Again, the investor and mineral licensing powerhouse in the Democratic Republic Congo, Dan Gertler is even more under fire after the revelations of his illicit trade during the recent years. Now, the formula and the amount of cash he gets from the foreign mineral extraction companies are paying for their passage to him. This as the deals between Getler and Kinshasa authorities are left in the dark. Whatever deal they have, certainly Getler is earning fortunes without doing more, than being connected to the Joseph Kabila government.
This report shows important facts and also bring certainties of the assumed fortunes made by Gertler, even as he is sanctioned and his corporations. Clearly, the mineral extraction is profitable in the midst of insecurity and civilian despair in the republic. While the businesses and the affiliates are eating, the public are fleeing militias and the army itself. The state is not serving the public, but the companies and the persons who has secret deals with the government. It is vicious and the international community let them, even as it is sanctioned, the acts are still appearing and has the ability to earn on it.
“Based on a number of assumptions, Resource Matters estimates the royalties to the Gertler-affiliated companies can be expected to amount to about $110 million for 2018 and nearly $100 million for 2019. This means that Gertler risks losing about $270,000 in revenue from Glencore’s operations per day. That is nearly twice as much as the world’s best paid soccer player, Lionel Messi, makes at Barcelona” (Resource Matters, P: 6, 2018).
“Glencore therefore has to balance the risk of increased pressure in Congo versus the risk of ending up on the U.S. sanctions list. This means that the royalty payments constitute a significant risk, whether they stop or continue. Investors should be able to know how Glencore will deal with this going forward. U.K anti-corruption organization Global Witness has repeatedly lamented the opacity of Glencore’s royalty payments to Gertler’s companies and called for better disclosure” (Resource Matters, P: 8, 2018).
“This conclusion was somewhat hasty. Gertler’s gold companies do not explicitly feature on the sanctions list, but that in itself does not matter. Under the U.S. Treasury’s so-called 50%-rule, any company owned at least 50% by a sanctioned entity is considered, per se, sanctioned because it is deemed to be “blocked property” of the sanctioned person. Both Moku Goldmines and Société Minière de Moku-Beverendi are at least 50% owned by Fleurette, a sanctioned entity, and should be considered sanctioned, too. In addition, the fact that no payments are made to Gertler does not shield Randgold from the risk of being sanctioned. The U.S. Treasury could qualify Randgold’s exploration activities at Moku-Beverendi as ‘material support’ to a sanctioned entity and impose sanctions on Randgold” (Resource Matters, P: 9, 2018).
Gertler might be in hot-water and the Kabila government might have decisions to make concerning their alliance. Still, the trades and contracts has been made, if the Kabila government suspend and revoke it, they might have to pay a settlement. While wait for a new company or middle-man to secure a grand deal for the licensing. We can question if the loyalty will be there, as long as the sanctions might hit the companies who works with Gertler. Because, they do not want to lose the profitable and secure delivery of the cobalt and other minerals in the Republic.
Surely, Getler don’t want to miss his winning ways and his double earnings of Messi. He want it and doesn’t care about how. Getler just continue to score and get contracts, which makes his giant fortune. It is by the blessing of his connections in Kinshasa. Peace.
Resource Matters – ‘The Global Magnitsky – Effect How will U.S. sanctions against Israeli billionaire Dan Gertler affect the DR Congo’s extractive sector?” (February 2018).
“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.” – Franklin D. Roosevelt
Well, this time in history will be remembered, in the times that the multi-national corporations have most of them fled their regional scenes and put their headquarters and main operations into tax havens. Therefore, with this in mind, the states and republics that actually is where they make the profits get less tax and get fewer monies to spend on public services. That does not make them poor, but smart someone might say. This is legal and the openness of the economies let them do it, but to be frank, we should question this big giant corporations for their fleeing fortunes abroad.
The corporations are not alone in all of this, the rich people themselves cannot sustained this, they cannot afford to pay reasonable taxes, and they need tax-relief so they can salvage their Monte Carlo and their Lamborghini’s. They have their massive mansions and stalls of cars, but cannot pay the percentages on the tax as ordinary working-class do. In addition, the working-class use decades on end to pay down the mortgage on the house and loan on their Ford Fiesta. If they can even afford a house and a car at his point.
The American enterprise and experience is really seeing it, as they plan to repeal and replace Obamacare, because the wealthy are too broke or to selfish to help the working-class who made them rich. That the working-class and industrial worker are falling behind as new schemes to outrun their possibilities. The corporations and the believers of free economies want more flexibility, but do not give equal wages or compensations. Therefore, the loser in the transactions are the workers and not the companies. Secondly, the states earn less without added productivity.
It is naive that the businesses care about other things than the bottom-line is vicious, like the wealthy have the capacity to share the spoils, which they have earned on the commoners and the citizens. Therefore, the spoils, which in some industries entails sweatshop workers and exports to the Western hemisphere with grand profits for the clothing and appeal giants. Something that the workers in Bangladesh or Pakistan doesn’t see anything delivered back, than a filthy industrial complex and possible health hazards for their hours work on end for a lousy T-shirts.
The others are the ones who are doing mining and extraction for the technology and IT businesses that has no issues with the illegal and militias taking controls over mining fields and black-market trading of rare earth minerals or cobalt for that matter. As long as the giant companies trading computers, smart-phones and whatnot get their profits. Certainly, the CEO and other leaders in the corporations should worry of the implications and the lives destroyed while their businesses are earning loads of monies. There should be some sort of certification of the weak trading points; if they knowingly paid, some of the monies on technology could fund militias and illegal armed conflicts.
This is real poverty, that we have systems, salary structures and imports that hurt local areas, while the businesses earn fortunes, that again is flying on the merry to a tax haven in the pacific through a shell-company set-up by lawyers in Panama. In addition, this is legal and just, by law and in society. That the same companies telling their workers that they cannot afford more wages, since they have to stack millions upon millions in the British Virgin Island. So that the shareholders and stakeholders can earn profits for the toils and sweat of fellow workers.
