Glencore accused of tax fraud in Zambia « Mining Blog

Glencore accused of tax fraud in Zambia

2. May 2011,

An audit report, commissioned by the Zambian government was leaked last month to the media. The report, by accountants Grant Thornton accuses the Mopani copper mining company of over inflating the cost of its operations and selling the copper it produces to its parent company Glencore at below market rates – in effect transfer pricing.

Based on the Grant Thornton analysis, ActionAid estimated that the company’s dubious practices potentially cost the Zambian government up to £76 million a year in lost corporation tax.

Glencore has strongly denied the allegations.

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