Unctad chief sets record straight on SA gold mis-invoicing

Cape Town - Just making a blanket statement to say a report by the United Nations Conference on Trade and Development (Unctad) on mis-invoicing in South Africa’s gold industry is not true is not the solution as it does not take away the fact that mis-invoicing is taking place.

This is according to Dr Mukhisa Kituyi, secretary general of Unctad, who spoke to Fin24 on the sidelines of the Mining Indaba taking place in Cape Town this week.

When the Unctad report was released last year, the SA Chamber of Mines, the SA Revenue Service (Sars) and Statistics SA disputed the veracity of the data relied upon for the Unctad report. The Chamber of Mines subsequently commissioned further research which found SA’s gold exports were correctly reflected in the data that the SA Reserve Bank, Statistics SA and the Chamber of Mines had.