So when I hear that the workers cannot ask for bigger salaries, while the states and republics create tax-holidays and tax-breaks, incentives for “investments” while the big-men are doling away vast fortunes in the middle of the day. Like a legal heist, a theft of both tax and salary, the salaries that could be used more in the system to gain growth, and secondly the added tax that could build roads and infrastructure that the company could need. However, hey, we do not need proper roads and wages, as long as the rich can travel to Monaco and St. Tropez whenever they feel like it. We are foolish to think otherwise!
When you hear that the rich has to get tax-breaks and their taxes cut, know that they are poor in spirit and heart. They may have vast fortunes and riches, but their hearts are empty. They do not see the problems of the day-to-day basis of the ones creating their empires. They do not see the people who buys their labeled products and services. They only see the bottom-line, the empty shells companies’ accounts and the schemes to hide the monies. That is because these wealthy people are so poor; they cannot afford to be like the rest of us.
The wealthy are so poor, they are so poor that they have to avoid taxes or pay taxes, because if they were paying taxes they would be like us. They would have the same responsibilities and have the same understanding of welfare and public services. Therefore, since they do not need the public service, they can afford to travel abroad for health-care; they can afford to send their kids to private schools and can afford to import goods. Then they do not need the support and the base line of the republic or the state. Like you and I do. Therefore, with that in mind, which is why they are so poor. Their poverty is in the mind and in their spirit; they cannot be a part of us, because they want to shield themselves from us. Still, earning our monies and taking our cheap labor, no problem!
This poor people need help, they need guidance, their riches might fall out of their hands, might be lost in coup d’état or worse than they get bankrupt. Than they need the states to salvage their business or their bank, with our tax-monies, without any hesitation, but when it was booming. That was the time they had no need of paying taxes or paying amends to the state through the regulations. Like we do and pay for our right to live and use the needed services of the states.
In these interesting times of ours, we have the riches seeking to pay-less, while the working-class is footing the bills or trying too. While the republics and states make it harder for public service and make it more expensive to pay for the needed services. This are all made in the hands of the wealthy and the multi-national corporations, without considering the implications of the commoner, the working-class nor the middle-class that are all sinking on the behalf of the rich. Certainly, the belief that the trickle-down economy should be a project avoided, but to many still have faith in the paradigm. While very, few have any social mobility or have the capacity to go from one class to the next. Peace.
After reading a Forbes article on Illicit Financial Funds leaving Ethiopia, as they question the need for and the use of donor aid to Ethiopia. I had to read the reports that it partly was based and make my own assumptions. The difference is that I want to focus on the East African Nations and their Illicit Financial Funds that leaves the States. So that the values and the amounts show’s lack of governance and regulation of finance gives way for the African governments and corporations to get away with transferring funds without legal bounds. This is a way of misusing funds and also money laundering through lacking revenue service and authorities to keep up the upkeep of the states. Take a look!
“IFFs are illegal movements of money or capital from one country to another. GFI classifies such flows as illicit if the funds crossing borders are illegally earned, transferred, and/or utilized. If the flow breaks a law at any point, it is illicit” (GFI, 2015).
“African governments have a political interest in IFFs because these flows impact their national development aspirations and encroach on state structures. They therefore have law enforcement and regulatory agencies whose duties include preventing IFFs. Among these are the police, financial intelligence units and anti-corruption agencies. Governments also have customs and revenue services and other agencies whose purposes are thwarted or hindered by IFFs” (IFF, P: 35, 2016).
“The widespread occurrence of IFFs in Africa also points to a governance problem in the sense of weak institutions and inadequate regulatory environments. IFFs accordingly contribute to undermining state capacity. To achieve their purposes, the people and corporations behind IFFs often compromise state officials and institutions. Left unchecked, these activities lead to entrenched impunity and the institutionalization of corruption” (IFF, P: 51, 2016)
“Most African countries do not have enough highly trained lawyers, accountants and tax experts to carry out the oversight functions to prevent or punish perpetrators of illicit financial outflows. The few that exist are often overworked and unable to prepare sufficiently to take on top-class representing large corporations” (IFF, P: 72, 2016).
Illicit Financial Funds ranking in the years of 2004 – 2013:
*(in millions of U.S. dollars, nominal)
* Global Financial Integrity December Report 2015
Total IFFs in the years of 2004 – 2013 (GER+HMN)
*(in millions of U.S. dollars, nominal)
* Global Financial Integrity December Report 2015
* “Trade misinvoicing (GER) dominates measurable illicit outflows, averaging 83.4 percent of total illicit outflows during the years 2004 to 2013. However, there has been a noticeable growth in the hot money narrow (HMN) estimate of balance of payment leakages over those years as well. Though initially only accounting for 6.9 percent of illicit outflows in 2004, HMN rose to 19.4 percent of illicit flows by 2013” (GFI, P: 10, 2015).
If you look at the charts there are some monies that is missing and gone away on all sorts of schemes and tax exemptions, all sort of added invoicing or other types of financial instruments to make sure the monies doesn’t end where they are supposed to be. The East African states have misused giant amount of funds.
Ethiopia, Sudan and Uganda are topping the list. What is weird for me and the report it is not specifying the Sudan as the Khartoum republic or putting South Sudan alone! So the report and the values put on South Sudan, which was independent in 2011, there do not know what of part of Sudan who has illicit funds. Still, the values and the amount of million dollars Illicit Financial Funds (IFFs) from Ethiopia for instance. You can wonder how much of the government budget that is eaten by this sort of financial mismanagement and misuse of public funds. The reserves and state coffers have to be hit when it is these amounts of dollars that are lost. Uganda have also gotten rid of giant amount of funds, these is 10 higher than the revelation during the Oil Probe with the 2.4 Trillion shillings, which is about $640-700m dollars. That we’re oil revenue that has not been remitted to the state, just these values is ten-times of what was revealed in the Ugandan courts. So there is other revenue that the State House, Bank of Uganda and Uganda Revenue Authority not have complied to or have registered as there is a loss of $7,149 million dollars.
