Tag Archives: tax haven

Mopani copper mine, Zambia

In February 2005, the EIB granted a EUR 48 million loan to Mopani Copper Mine (MCM)[1] for the rebuilding and modernisation of the Mufulira copper smelter. The project was supposed to stimulate economic growth and reduce poverty, secure and stabilize employment in Mufulira and improve the quality of the environment by reducing sulfur and dust […]

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Long awaited investigation into Glencore for alleged tax dodging shows EU Bank’s lack of transparency and vulnerability to abuse

Brussels – The European Investment Bank (EIB) is virtually powerless in the face of abuse of its own funds, an internal investigation published last week by the EIB shows. What’s even worse is that the EIB’s new transparency policy – to be adopted in the coming weeks – would formally allow the bank to keep […]

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Revision of the European Investment Bank’s anti-fraud policy happens outside of political reality

 BRUSSELS – On the 23rd of April the EIB will approve its revised anti-fraud policy. What should have been an open process taking into account current political commitments against tax evasion and money laundering and recent investigations by the European anti-fraud office OLAF into projects financed by the EIB, will turn out to be a […]

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Letter to request to delay board approval of EIB revised anti-fraud policy

Download the letters (PDF) the EIB president and Comissioner Olli Rhen 

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EIB beneficiaries face complaint for violating OECD “arm’s length” principles

Brussels – Five NGOs (1) have filed a complaint (2) against Glencore International AG and First Quantum Minerals Ltd for violating the OECD guidelines for multinational enterprises as their Zambian subsidiary Mopani Copper Mines (MCM) is alleged of dodging taxes for their benefit. MCM received a €48 million loan from the European Investment Bank (EIB). […]

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Zambian media coverage of Mopani audit

POST NEWSPAPER 1. Mopani is dodging taxes – CSOs -10 Feb. 2011 2. Mopani, taxes -10 Feb. 2011, 3. Prof Saasa urges govt to re-think its position on mining taxes– 11 Feb. 2011 4. Windfall tax justified– 12 Feb. 2011 5. Nawakwi demands audit of all mines -12 Feb. 2011 6. Foreign mine owners have […]

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