Glencore prospectus pong

Christian Aid and other NGOs have recently exposed how the Zambian government has found it almost impossible to collect a few million dollars of tax from the mining and trading conglomerate Glencore.

With yesterday’s publication of the company’s prospectus, we learn that the two bosses of the copper division will have rather less difficulty in collecting $3.7 billion each.

The choice of London for the Swiss-based company’s flotation was announced just two weeks after the UK government unexpectedly watered down the UK Bribery Act to exempt corruption within subsidiaries operating as joint ventures.

Glencore’s copper interests in Zambia and Democratic Republic of Congo are both joint ventures.


this post was first published by OneWorld UK