Geneva’s cantonal tax administration has opened a proceeding against Paul Kammogne Fokam, the Cameroonian banker who founded Afriland First Bank. The authority is demanding millions of Swiss francs from Fokam on the basis that he did not declare his wealth during the ten years he was a tax resident in Switzerland.
The case was reported by the Swiss investigative outlet Gotham City on Wednesday, September 9. Fokam, who has been a prominent figure in the banking sector in Cameroon, is alleged to have failed to meet Swiss tax reporting requirements while residing in the country.
Details of the proceedings, including the exact amount demanded and the specific tax years in question, have not yet been disclosed by the Geneva tax authority. Fokam has not issued a public statement regarding the allegations.
Geneva’s tax administration has indicated that the investigation will proceed in accordance with Swiss tax law, and that any findings will be communicated to the relevant authorities.
As of now, no further information has been released about potential penalties or the outcome of the investigation.
For updates on this developing story, readers are advised to consult official statements from the Geneva cantonal tax administration and reputable news outlets.
Geneva’s tax authority demands millions from Cameroonian billionaire Paul Fokam
Article source: cameroonintelligencereport.com | Image credit: Billionaires.Africa