Stealing Africa⎜WHY POVERTY?⎜(Documentary)

oh, a small town on the outskirts of zurich and one of the richest communities in switzerland, real estate prices are booming, unemployment is virtually nonexistent and social problems are few and rare or, as the mayor says, richly, com It's a rich community, but they say of course, you can be rich, but please don't show it. One of Ruslikon's five thousand three hundred villagers is Ivan Glessenberg, CEO of commodities giant Glencore, whose company went public last year and earned him more than $8.8 billion overnight. The next thing was It's surprising because we received a phone call from the canton tax office and they told us to please be prepared to have a bank account that can accept 360 million Swiss francs.

Tax revenues from Ivan Glesenberg alone produced a surplus of more than 50 million Swiss francs. The mayor decided to reduce the taxes we proposed to reduce by seven percent, but then the problems began. He meets Peter Kaddish and his wife Anna Maria. yes, the million Swiss francs were supposed to be used to help poor communities in Africa affected by Glencore operations. This is in line. With the Swiss system of direct democracy, the villagers gathered for a town meeting, there was a flow of people who came to our meeting room and we said: "Okay, maybe our 280 available seats are not enough." Many objected to Peter Kattisch's proposal.

Some thought so. it was unfair to ivan klasenberg the result was obvious almost everyone wanted to keep the money in hoshlicon the council never had to interfere or defend our own proposal so they were the people who took it abroad this is the copper construction in zambia underground they are the Africa's largest copper reserves an essential product in the global economy today virtually all of Sambia's copper mines are owned by multinational corporations in 10 years they have extracted copper worth more than 29 billion dollars as a country, such as nation, god has blessed us with such an abundant natural resource now the paradox is that zambia is among the bottom 20 in terms of

poverty

the 20 poorest countries we are rich but we are poor the problem is no longer so much one of absolute

poverty

but of inequality and Zambia is really a good example of this is that many people think that we in the West have been extremely generous in the amount of foreign aid that we give to developing countries and particularly to Africa globally.

Our estimate is that the amount of money leaving developing countries is 10 times the amount of foreign aid flowing to developing countries. I have come to Zambia to find out why this country, with its enormous wealth of natural resources, remains among the poorest in the world. Why the rise in copper prices has not reduced poverty. the same question many champions asked themselves in the last election, Mr. President, in October 2011, Guy Scott, who once threatened to march on copper plants if they didn't pay their taxes, became vice president. Africa is losing more and more money due to tax evasion by foreign companies. year of what he earns with the help of the countries where these people come from God gave copper to Zambia and these people do not respect the soil of Zambia, whether it is copper mining or any other business venture in Zambia, they should contribute to these mining industries.

They export and we don't know what they are doing with our money, if they are exporting our minerals, money must become zombie again, so today's investors should wake up, stand up and be counted and they should not wait for the time to come. . government to pressure them we don't have time to pressure people vice president type scott was born in zambia studied economics in cambridge and has a doctorate in cognitive sciences it seems that your vice president and you are white well, white vice presidents come from from one place to another, Like the United States of America, it has one and I don't think it is that unusual in the Caribbean.

It's something that's a little unusual in Africa, but Africans may be changing. I mean, nationalists, why not? What else could I do? Be well, the exploitative colonial farmer, no, I think a farmer colony doesn't have any votes anyway, even if I wanted to be on their list, there are very few farmers here, world farmers, but you get the question I guess What I mean is this Normally, a white politician in an African country will represent the interests of white minorities, that is not the case here. They consider me pro poor, pro, pro unemployed, pro the common people of the earth, this is the London Metal Exchange where the world market price. on copper is determined between 2001 and 2008 the price of copper almost quadrupled, but despite the boom foreign investors paid virtually nothing in income taxes in Zambia one reason could be transfer prices transfer prices are a enormously damaging phenomenon throughout Africa the name The goal of the game is to move your profits out of high tax countries, to continental countries, such as in Africa, where the profits are actually made, and artificially move them to low tax countries, to tax havens where they will not be taxed or earned.