These is just two financial instruments as the HMN and the GER that is explained under the table, the other ways of misusing funds, I haven’t even covered. This is just how much that is miss-invoicing and Hot Money Narrow, the others can be shown at another time. The numbers shown here alone show the extent of misuse of funds in a decade. That is the public loss and the state coffers that been looted by the regime and their lack of will of following and regulating the financial markets. Therefore, the state and institutions does not have the will or capacity to follow the money. This shouldn’t be evident, but it is and not a good look. Peace.
Illicit Financial Flows iff – ‘Report of the High Level Panel on Illicit Financial Flows from Africa’
Global Financial Integrity – ‘Illicit Financial Flows from Developing Countries: 2004-2013’ (December 2015)
“The Home Secretary, Amber Rudd, at the FCA’s 2016 Financial Crime Conference, stated:15 ‘The UK is attractive to criminals and corrupt kleptocrats who steal billions from their own people, often some of the poorest people in the world.’ The Home Secretary concluded: ‘If…we develop world leading legislation to combat financial crime whilst continuing to develop the capabilities of our law enforcement agencies, then we will reduce the flow of dirty money into the City….’” (RAID, P: 14, 2017).
Well, this is not the first or the last time we will discuss mineral-resources and the extractions of these to gain quick profits, either in sophisticated ways of administrative affairs between the ones the licence the operations to the company, which usually is government officials who are pocketed by subsidiaries if multi-national corporations; this is happening in the Democratic Republic of Congo, Zimbabwe and Guinea. As showed in the RAID report of January 2017: “Bribery in its purest form”; that I will uncover certain parts of to show the apparent companies and holding-companies that are owning and operating in the these countries by bribing officials to export minerals. They get ownership of giant mines and resources from these nations as they are licenced after favourable transactions for the governments, as they are kept bribed to uphold production as well.
This happening in nations that are sanctioned and has sanctioned persons that should stop these transactions and licences of United Kingdom and United States corporations, even if they have shell-companies and official headquarters in Tax-Havens that proves the ability of extracting the massive fortunes in these minerals, without proper transparency in the nation they operate with their mining operation.
I think the report should speak for itself and should be publically known to show how they are able to take the monies, profit and also bribing the officials without any consequences, even when the nations of Zimbabwe and DRC had sanctions against it; still the His Majesty Treasury of United Kingdom didn’t stop the transactions and trade with them. This proves that the UK Government doesn’t care about their own sanctions and how their businesses are operating without judgement and fear of getting fined for breaking laws to get rights and takeover mining operations in other countries.
Take a look!
“The review of mining licences that the Congolese government embarked on in 2007, which was supposed to clear up the murky legacy of wartime contracts, provided Och-Ziff and its collaborators with a golden opportunity to snap up valuable assets at knock-down prices. Working with the Congolese political elite, this group were able to exploit the threat of expropriation or revocation of mining permits to their own advantage. By 2014, according to Forbes Magazine, President Joseph Kabila had amassed an estimated personal fortune of US$15 billion in just over 13 years of power.xxiv In 2015, The Sunday Times Rich List estimated Michael Cohen’s wealth to be £335 million (US$500 million). Forbes puts Daniel Och’s (the founder and CEO of Och-Ziff) net worth at US$2.5 billion and Dan Gertler’s wealth at $1.18 billion. The DRC is one of the poorest and least developed nations in the world, ranked 176 out of 188 countries.xxv Almost 87% of its 69 million people live on less than $1.25 a day. Put another way, that $1.25 each day equates to $450 per year, and with life expectancy of 58 years, Och’s personal fortune would last the lifetimes of more than 95,000 Congolese at today’s values” (Raid, P: 10, 2017).
“Mvela Holdings is incorporated in South Africa.31 Mvela Holdings is described in the Och-Ziff release as ‘a private investment company founded in 1998 by Tokyo Sexwale, Mikki Xayiya and Mark Willcox. It is the controlling shareholder of JSE-listed Mvelaphanda Group Ltd and has a significant interest in JSE-listed Mvelaphanda Resources Ltd. It has other substantial privately held interests in the mining, energy, real estate and various other industrial sectors in South Africa and Africa.’ It appears that Mvela did not ultimately participate directly in AML” (…) “Palladino Holdings is described as a private investment vehicle, founded in 2003 by Walter Hennig holding ‘a variety of significant mining, energy and other assets in Africa.’32 A company under the name Palladino Holdings Limited is registered in the UK, and recorded as originating in the Turks & Caicos Islands.33 Other market notifications that refer to Palladino Holdings Limited as a shareholder give an address for Palladino in the Turks & Caicos Islands.34 Palladino Capital 2 Limited, a closely-related Palladino subsidiary behind a controversial loan to the Guinea government (see below), is registered in the British Virgin Islands” (…) “Other than Och-Ziff employees, directors of Africa Management (UK) Limited include or have included, Walter Hennig (Palladino), Andre Cilliers (Palladino) and its chief executive Mark Willcox (also Chief Executive Officer of Mvela Holdings)” (Raid, P: 17, 2017).
