Companies deprive Africa of urgently needed financial means

A report by the High Level Panel on Illicit Financial Flows published in February 2015 revealed that Africa looses up to $ 50 billion a year due to fraudulent schemes among governments and multinational companies. This amount doubles the annual official development aid that the continent receives making it a net creditor to the rest of the world.   ... →

Banking and Investment Funds: Tax evasion

A survey of German Federal Finance Ministeries by the ‘Süddeutsche Zeitung’ showed that a loophole within the tax system was being severely exploited by German financial institutions until it was modified in 2012. This loophole allowed banks and their business partners to receive several times the value of one capital gains payment. In the Bundesland Hessen investigations discovered up to 30 cases with an estimated value of 979 Million Euros.   ... →

Paladin Profits, Malawi Remains Poor

Professor Olivier de Schutter, the UN’s Special Rapporteur on the Right to Food told Malawians that they were missing out on $200 million in tax revenues from Paladin due to special tax breaks given to the company. De Schutter believes that the relationship between Paladin and Malawi is unfair and stems from an imbalance between Malawi, who is desperate for investment, and Paladin, a powerful multinational entity.   ... →