The way multinational groups do it is that they have subsidiaries around the world and these subsidiaries trade with each other and can artificially manipulate the prices of these transactions for accounting purposes. The tax haven subsidiary will buy something cheap and sell it much more expensive and between that gap there is a large profit, but they will not pay taxes. Much sembian copper is not traded on the open market, but is bought and sold. internally within the same multinational corporations on paper, this makes Switzerland one of the largest importers of Sambia copper. Switzerland is a big buyer of Zambian copper, but that does not mean that copper is shipped from Zambia to Switzerland.

The documentation goes to Switzerland, but. copper goes around the world just a 30 minute drive from roshlikon is the headquarters of glencore owner of one of the largest mining operations in zambia this is where ivan gleasenberg works glensenberg is the CEO of glimko and owns 15 percent of your shares and to my right, Mr. Ivan Gleisenberg, our esteemed CEO, it has been a very exciting period for the Glencore Group. It is the world's largest integrated commodities trader with an annual turnover of over US$180 billion. , more than eight times the gross national product of Zambia Glencoe controls the Mupani copper mines in Zambia through a 73 shareholding All copper produced by Mupani is sold internally to Glencoe in Switzerland Despite its size Glinko is virtually unknown to the public in 2011 Glencore's lawyers warned news organizations in the United Kingdom that Glencore executives are extremely private individuals and any reports about their homes or private lives could pose a security risk.

Their company is a major investor in the developing world we believe that developing countries need more investment, not less investment provides jobs education access to healthcare and better infrastructure we spend hundreds of millions of dollars on goods and services as well as running schools and hospitals and many of our operations without foreign investment none of this would be possible part of Glencore's Sambian operations have been suspended by the environmental authorities I wish you a pleasant flight kaplan thank you very much you, Mr. Vice President, Guy Scott, you are visiting the plant and you have invited me.

Residents have complained that a fog containing dilute acid drifts from the plant into their homes. This seems like something out of a bondage and discipline kit if we keep going through the mines like this. With this we will get everything we need, obviously, the standards are quite flexible with the excuse, of course, always that if they make us pay a lot of money in anti-pollution measures, then we will not have any. spend on making more money at the plant I meet the president of mupani copper mines when I ask him about the suspension he seems perplexed well now we are good corporate citizens we are opening our business we are very frank when dealing with all the outsiders with the authorities who visit us we open our books we do not understand in this particular case the action of zema was completely surprising so we would like to know why they took that action we have challenged them on that issue and we are waiting for a response from them after more security measures were installed security, the operation was allowed to reopen.

This is not the first time the plant has come to the attention of Zambian authorities in 2005. Acid spills from the plant contaminated drinking water in a nearby township in 2008. A similar accident occurred that sent hundreds of residents to hospital . I mean, there were stages where people in cities were turning on their taps and blue water was leaking out that had been created by pumping sulfuric acid underground and it was seeping into the city water. supply and everyone was turning green you know blue we received about 400 patients with complications of abdominal vomiting we managed them yes but it was clear that it was due to the contamination of the water that came from there supported by a loan of 50 million from the EU The bank investment firm Glencore has doubled production capacity at Mopani.

Copper production also emits large volumes of sulfur dioxide and dust. Sulfur emissions can cause respiratory diseases and create acid rain that destroys vegetation. Many cases of respiratory tract infections come from concoya, especially when emissions. are too big, you notice that there is an influx of patients coming from the clinics to us, sorry myself, the effect of the emission of sulfur dioxide, air pollution is regulated by the guidelines and limits set by Sambia authorities, the levels are measured in four. facilities around the plant figures are compiled by mupani officials and are not made public according to environmental groups and local residents undisclosed figures show pollution far exceeds national and international standards air tests they have conducted themselves but Also other independent companies have shown that we have up to a thousand times more emissions of undesirable impurities than required by the world health organization we wake up all of us at night and we also start coughing we are with the children we did We don't even sleep, we just continue coughing, if there are bumps, then this bad hair comes.