“Och-Ziff Employee A and Och-Ziff Employee B, along with the CEO of AML and South African Business Partner, conceived of a related-party transaction that would accomplish these goals….According to the deal documents, South African Business Partner was to buy 31.5 million shares in the oil and gas company from the South African conglomerate for $77 million and then immediately resell 18.5 million of those shares to AGC II for $77 million.…” (…) “Contrary to the deal documents…Och-Ziff Employee A and Och-Ziff Employee B knew that South African Business Partner would not pay the full $77 million to the South African conglomerate. South African Business Partner bought 31.5 million shares…for only $25 million, and then immediately resold 18.5 million shares in that same company to AGC II for $77 million, providing South African Business Partner with $52 million and an additional 13 million shares in the company. With the $52 million, South African Business Partner then paid $2.1 million to Och-Ziff to satisfy an outstanding debt relating to AGC I (in which the Investor had no interest), $25 million to the government of Guinea to try to secure access to valuable mining investments there, $1 million to the agent affiliated with the a high level Guinean government official and his family, and the remainder to personally benefit himself and his business partners” (RAID, P: 19, 2017).
“In or about March 2011, a company controlled by Coconspirator #1 [‘the beneficial owner of the Turks & Caicos Entity’ ] entered into an agreement with the Guinean government, which gave the company the option to buy into the SOMC [‘Guinean state-owned mining company’]. On or about April 29, 2011, an affiliate of the Turks & Caicos Entity loaned the government of Guinea $25 million as part of a deal to become a partner in the SOMC. Coconspirator #1 raised the $25 million through a related-party stock sale to the Joint Venture. MEBIAME signed the loan document on behalf of the affiliate of the Turks & Caicos Entity. According to MEBJAME, the partnership with the SOMC ultimately did not go forward due to negative press accounts, which indicated that the deal between the Guinean government and Coconspirator #1 was corrupt” (…) “He [Alpha Condé] said that he agreed. So we made the loan, we signed the loan to Soguipami…,and so I was authorised to sign and make the transfer.’ Another exhibit – a witness statement, from a UK High Court case, made by the chief executive of a company advising BSGR – states:67 ‘funds were transferred to Alpha Condé by way of a recorded loan of $25million and further unrecorded transfers believed to be “much much more”….Alpha Condé attempted to reward his backers. He entered into an agreement known as the Palladino Contract, pursuant to which the provider of the $25million loan would, on default of the loan, become entitled to a 30% share in a new Guinean national mining company established by Alpha Condé.’ Other exhibits in the ICSID case refer to Walter Hennig and AGC” (RAID, P: 20, 2017).
DRC laundering of mining exports:
“Gertler’s use of London markets to launder DRC assets began with another AIM-traded entity, Nikanor plc. Nikanor plc was described as ‘the holding company of a Group with copper and cobalt assets in the DRC’. The company was incorporated and headquartered in the Isle of Man.87 On 17 July 2007, Nikanor was admitted to AIM” (…) “In the Nikanor admission document, reference is made to allegations that Dan Gertler ‘acquired a temporary monopoly on sales of diamonds from the DRC as a result of improper dealings with the Government of the DRC’.88 The Nikanor admission document concludes that: ‘These allegations do not relate to the Company [Nikanor], the Group or any of their activities. They concern Mr Gertler in his capacity as a shareholder.’ Yet it is stated under ‘risk factors’ in the admission document: ‘…each of the Major Shareholders will be able to exercise significant influence over all matters requiring shareholder approval, including the election of Directors and significant corporate transactions.’ Moreover, there is also a reference to how the group of Nikanor companies with mining assets in the DRC and ‘some of the Major Shareholders’ have been ‘subject to criticism from a number of NGOs’ which included lack of transparency in the process by which the assets were awarded, the absence of public tendering and a joint venture agreement ‘unreasonably favourable to the Group and that as a result Gécamines[the DRC’s state-owned mining company] has not received proper consideration for valuable assets with a resulting detrimental effect on the economy of the DRC”(RAID, P: 22 ,2017).
Another DRC Agreement – Camrose transaction:
“The DOJ refers to ‘a $124 million convertible loan through a subsidiary company and AGC to Company B, a DRC Partner-controlled shell entity, funded in or about and between April and October 2008 (the “Convertible Loan Agreement”)’.121 Under the heading ‘C. Corrupt Takeover of DRC Mining Company’” (…) “the SEC Order states:Also in April 2008, Och-Ziff caused AGC I to enter into an approximately $124 million convertible loan with a holding company affiliated with DRC Partner. The stated uses of these funds were threefold: first, to provide DRC Partner with approximately $15 million to purchase a Congolese entity that had acquired the rights to a valuable mining asset in the DRC (the longstanding asset of a Canadian mining company) through an ex parte default judgment in the DRC that resulted in judicial misconduct proceedings; second, to provide DRC Partner with approximately $100 million to purchase a majority stake in that Canadian mining company in exchange for resolving its legal issues; and third, to advance an additional $9 million to be used for future mining operations in the DRC” (RAID, P: 26, 2017). “The transaction gave Och-Ziff control over what assets could be bought or sold by the entity, equity conversion rights into DRC Partner’s entity, a pledged interest in the shares of the Congolese entity, and a right to future deals with DRC Partner in the DRC. Moreover, the transaction gave DRC Partner complete discretion over how to use approximately $24 million of the funds provided by Och-Ziff. Further, Och-Ziff understood this transaction was part of a broader, ongoing partnership with DRC Partner. Finally, both Och-Ziff Employee A and Och-Ziff Employee B knew that DRC Partner was going to use a portion of the funds to pay bribes, and knew that the transaction was structured to accomplish that goal. This knowledge was not shared with others within Och-Ziff or with outside counsel” (RAID, P: 27, 2017).
