganda’s recent gold trade increase has attracted significant investment interest in the mineral and mining sector with areas like Karamoja, region and Busia district in the east Kasanda district in the central as well as Bushenyi district earmarked as lucrative gold mining and prospecting. Uganda has a net gold ore deposits of 320 metric tonnes with 31 Mt of gold ore valued at US$ 12.8 million in Busia, eastern Uganda.
To date, numerous companies both local and international have ventured into the trade: One such company is the Bullion Cargo and Security Co. Ltd. minerals mining company licenced under the Ministry of Energy and Mineral Development to trade in gold and other such precious minerals. African Gold Refinery Uganda, Entebbe, Ilota Mining, Simba Refinery Uganda, Wagagai gold mining co. and among others. To date, nearly 54 minerals mining companies have been registered in Uganda according to the ministry.
Service offered
1.Gold refinery services(smelting,test and assaying.
2.Cargo services( both sea and air cargo )
3.Security services( private investigations, guarding,and viip escorts etc)
4.Whare housing(storages and inventories services.
5.Logistics and transportations.
6.Private jet services(both cargo and passengers and both local and international jet.
7.Bullion Van services(our van transports valuable goods like Gold, cash in transit,and over precious minerals.