I asked the president of Mopani if ​​it is true. Air pollution from the copper plant far exceeds standards. The reference point is the zombie environmental management agency and we operate. within the terms set by the Zambian environmental management agency, we and each of the other operations licenses are within those terms, so I cannot comment on the NGO's statement in this regard. I would suggest that we actually refer them to the Zambian environmental management agency, so it's False, it's not 100 people above the air pollution standards, sometimes a thousand times above everyone, but what we're saying is that we operate within what the zombie environmental management agency stipulates within the licenses that they stipulate and we comply with them, so if other people If I have evidence of anything else, I would suggest that they contact the zombie environmental management agency Zambia, which is the authority to investigate any concerns that may be raised by the public.

I tried to get the figures from the measuring stations directly from mupani and the Zambian authorities but with no results I finally contacted the head of communications at glencoe in Switzerland the numbers they collect I know they have these pollution measuring stations around from mufalira is it possible to get those numbers from you? They're not public numbers why not um because they're not this is something that's between us and the environmental regulator yeah in Zambia you know I'm just asking what are the emissions that you should have. I have answered that question several times. No, you haven't responded.

You said it's okay, but I'm a little slow. What was the response? The answer is that we are capturing half of the data you ask about, it is not public data. That is the answer to understanding Glencore's business practices. I have decided to look at its past Glencoe was founded in 1974 by American businessman Mark Rich and was initially called Mark Rich and Co-AG. I requested an interview with mark rich but did not receive a response. I traveled to tampa, florida, to meet maurice weinberg, a former public. prosecutor in new york in 1983 led an investigation into the company's tax practices there was a large investigation that the justice department was doing and in the course of that investigation two businessmen from texas had pleaded guilty and in the process of pleading guilty they said hey there's something we can doWe told them about a guy named Mark Rich and they explained to us that they had created fake deals with Mark Rich making it look like they had bought some foreign oil from one of Mark Rich's companies and then sold it to another company. that it turned out to be a mark-rich company and that they sold it at a loss and that in doing so they had literally laundered and sent abroad close to 100 million dollars in just a period of six or seven months, you already know from an evidentiary perspective If we ever tried, we had everything we needed during the course of the investigation, we had learned about a series of transactions that Mark Rich had orchestrated with Iran, he arranged for the Iranians to get weapons basically in exchange for oil, so We accuse him of trading with the enemy The company and its CEO Mark Rich were accused of tax evasion, tax fraud and illegal trade with Iran during the hostage crisis according to Maurice Weinberg Rich and his lawyer offered a one-time payment to resolve the charges. a big guy, he's a really big guy, Edward Bennett Williams and everyone, all my friends were excited because here's the most famous lawyer in the country comes to meet me and he comes in, sits down, puts his feet up on my desk and we talk about baseball and then finally, you know, he said well, can't you know something to the effect that you know I can?

If we just settle this, you know, we'll just pay some money and you know it'll go away, I mean, you know, I mean, and then he says something, you know, I know you've got a pretty good case here, you know? I know you have a pretty good case and I just want you to know to make it go away and I said he's going to have to plead guilty. um he's going to have to plead guilty and he's like what do you mean? I told him that means he has to plead guilty and he has to go to jail and I think I probably wrote it as jail and he said and said well why and I said and said well look, it's the biggest tax fraud in the history of the United States, if we let him go, how are we going to make another case? the sembian copper mines were privatized and sold to foreign investors in 2000 it is fair to say that of all the frauds that have occurred in zambia during the time of president chalupa the privatization of zccm was one of the most important the privatization process He has never been officially investigated for corruption, but then-president Frederick Chiluba was sued by the state of Zambia for embezzlement at the High Court in London in 2007.