“A 50% interest in Société Minière de Kabolela et Kipese Sprl (‘SMKK’) was acquired on 9 November 2009 as part of the CAMEC acquisition….In 2009 the Group acquired an option, for a cash consideration of US$25 million, to purchase the outstanding 50% of the issued share capital of SMKK by acquiring the entire issued share capital of Emerald Star Enterprises Limited (‘ESEL’), (an entity controlled by the Gertler family trust), the owner of the outstanding 50% of SMKK. The Group exercised this option and the acquisition of ESEL was effectively completed and control obtained by the Group in June 2010. The total cash consideration in respect of the outstanding SMKK shares, inclusive of the US$25 million option, amounted to US$75 million” (…) “Throughout the period of DRC Partner’s acquisition of Kolwezi Tailings and SMKK, DRC Partner continued to make corrupt payments to DRC Official 2. For example, on or about December 23, 2009, DRC Partner delivered $1 million to DRC Official 2; on or about January 5, 2010, DRC Partner delivered $2 million to DRC Official 2” (…) “On or about August 20, 2010, Mining Company 1 acquired 50.5 percent of Company B. Mining Company I agreed to pay up to $575 million over two years, including $50 million in cash. Och-Ziff Employee 3 and Och-Ziff Employee 5 were informed by a co-conspirator that the $50 million was for DRC Partner to “use on the ground” to corruptly acquire Kolwezi Tailings. As part of the deal, Mining Company 1 guaranteed repayment of the Convertible Loan Agreement through a novation of the loan” (RAID, P: 30-31, 2017).
“Camrose Resources Limited, BVI company number: 1055983, incorporated in the British Virgin Islands on 9 October 2006. “ (…) ”124 According to the company website: ‘The Fleurette Group is comprised of various businesses organized under Fleurette Properties Ltd., a company established in 2006 for the benefit of the Gertler Family Trust.’ (<http://fleurettegroup.com/>). A press release attributed to Fleurette Properties Limited states: ‘The Fleurette Group of Companies is a Dutch-resident group of companies whose primary activities are the investment in, exploration, exploitation and development of mining assets in Africa. The parent company of the group is called Fleurette Properties Limited, which is owned by Line Trust Corporation Limited strictly and solely on behalf of the Ashdale Settlement, a trust established in 2006 for the benefit of the family of Dan Gertler.’” (RAID, P: 58, 2017).
“Camrose is described as holding indirect interests in five copper and cobalt exploitation licences in DRC, including a 70% interest, via the Highwind Group, in Metalkol Sarl, which ENRC states as owning ‘the tailings exploitation licence covering the Kolwezi Tailings Site (otherwise known as the Kingamyambo Musonoi Tailings, or “KMT”) (PER 652)’. See ENRC plc, ‘Acquisition of 50.5% of the Shares of Camrose Resources Limited’, op. cit” (RAID, P: 59, 2017).
UK gives Concent to Camrose transaction:
“Consent for the Camrose transaction was therefore sought from the UK authorities, consent that was clearly forthcoming. ENRC sought to prevent publication of media reports relating to the SAR: 101Reporters has published not only the SAR, but also the letter it received from ENRC’s lawyers, which stated: ‘you will respect the public interest in maintaining the confidentiality in SARs and remove that aspect from your article.’” (RAID, P: 33, 2017). “There is a permissive pathway by which mines and minerals from zones of conflict and weak governance are transferred to companies trading on AIM who, in turn, through a process of acquisition, transfer these tainted assets to companies in the premium segment of the main market. This process can only be described as asset laundering. Certain of ENRC’s Congolese and Zimbabwean assets, at the heart of the SFO criminal investigation, were derived from the acquisition of AIM-traded Central African Mining and Exploration Company Limited (CAMEC), which was allowed to flourish unchecked on the junior market, despite a myriad of compliance issues that have never been addressed by AIM Regulation” (RAID, P: 34, 2017).
Zimbabwe Platinum deal:
“On 11 April 2008, CAMEC announced the acquisition of an interest in platinum mining assets in Zimbabwe via its acquisition of 100% of Lefever Finance Ltd, registered in the British Virgin Islands.209 Lefever owned 60% of Todal Mining (Private) Limited, a Zimbabwean company, which held the rights to the Bougai and Kironde claims south west of the city of Gweru in Zimbabwe. 210 The remaining 40% of Todal was held by the Zimbabwe Mining Development Corporation (‘ZMDC’), wholly owned by the Government of Zimbabwe” (…) “…The consideration paid for Lefever was a cash payment of US$5 million and the issue of 215,000,000 new CAMEC ordinary shares. CAMEC’s announcement of the acquisition stated:211 ‘Furthermore, CAMEC has agreed to advance to Lefever an amount of US$100 million by way of loan to enable Lefever to comply with its contractual obligations to the Government of the Republic of Zimbabwe. Repayment to Lefever is to be made from the ZMDC’s share of dividends from Todal.’” (…) “According to the company’s own 11 April news release announcing the Zimbabwean platinum deal, CAMEC advanced the $100 million loan to Lefever to enable it ‘to comply with its contractual obligations to the Government of the Republic of Zimbabwe “ (PAID, P: 38, 2017).
“Och-Ziff had control over divesting from CAMEC after the platinum deal was announced (Mugabe and senior Zimbabwean government figures were already designated under US sanctions) or after the designation of both the Zimbabwe Mining Development Corporation (ZMDC – CAMEC’s state-controlled partner in the platinum venture) and Billy Rautenbach, later described by the US as a ‘Mugabe crony’. Och-Ziff, however, held onto its CAMEC shares into 2009, selling its remaining holding only when ENRC acquired CAMEC in November of that year” (RAID, P: 41, 2017).
“Africa Management is referred to in the Memorandum of Association of Camrose Resources: ‘…Africa Management Limited, a company incorporated in Guernsey with registered number 47651 and whose registered office is at Ogier House, St Julian’s Avenue, St. Peter Port.’ (See Memorandum and Articles of Association of Camrose Resources Limited, Incorporated 9 October 2006, Amendment registered in this 20th day of November 2008, Memorandum of Association, 10 Definitions and Interpretation, 10.1, “Africa Management Limited”)” (RAID, P: 55, 2017).
