By Abdikarim Buh

Fresh allegations have surfaced over the collapse of Qaran Express, one of Somalia’s once-prominent money transfer companies, with a former investor claiming that approximately $40 million in customer deposits and shareholder funds was diverted through an elaborate network of overseas investments and property acquisitions.

The claims were made in a public statement by Bashir Isak, who described himself as one of the company’s victims. His allegations have not been independently verified, and those named have not publicly responded to the accusations.

Bashir Isak

According to Bashir, he traveled to Dubai to investigate the disappearance of the company’s assets and says he uncovered information regarding the company’s former management and board structure. He identified Abdulqadir Hashi Jimcaale as the former chairman of Qaran Express and listed several other individuals whom he said served on the company’s executive committee and board of directors.

Allegations of a Coordinated Scheme

Bashir alleges that Abdulqadir orchestrated a systematic plan to gain complete control over the company before allegedly diverting its assets.

According to his account, senior management was reorganized, while individuals he describes as trusted associates were appointed to key positions both inside Somalia and across the company’s international network. He further claims that existing overseas agents were replaced with individuals allegedly connected to the former chairman through clan or personal relationships.

According to Bashir, those representatives were instructed to establish businesses in their own names using company funds.

Investments Across Several Countries

The statement alleges that millions of dollars belonging to Qaran Express were invested in businesses and real estate in several countries, including:

• the United Kingdom,
• Canada,
• the United States,
• Norway,
• South Africa,
• Kenya, and
• South Sudan.

Bashir claims these investments were later recorded in the company’s books as financial losses despite allegedly remaining operational.

As one example, he alleges that two commercial properties in Oslo, Norway, continue to operate under the control of a relative of one of the individuals involved.

Properties and Businesses

The statement further alleges that company money financed the establishment of large wholesale businesses in South Africa, including operations known as Salama Cash and Carry, as well as banking and commercial ventures in South Sudan.

Within Somalia, Bashir claims company funds were used to acquire commercial centers in Bakara Market in Mogadishu, identified as Qaliifa 1 and Qaliifa 2, along with numerous parcels of land.

He also alleges that residential properties were purchased in Mogadishu and Hargeisa, while additional assets—including exchange businesses, residential property in the United States, and apartment buildings in Saudi Arabia—were acquired in the names of relatives or family members rather than the company itself.

Customers Allegedly Left Without Their Money

According to Bashir, once the alleged transfer of assets had been completed, management declared that Qaran Express could no longer continue operating. He further claims that customers were subsequently redirected to another money transfer company while those seeking the return of their deposits were repeatedly promised that a solution was forthcoming.

Bashir alleges that victims were referred to mediation efforts involving respected religious figures, but says those meetings failed to produce compensation for customers.

“Every meeting ended with promises,” Bashir claimed. “People were told they would eventually be shown where the money had gone, but they were never repaid.”

No Independent Verification

The allegations have not been independently substantiated, and there has been no public court ruling establishing the claims made by Bashir. The individuals named in the statement have not publicly responded to the accusations at the time of publication.

If verified, however, the allegations would represent one of the largest alleged financial scandals involving a Somali money transfer business, potentially affecting millions of dollars in customer deposits and shareholder investments spread across multiple countries.

The controversy underscores the continuing importance of transparency, corporate governance, and regulatory oversight in Somalia’s financial sector, particularly for businesses entrusted with safeguarding public funds.

Abdikarim Haji Abdi Buh
Email: abdikarimshak@gmail.com