Michael Sullivan represented Zambia in the case against Chiluba. President Chaluba was found responsible. of damages to the republic of zambia in the summer $46 million for conspiracy to defraud the republic and for breach of fiduciary duty a very vivid example concerns the purchase of extravagant shoes and suits from, in particular, one called boutique brazil More than $1.1 million was spent in Geneva and the clothes that were purchased were found during the investigation into state corruption. I've seen them myself, there were 11 trunks, I mean, I have the list of what was found in the trunks. and you have 206 designer suits 185 shirts 36 jackets 157 pants and 64 pairs of shoes and 74 ties all of these ties were designer ties coming mainly from Switzerland and Italy, so there you have a graphic example of the nature and extent of corruption .

He said CCM was sold for a total of $627 million last year alone The mines produced copper worth more than $6 billion President Chaluba died in 2011. Francis Calendar, who led the negotiations, still lives in Zambia in 2008 he was sentenced to two years in prison for corruption related to the privatization of set ccm for half a year i tried to get an interview so you would want payment for the interview yes i would look for it when i refused to pay our communication ended forget it. I just want you to have the opportunity because we talked about it, you can't say something, sorry, okay, any Zambian who thinks correctly, anyone could see that what was agreed was not transparent.

Information is very important and knowledge based on information is very important. Importantly the state represented by heavily bribed ignorant politicians at the top could not legitimately act as negotiators for Zambia from the beginning investors had the upper hand in sales negotiations copper prices had hit rock bottom and the state was running out of money it is dead to the world bank and the imf was so large that they could not get new loans. Zambia had its back against the wall and was forced to sell. The executive boards were increasingly nervous about this, so the board left me with no initiative other than to get the money back and not extend any more credit to the country if we don't get paid or if we don't come up with the plan to repair the mines was the last big resource that the state had and the bank and the fund were very interested in that. for the mines to be privatized and that is why they made it a condition for a series of loans to Zambia and a series of debt relief initiatives that the minds be privatized hello once again and welcome to privatization the government seems to be committed, we will ensure as a government that we not only keep promises, but we work as responsibly as possible to ensure that we are successful, which is why the IMF acted as an effective gatekeeper for all donors, both the bank and the fund and all bilateral donors.

We were basically under the instructions of the The world bank and the international monetary fund, the IMF, have never imposed privatization, possibly in some very limited cases, but not in the case of Zambia, but what often happened is that governments They have told their public opinion that we are privatizing because the word bank and they tell me that if we do not do that they will not find answers but it is not correct or it is only partially correct eh, but it is part of the rhetoric, it is part of the good for the governments of , say, save their Faith um indeed Zambia made the decision that the country was in such a desperate situation with its very high debt that it should do everything possible to please the foreigners.

Whatever needs to be done to keep donors engaged and, to some extent, attract investors. These were very painful times because we were not given the opportunity to obtain the correct value for our assets. If you want to have foreign investors, you must treat them properly and not be, let's say, more demanding with them than neighboring countries. If not, they will go to neighboring countries. A certain degree of wisdom is needed in the management of countries. Today, the privatization of copper mines combined with booming prices has revitalized the mining sector, but despite economic growth, unemployment remains largely unchanged.

More than 64 percent of people living below the poverty line in Zambia are more desperate than ever to attract foreign investment in the hope that it will create new jobs since we came to power, which is only six months some 150,000 people have been laid off. market and we certainly have not created 150,000 jobs in the six months that we have been involved in the investment park, that's how it is every speech every person every newspaper article talks about us we are there those who use jobs unemployment unemployment unemployment and you You just don't you can escape from it and even the opposition that is now in government for 20 years is trying to tell us that we have failed because we have not managed to create a million jobs or whatever, foreign mining. companies are going a certain way towards that and they would go much further if they paid their taxes, you read my lips, I didn't say they didn't pay taxes, but if they did, if they had to pay more taxes, they would. go a long way to indirectly create jobs through our investment, we also want to make our due contributions to deepening the friendship between China and Zambia and we also want to see that the friendship between the people of the two countries can be deepened through our investment because we can understand each other much better through our investment here um thank you very much for coming thank you very much for organizing the lunch we need Chinese lunch in zambia more often our priorities in zambia are jobs jobs and more jobs and tax revenue because To provide a living worthy of the majority of Zambians we have to find them something worth doing and we also have to be able to provide them with social services like free education up to secondary level and provide them with medical services but all of that requires money. and thank you for coming to contribute the money so that our friendship, I think it is a genuine friendship but it is based on material results.