That this company Och-Ziff and their subsidiaries are handling their business in this way is not acceptable, the way they are catering to corrupt government officials and stifling the citizens of the nations they are earing fortunes. These corporate-stooges are writing-off dozens of nations desirable taxes and regulated levies on businesses. As they are bribing both high-level like Alphe Conde who accepts the deals in Guinea, as well as friends of Joseph Kabila in Democratic Republic of Congo, even getting Tokyo Sexwale the former minister of ANC in South Africa to be parts of their network. These levels of bribing and usage of political connection to get resources and takeover companies with ownership of licences of profitable mines, proves the graft and bribe that occurs to secure extravagant luxury for the government officials that are accepting these deals.
The Och-Ziff are using these subsidiaries and corporations to money laundering or tax-exempt them to gain more profits on the mining in the nations. Certainly done with the leadership knowledge and showed their employee tactics to bribe and secure the transactions and ownership of profitable mines. That is certainly the reason for these sophisticated business-models, that enrichen the corporate leadership and gives government officials giant envelopes to give away nations vital resources. These well-planned well-crafted companies that uses all kind of loopholes and ways to escape the punishment for their breaching of international and national law to salvage as much profit as possible.
The long-term effect is certainly that the Guinean, Congolese and Zimbabwean government get less tax on the dollar as the corporate leadership pays them directly a smaller fee, than actually paying the legitimate taxation for their operation and their owned businesses. These actions shouldn’t be in the wind, it should be in the public and be addressed, even send the corporate leadership and government officials should answer to the public thievery as the minerals are taken without proper legal rights because of the fraud, secondly the corporate and the government officials are implicated in the thievery and should be sanctioned by courts and under the rule of law. Third the corporations themselves should lose the licence and the mining operations as they got them without proper procedure and there is invalid. They should also be fined and get banned from working in this nations or the corporations with these corporate bosses that are acting for them to gain this default destructive profits. Peace.
Rights and Accountability in Development (RAID) – ‘‘Bribery in its purest form’: Och-Ziff, asset laundering and the London connection’ January 2017
There are these days when the ripple effect of one single vote, of one single event and change that makes such a big difference, not only locally but also internationally. There are these days that have come and gone. One of those days we’re the majority of the United Kingdom citizens vote to ‘Leave’ the EU on the 23rd June 2016. It could been anticipated as the fear of immigrations, the years of fear-mongering and hatred for the control of legal and regulatory affairs happening in chambers of Commission and Bureaucracies in Brussels. While the Conservative Party and Liberal-Democratic Party, together with the Opposition party Labour was all for the ‘Remain’, the government went on all cylinders with arrogance expecting that the numbers and the humanity, solidarity and the European idea would be already installed in the British population.
The reactions on the remain side have been blasting as well, as the Shadow Cabinet of Jeremy Corbyn and his Labour Party, have either been sacked by Corbyn or they have resigned. Right before that, the Prime Minister David Cameron has resigned as Executive and also as the Party Leader of the Conservative Party. Also the Scottish have reacted as they in the late Independence Vote, voted to remain in the UK as they knew they would have a secure in the European Union. So that the Scottish National Party (SNP) Nicola Sturgeon. She have reassured the Scottish public that because of this they will see into a new Independence Vote for Scotland, as they want to be directly part of the EU and be a Member State.
While the United Kingdom Independence Party (UKIP) leader Nigel Farage have had his best days in his life, he has the smug face when he was saying the day after that the numbers of people voted to get control and the money back from the EU; while he now moments after regress those statements as he knows that the millions of quid’s will not be reversed directly back to access the austerity.
He said it in this brutal way:
“No, I can’t and I would never have made that claim – it was one of the mistakes that the Leave campaign made” (…)”It wasn’t one of my adverts. I think they made a mistake. They made a mistake in doing that” (…) “We have a £10 billion a year, £34 million day featherbed – that is going to be free money we can spend on the NHS, or schools, or whatever it is.” (Dunne, John & Micklethwaithe, 24.06.2016). So the buses with ‘£350 million a week back to the NHS if they left the EU’… so quickly the words of right-wing politicians change their tune. It’s like their promises and words vanish into thin air.
While Boris Johnson the other leader who wants to coup d’état the Conservative Party and become the coming PM, he trying to change his rhetoric and sound more sane and act as a politician and not a megaphone for the fears of immigrations and job-losses for British citizens as he have proclaimed for months.
Therefore Boris Johnson all of sudden wrote this: “It is said that those who voted Leave were mainly driven by anxieties about immigration. I do not believe that is so. After meeting thousands of people in the course of the campaign, I can tell you that the number one issue was control – a sense that British democracy was being undermined by the EU system, and that we should restore to the people that vital power: to kick out their rulers at elections, and to choose new ones” (…) “We should be incredibly proud and positive about the UK, and what it can now achieve. And we will achieve those things together, with all four nations united. We had one Scotland referendum in 2014, and I do not detect any real appetite to have another one soon; and it goes without saying that we are much better together in forging a new and better relationship with the EU – based on free trade and partnership, rather than a federal system” (…) “There is every cause for optimism; a Britain rebooted, reset, renewed and able to engage with the whole world. This was a seismic campaign whose lessons must be learnt by politicians at home and abroad” (Johnson, Boris, 26.06.2016 – ‘I cannot stress too much that Britain is part of Europe – and always will be’ – Daily Telegraph).
So while Boris Johnson thinks he can be giant brute of English man and toy around with the Scots as they have done for 300 years, the reality of the Scottish wish to remain comes to surface as the Scottish voted over 60 % to remain and their leader have also spoken her peace to the world, which does counter Johnson and her words.
