Tax evasion, Glencoe and the corporate rich

Glencoe1
I post numerous articles on the Paradise Papers, tax evasion e.g. by Glencoe and the rich and powerful.
Workers at Glencore’s Oaky North mine have been locked out for over 100 days. Whilst these workers are fighting for a fair go, their bosses have been dodging tax in Bermuda. So close tax evasion and repeal the right of companies to lock-out their workforce.

“The inside story of Glencore’s hidden dealings in DRC

Leaked files reveal for the first time how the secretive firm enlisted a controversial diamond tycoon – ignoring ‘red flags.’

Revealed: Glencore’s secret loan to secure valuable DRC mining rights.A secretive multinational company worth billions, whose founder turned fugitive was pardoned by a president.

An Israeli diamond tycoon, rumoured to be the inspiration for a Hollywood blockbuster.

And a struggling African nation, blessed and burdened by natural resources, riven by war and corruption.

Behind the black letters of the Paradise Papers lies a world of extraordinary colour.

Obtained by the German newspaper Süddeutsche Zeitung, and shared with the International Consortium of Investigative Journalists, the Guardian and more than 90 media partners across the globe, the Paradise Papers reveal the reality of the arcane world of offshore tax havens and global finance.
Analysis Everything you need to know about Glencore, Dan Gertler and their interest in DRC
It has been revealed the firm lent millions to the Israeli billionaire to secure a mining deal. Here we answer the key questions
Read more

And they raise serious questions about the conduct of the commodities multinational Glencore and the Israeli mining billionaire Dan Gertler in Africa.

They show that in 2009, Glencore, the world’s biggest mining company, gave a secret $45m loan to Gertler’s company after it enlisted him to secure a controversial mining agreement in the Democratic Republic of the Congo.

Over hundreds of pages, the papers expose in forensic detail how Gertler, whose previous diamond monopoly in DRC was described by the UN as a “disaster” for for the country, held Glencore’s imprimatur as key negotiator with Congolese authorities.
Read more here https://www.theguardian.com/business/2017/nov/05/the-inside-story-of-glencore-hidden-dealings-in-drc

The tax trick big miners use to avoid paying millions
By Four Corners and the International Consortium of Investigative Journalists
http://mobile.abc.net.au/news/2017-11-06/ato-investigating-multinationals-amid-paradise-papers-leak/9075642?pfmredir=sm

Glencoe ruthlessly attacks its workforce
https://redflag.org.au/node/6095

Paradise Papers: Glencore hid link to ghost shipping fleet during Iran scandal
Swiss commodities trader Glencore was struggling to contain a looming sanctions busting scandal when it secured Australian government approval to take over mining giant Xstrata in 2013.

The $US90 billion merger with Xstrata in May 2013 transformed Glencore into the third largest mining company in Australia and one of the largest coal producers in the world.

But behind the scenes Glencore was fighting allegations that linked one of its partners to secret deals with Iran, money laundering and bank fraud – claims which if unchecked could have had impacts on the newly merged group.

Read more: http://www.afr.com/news/policy/tax/paradise-papers-glencore-hid-link-to-ghost-shipping-fleet-during-iran-scandal-20171104-gzf0sz#ixzz4xmmopXXj

profit

profit


Paradise Papers, Says Sanders, Expose ‘Rapid Movement Toward International Oligarchy’

Sen. Bernie Sanders (I-Vt.) says the trove of documents “shows how these billionaires and multinational corporations get richer by hiding their wealth and profits and avoid paying their fair share of taxes”
by
Jessica Corbett, staff writer
Decrying a world “in which a handful of billionaires own and control a significant part of the global economy,” Sanders said the trove of more than 13 million leaked documents detailing offshore dealings “shows how these billionaires and multinational corporations get richer by hiding their wealth and profits and avoid paying their fair share of taxes.”

Sanders said the documents expose a “major problem not just for the U.S. but for governments throughout the world.” According to the Guardian, he also
pointed the finger of blame for the flourishing of offshore holdings on both Congress and the Trump administration.
He told the Guardian that Republicans in Congress were responsible for providing “even more tax breaks to profitable corporations like Apple and Nike.”
Sanders
The same tax breaks, he said, were being seized upon by super-wealthy members of Trump’s cabinet “who avoid billions in U.S. taxes by shifting American jobs and profits to offshore tax havens. We need to close these loopholes and demand a fair and progressive tax system.” read more
https://www.commondreams.org/news/2017/11/06/paradise-papers-says-sanders-expose-rapid-movement-toward-international-oligarchy?utm_term=Paradise+Papers%2C+Says+Sanders%2C+Expose+%27Rapid+Movement+Toward+International+Oligarchy%27&utm_campaign=News+%2526+Views+%7C+Paradise+Papers+Expose+%27Rapid+Movement+Toward+International+Oligarchy%27&utm_content=email&utm_source=Act-On+Software&utm_medium=email&cm_mmc=Act-On+Software-_-email-_-News+%2526+Views+%7C+Paradise+Papers+Expose+%27Rapid+Movement+Toward+International+Oligarchy%27-_-Paradise+Papers%2C+Says+Sanders%2C+Expose+%27Rapid+Movement+Toward+International+Oligarchy%27
More from Sanders: https://www.theguardian.com/news/2017/nov/06/bernie-sanders-paradise-papers-leak-international-oligarchy?CMP=soc_567

How big business evades tax while the ATO does bugger all by John Passant
https://independentaustralia.net/politics/politics-display/paradise-papers-how-big-business-evades-tax-while-the-ato-does-bugger-all,10911

But can we expect government action on this tax evasion
http://insidestory.org.au/the-age-of-the-mega-leak/
ATO to act https://www.theguardian.com/news/2017/nov/05/australian-tax-office-poised-to-investigate-schemes-revealed-by-paradise-papers?CMP=soc_567
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Our Queen is avoiding tax https://www.theguardian.com/news/2017/nov/05/revealed-queen-private-estate-invested-offshore-paradise-papers?utm_source=TractionNext&utm_medium=Email&utm_campaign=Worm-Subscribe-061117

ALP commits to crack-down https://www.theguardian.com/commentisfree/2017/nov/06/we-cant-rely-on-leaks-to-enforce-tax-policy-labor-will-crack-down-on-havens?CMP=share_btn_fb

But Turnbull has cut ATO positions http://www.cpsu.org.au/content/restore-ato-staffing-levels-tackle-tax-dodgers

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