We have a small request. My colleagues want to take a photo with you. We don't know if it is allowed. The first key to development in a country like Zambia where there is a serious unemployment problem and it is growing. I mean, I have to give my phone to my secretary every morning and keep it off at night because there are a lot of people who want jobs and I think I know that I somehow got the vice president's phone number and that he owes me a job because a Maybe I organized a rally for him somewhere in the country or maybe he knows my brother or you know these endless people who need jobs. any old job will do.

They are so desperate. You can say it, you can smell it, you can feel it if you keep your phone on, you hear it, you see it in the SMS that come all the time. I want a job I want a job I want a job thank you long life to you well you too remember we could both enjoy it the lack of tax revenue from the mines has left some donor countries worried that Zambia is not benefiting enough from its copper At the Norwegian embassy, ​​economists have examined export figures. A 2011 World Bank report states that Zambia is losing money in electricity production and that tariffs paid only reflect 40% of historical costs, according to mining companies.

There is a simple explanation why they have barely paid taxes on the profits. What am I saying? What I'm saying is that several companies had to carry forward tax losses. That's one, they need two because the productive infrastructure had deteriorated so much that a large investment was required to recover the current production is more than 700, but more than 5 billion dollars have been injected. Investments have been made in plant rehabilitation, plant expansions and new facilities. According to Norway's results, Zambia barely benefited from copper mining in 2007. Tax revenue. The mining sector accounted for only 0.2 percent of the gross national product, while at the same time copper accounted for almost 71 percent of Zambia's exports. and predictive Sambia tax laws In April 2008, the Zambian government canceled the conditions of the original sales agreements and introduced a new tax regime.

It would be an understatement to say that the mining companies didn't like it, they went crazy and threatened that international courts and the like introduced tax levels that were going to put the mining companies out of business, so it was complicated for both sides. From the mining company's point of view, the effective tax rate was too high for other stakeholders. It was a welcome move by the people of Zambia because it was going to absorb a lot of money that would have been used for development. The mining companies, all but one, refused to accept the new legislation and withheld payments.

Maligra, uh, the legislation is not the The only current challenge is sophisticated tax planning, which makes it possible for multinational companies to reduce their tax payments and take profits out of the country. The phenomenon is simply widespread throughout Africa and indeed the rest of the developing world in Africa. You see a particular approach. In commodity markets, Africa's natural resources are often extracted without countries and their citizens getting their fair share in 2008 if Zambia had received the same price for its copper exports as Switzerland declared for its exports. of copper in the same fairly detailed commodity categories.

Zambia's GDP. would have almost doubled that year and this is not a country where around 80 people live on less than two dollars a day, the impact of a potential GDP of $25 billion instead of $14 billion could have been enormous in the development that we have in Western countries have created the mechanisms by which this money flows and flows into our own coffers and therefore we have as much responsibility as poor countries to try to stop this phenomenon, in many cases the methods used to pay less taxes. It is almost impossible for developing countries to examine transfer pricing is inherently complex and the OECD model, which unfortunately is perhaps the dominant model, for determining what is a fair price for trade between two subsidiaries of the same multinational, that process is very complex now.

What is found in a bass countryincome as Zambia was until recently is that the ability of the tax authorities to cope with the complexity and the army of lawyers and accountants that a multinational company has at its disposal simply does not exist. So a multinational company like Glencore can leverage its ability to defend a particular set of prices in a way that the Zambian tax authority finds extremely difficult to respond to. I have spent my entire career looking at this and yes, I am on the OECD working group on tax and development, but generally I find that the OECD is not interested, not at all interested in debating the broader issue, their interest is protect their guidelines because OECD countries want to maintain the status quo.