This is the words from the First Minster Nicola Sturgeon: “Looking at it from a logical perspective, I find it hard to believe that there wouldn’t be that requirement” (…) “I suspect that the UK government will take a very different view on that and we’ll have to see where that discussion ends up” (…) “If the Scottish Parliament was judging this on the basis of what’s right for Scotland then the option of saying look we’re not to vote for something that’s against Scotland’s interest, of course that’s got to be on the table” (…) “Ultimately it is parliament’s decision whether we repeal the 1972 European Communities Act or whether we don’t” (…) “Well I don’t know if that will be possible but what I am determined to do is to explore all possible options to give effect to how people in Scotland voted and to protect Scotland’s interests, to avoid us being taken out of the European Union against our will with all of the deeply damaging and painful consequences that that will entail” (…) “I am not starting from the premise of saying it has got to be independence, I am starting from the premise of what do we need to do to protect Scotland’s interests but if it does appear to be obvious that the only way we can protect Scotland’s interests is by looking again at independence then that’s an option that Scotland has to have” (Gardham, Magnus, 26.06.2016 – ‘Nicola Sturgeon: Holyrood could block Brexit’ – Herald Scotland).
So already now can see the stalemate between Holyrood and the Whitehall of London, as Boris Johnson is not in sync with the feeling across the border where the Scottish is unsure of their place little more isolated from the European Union. Though Nigel Farage haven’t commented directly because he just wanted the islands independent, but not knowing to what extent; while the ‘Leave’ campaign doesn’t seem to clearly know the terms and the negotiations, as they have not even cleared the message of the axing the Union.
So here is some brief words on the Article 50 of the Lisbon Treaty of 2007 and got ratified in 2009. Says this:
“A Member State which decides to withdraw shall notify the European Council of its intention. In the light of the guidelines provided by the European Council, the Union shall negotiate and conclude an agreement with that State, setting out the arrangements for its withdrawal, taking account of the framework for its future relationship with the Union. That agreement shall be negotiated in accordance with Article 218(3) of the Treaty on the Functioning of the European Union. It shall be concluded on behalf of the Union by the Council, acting by a qualified majority, after obtaining the consent of the European Parliament” (…) “he Treaties shall cease to apply to the State in question from the date of entry into force of the withdrawal agreement or, failing that, two years after the notification referred to in paragraph 2, unless the European Council, in agreement with the Member State concerned, unanimously decides to extend this period” (Lisbon-Treaty.org).
Without with that in mind, with the crisis in the Labour Party and the Opposition that haven’t been in while, also the Conservative Party where the ‘Brexit regime’ or Brexit Government would be put in place. As they will recharge for a new government who will work on the Brexit and clear the negotiations with the EU, while Jean-Claude Juncker wanted it happen swiftly and also other wanted to make sure it happens quickly, while certain pundits think that the EU Commission and EU Parliament would give them the Greece Treatment where the punishment and economic transgression could be harsh for the British Islands and United Kingdom, as the EU want to set an example, to make sure the other countries does not leave Union.
With that in mind the Londoners have also reacted to, as the financial center of United Kingdom and the capital, who overwhelmingly voted to remain, are strictly economically connected with EU and Brussels, as they have the same feeling as the Scottish and even Northern Island, that are trading and exporting to the EU. Just as the Stock Exchange also still reeling: “The FTSE 100 index UKX,-1.24% dropped 0.6% to 6,105.76, building on 3.2% slide from Friday.” (Sjolin, Sara, 27.06.2016 ‘FTSE 100 slides as Brexit continues to spook traders’ – Market Watch).
Certainly the numbers are going up and down, over time they will be clearly when there is leadership certainty on the islands, when the Government, the Shadow Cabinet and the Scottish and Northern Ireland have made their mind up. This together with the possibility of two year long negotiations with the Union to clear the regulations, the status of affairs and the trade-agreement with the European Continent.
While the EU programs in Wales are in jeopardy after the Brexit vote, the nation in the UK who together with England voted majority for the ‘Leave. They have put themselves into a pickle, even if the MPs from Wales haven’t gone out as the Scottish or Northern Ireland to reassess the situation. The EU Programs in question is the Erasmus Program, Horizon 2020, CAP to Farmers and Structural Funds under 2014-2020, all of these programs are giving substantial funds to Welsh public and Welsh government institutions. This is only in Wales; we can be assured that there are programs supported through the EU in England, Northern Ireland and Scotland as well. That no coffers in the British Virgin Island (BVI) can save in a heartbeat.
That both campaigns seemed to be wrong in the attitude, xenophobia or the scaremongering of defaulting economic prospects as they would leave the Union. That is now proof that there are many questions and many things to clear, as the table are now turning, the cards are played and the people have to react to the result of the vote. Brexit have created a leadership questioning both in government and opposition, as the Labour Party are in shambles as the negative result is used to topple Jeremy Corbyn, while the Conservative Party trying to find their way as the result hit the face of Cameron with an iron fist. The reality is that the mourning of the ‘Remain’ side, just have to stop and the ‘Leave’ side have to be humble, as they have address the new reality and fix the stalemate between the EU and United Kingdom.
Because this will be a saga continuing for two years or longer depending on when they hit the button and start the transition, actually apply for the Article 50 of the Lisbon Treaty. Those who thinks this is just nationalism and xenophobia, this is so much more as the ones who have waited for the crippling EU to run, will see their status unsecured. While the ability to agree on the free-trade and the common-market opportunity and still being on the outside of the Union.
The UK, will be turmoil as the strength of the leadership and the fallouts will come forward, the plans to topple the leadership positions and also reaffirming old squabbles just with fresh blood as the Scottish, Northern-Ireland and London even questioning their place as an outsider to Brussels, while the England and Wales voted gladly for the Union. The Remain voters have to live side by side the ones who votes for Leave. The question is how the psychology of the economic market and the acts of European Union Commission. If they will make an example of them or be gentlemen from Central Europe, as Jean-Claude Juncker have not acted gentleman or talked in a fashion of aggression, as he was himself slapped in the face; the Brexit is a bullet to the European Union that he leads, the Luxembourgian who’s pride have to fall and give way to the will of the British people. If the European Union is a peace project and not just a powerful bureaucracy than they have to be gentle and act accordingly, but if they want to fragment Europe more and play hardball with UK Gov. than they certainly will give more way to the Right-Wing nationalistic forces in Europe, instead of finding ways to bring unity of the continent. European Union with this in mind with the current rising of the nationalistic movements and xenophobic fear for the immigrants and the current economic austerity that are hitting the continent and can be either a gift or curse.