Glincor's history of legal problems is notable. In 1983, the company's founder, Mark Rich, fled the United States to avoid jail. The American authorities reacted quickly by placing him on the FBI's 10 most wanted list. He decided he did not want to go. In prison he felt that he was above the law and therefore he was going to do everything he knew, he had more money than anyone else and he was going to do everything possible to try to surpass this mark. Rich because his escape from the United States became the most sought after target. top criminal in American history Swiss refused to extradite him to the United States, but he risked arrest every time he set foot outside Switzerland the rich tried a different technology that hired the former White House lawyer of the then president bill clinton, jack quinn, to obtain a pardon his wife denise rich was responsible for providing more than a million dollars to the democratic party.

He also donated an undisclosed amount to the Clinton presidential library, among others. Israeli Prime Minister Ehud Barak, as well as the King of Spain, personally telephoned President Clinton to encourage him to grant Markridge a presidential pardon I am a Democrat I grew up in Tennessee I worked for Al Gore's father Al Gore himself was an old friend We had gone together to law school and I was devastated by what had happened in bush gore and that's why it was one of the worst The days of my life were really George Bush's inauguration, so I don't want anything to do with the inauguration.

I'm sitting at home and I get a phone call and it's Michael Isikoff, a well-known reporter who knew a little bit and he says what would you think about forgiveness and I said what milken milk and gap yes because the advertising was that milken was and he said no, no, mark rich and I said I swore, I said no, and in a way and he said no, mark rich, I said well, what about Pinky Green? He said who is Pinky Green. I said which one is his partner. Do you have forgiveness two? And he goes down the list.

He could be heard. He said yes. They also forgave him. in Paris working in Paris when the forgiveness was published and I wasn't surprised, I was a bit shocked at how brazen it had been carried out, I thought it would have been done with a bit more panache, how do you forgive? a person who made a mockery of the American system, you know, if he came back, if he thought he had such a good defense, you come back and fight him, you put up your defense, he never did, that he was a fugitive and he renounces American citizenship if you announce your US citizenship and are a fugitive, you do not deserve to be pardoned, certainly not in a case where you committed the largest tax fraud in US history up to that point and your company pleaded guilty.

Ivan Glesenberg joined the company just as Mark Rich fled to Switzerland. Glasenberg's first position was as a cult trader in Johannesburg. At that time the company's main business was supplying oil to the apartheid regime in South Africa from his exile in Switzerland. Mark Rich He made approximately $2 billion selling oil to South Africa before and during the UN embargo in 1991. Ivan Glassenburg had caught the attention of Mark Rich and was brought to headquarters in Switzerland for the next two years. Ivan Glencenberg became a trusted member of the inner circle known as the rich kids, the Marg Rich pardon did not include the company, the companies pleaded guilty and it was signed, sealed and delivered and when we were in court when this happened it was like closure because the The way the money was paid included Mark Rich selling his interests. at 20th Century Fox and some oil wells and things that generated cash that were then given to us to satisfy the $200 million that we all raised in a back room at the courthouse by signing, you know, signing papers as closure. really what it was and then you know it was the case was more than a year after he escaped, the company got rich and pleaded guilty to tax fraud.

They acted as if from day one they were above the law every time their company changed. and people at his company were cheating and breaking the law, whether it was making a midnight sale that was fake or trying to hide documents outside the United States or cheating on taxes or making up bogus deals to launder money outside the United States. USA. states or making deals with the Iranians when they were banned whatever he was cheating in 1994 mark rich resigned as CEO and sold his shares to management the company was renamed glencore in 2004 ivan glasenberg took over today president simon murray assures that glencore is not involved in illegal activities our position on the issues of bribery and corruption is clear offering to pay authorize soliciting or accepting bribes is totally unacceptable to glencore at the time simon murray made these assurances to shareholders the grains division glencore and two of its employees were standing trial in a belgian court accused of bribing european union officials all presumed innocent we did not delay for two years glencore had provided eu official carol bruce with cash to travel and a free phone, all in exchange for insider information that Glencore used to secure EU export rebates, a lucrative deal that nets Glenn millions.

On June 27, 2012, Glencore's cereals division was found guilty and fined 500,000 euros. glencoe has appealed and refuses to comment glencorp has full oversight of its tax practices and fully complies with all its tax obligations in line with the laws of the countries and territories in which we operate, a confidential report leaked in January 2011 raises serious doubts about Glencore's tax practices in Sembia. The report contains the results of a comprehensive tax inspection of the Mupani copper mines, a subsidiary of Glencore in Sambia. I received a brown envelope in my email, it is here and I want to say it was a very simple envelope, nothing was specified on it, just my address and inside, there was a pilot audit of the Mopani copper mine that sent it to you .

I don't know you. I don't know who sent it to me. No, I don't know because I believe it was not intended to be publicly funded by a group of donor countries led by Norway. Zambia had hired international audit firm Grant Thornton to carry out the audit. The purpose of the audit was to establish whether mupani tax payments for 2006 and 2007 had been correct. The auditors found strong indications of transfer pricing and noted that the prices appear to be determined by the parent company, i.e. the buyer, this concludes that the auditors were not in accordance with the arm's length principle, in other words, glencoe in switzerland appeared to have been manipulating copper prices and, As a result, it reduced its tax bill in Zambia.

That situation is not correct, we deal with glencoe at arm's length and we are paid at prices that relate to the london metal exchange, based on the findings the audit concluded that glencore had dealt with its subsidiary in violation of the principle of full competence of the oecd and that this should have an impact on fiscal assessments for the period under review; It was a report that contained problems that were not fractured that report was a desk report it had a fundamental defect in that the auditors were not familiar with the production chain according to the auditors mupani had resisted the audit at every stage and didn't seem to worry about any sanctions that might arise if a similar audit report had been carried out for the tax authority in the UK, for example, so I think they would very quickly have seen it as a first step.

I think they would have seen a procedural threat simply on the grounds of lack of cooperation, before even starting to look at the potential for redress given the apparent scale of distortion in the way the mine has been operated, we were very cooperative in granting funton and zedria, in fact, at the end of the audit we received a letter from zdra praising mupani for being so cooperative after the report was leaked the eu european investment bank suspended any further lending to glencore in zambia the minister of finance asked the company to pay what it owed but glencoe refused a Sambia charity reported glencore to the oecd under the oecd uv is a complex mechanism where a complaint can actually be made against a company for breaching guidelines relating to taxes, what we did and what came of it was nothing because glencoe refused or the oecd said they can't do anything if one of the parties doesn't want to cooperate for six months.

I tried to get an interview with Ivan Glasenberg, but he declined in a written response to the audit. Glencore rejects all of his findings. The problem remains unsolved. No, you don't have crack. teams of auditors, accountants, computer operators and people who can parachute in, open a safe and fly back and give us information about who is hiding what, so try to do the best you can and that's what we do and I hope improvements on that I can't jump out of the chair run out the door grab my ak-47 in my car and run out and cross to the nearest miner you know it just takes a little time it may take longer than the people willing across Zambia it sold its hedge at the worst possible time on terms that made it difficult for the country to benefit from its own natural wealth.

Today, the government is working to increase tax revenue from mining revenues, much needed to pay for health care for schools and to reduce poverty. The leak of the audit report did not alter the market in May 2011. Glencore raised more than US$10 billion, making it the world's largest initial public offering that year. Among buyers were the Church of England and the Norwegian government through its oil fund. exciting period for the group, saw the successful IPO offering the largest ever initial public offering on the premium segment of the london stock exchange and the first simultaneous initial public offering in london primary and hong kong secondary ivan glaesenberg earned US$8.8 billion in IPO 400 other Glencore employees earned more than US$100 million each in late 2012 former British Prime Minister Tony Blair was hired to help negotiate an 80-thousand merger million dollars between Glencoe and mining giant Xstrata, if successful, the merger will nearly double the company's size and influence in the world.