So with all of this in mind, the European Union, the Government of United Kingdom and the British MPs and British bureaucracy have to take steps in negotiations and agreements with the EU, while becoming an outsider to the Brussels, the EU should show character if they are really an organization for European peace and unity, not just their own agenda to control the Continent or be a statutory organization that the people might respect. There are reasons others then border-control, immigrations and economy for why the English and Welsh in majority voted to ‘Leave’, for the simple reason of getting the decisions made from Whitehall instead of Brussels. That is something the EU have to think about because the same feeling might be in Madrid, Lisbon, Rome or anywhere else where the nationalistic and right-wing politicians will use the poor display of EU towards the Brexit, will fuel the fire for yet another separation. Peace.
“We’ve got some leaders of some fantastically corrupt countries coming to Britain… Nigeria and Afghanistan, possibly the two most corrupt countries in the world,” – David Cameron on the 10th May 2016 at the Anti-Corruption Summit in London, UK
David Cameron, the United Kingdom Prime Minister said the one day that Nigeria and Afghanistan was fantastically corrupt. That might be true. But I will write today, because of the bliss arrogance of the United Kingdom, why trying to play the higher moral background and their own actions that opens up for these activities.
It is easy to shoot at dragons, because they are big and visible, they are flying and looking likes a monster. There is easy to shoot, what is worse is to actually kill, that is why we have legendary tales of knights killings dragons and taking control of them. That is why they have existed in our novels and stories as they are bigger then elephants and more powerful as well, as they could control villages with fire. So with that in mind; when I discuss the matter of Corruption, it is a dragon and it burns as these wealthy companies and world leaders have power to silence people who writes about it or sack the editors behind it.
So the United Kingdom, the British, the luxurious capital of London and Financial Centrum of the City of London is vital in their economy as the accepted rich and wealthy immigrants of oligarchs and daughters of despots are welcomed with open arms as the town and even football clubs like Chelsea Football Club is bought by one of them, Roman Ambramovich who bought Chelsea back in 2003 and after that have spoiled the club with Russian oil money. So the United Kingdom have complained when rich people use questionable funds in their territory, as it was not made by bad deals and trades in Swindon, but in middle of Siberia or anywhere else.
That is why I am bit late to plate, I know, but that PM Cameron, should watch his mouth more closely is that the Panama-papers shows that vast amount of money are going from all around the world to British Tax-Havens, that in the midst of that gives back shillings to his tax-coffers, small the contribution might be, it is still there instead of where the money was earned or moved from in a sophisticated layered Limited Liability Company (LLC) that are based in Nigeria, but have the Headquarters in British Virgin Island (BVI), still the owner is living in Lagos. So the money is funded through the BVI account and the profits ends in the hands of owner; instead of paying proper tax to the Federal Inland Revenue Service (FIRS)
Like even Zimbabwean Companies like Randa Two Limited and Randa Three Limited are registered in BVI, and that is a country with nonsense economy and where the central government controls it all, even with sky-high inflation and massive corrupt state official; still the BVI have no problem accepting their money.
You have even controversial businessman from Togo, Prasad Motaparti through the company Ballyward Limited who is registered in the BVI, where the money is sent from an address in Lome in Togo through this postbox into the account of the company in the BVI. So surely the money Mr. Motaparti has earned either in Mining or other in Togo is susceptible actions.
When PM Cameron of UK have a problem with the corrupt and embezzlement in Nigeria, as he claims, still his nation under the BVI still accepts for instance the Account under the Goldflow Group Limited with the Stakeholder Manjit Singh Lit. It was a working company from 2009-2011, but it shows the heritage of cash-flow to the BVI with links from Nigeria. One that is current and own partly by one of the greatest companies of Zenith Nominees Limited and Zenith Secretaries Limited that runs a company in the BVI named KENMEAD Investment Company. So these stakeholders hold money in BVI through the KENMEAD Investment Company, which is proof of the connection between UK and Nigerian money.
I could have gone on, I don’t have the tallies or numbers on the connection between the Companies sending money from businesses in countries that are corrupt and transferring them through procedural business-models that securing tax-evasion in the BVI. The BVI is a part of UK, which means under the jurisdiction of PM Cameron, who claims that other leaders are corrupt. That might be true, but he has tool in his pocket where these leaders can unleash their corrupted and embezzle state funds. Therefore that he crassly addresses other leaders, he should walk more careful when he is responsible for a Tax-haven. He has himself even been caught with having funds in company in a Tax-haven. So the “do what I say, not what I do” is an ordinary politician of our time.
So if PM Cameron is serious… and wants to combat corruption he should stop the ability to fund monies through the British Tax-Havens as the companies and rich leaders they use these to secure the money without nearly paying any tax, while securing less funds for the corrupt countries. These leaders have no moral high-ground only greed, so to stop the ability inside British territory would be a serious action as the BVI is used as tool by these rich embezzlement kings and queens, by the ones who are involved in countless graft and acting corrupt. The corruption is activities to secure tenders and mask money from the corporations and state funds. This is then transferred through sophisticated transferred made by Lawyers and into second and third companies who then fuel the money back to the stakeholder without the ordinary tax on the profits of the transactions. So the corrupt are using these shell companies in the BVI.
So as long as Prime Minister David Cameron is in charge he can decide and make the House and Parliament of United Kingdom to amendment of laws and determine to create other kind of practices than the ones that are happening now in BVI. As the BVI is like this:
“The British Virgin Islands are an internally self-governing overseas territory of the United Kingdom. The United Nations Committee on Decolonization includes the islands on the United Nations list of Non-Self-Governing Territories. The Constitution of the Islands was introduced in 1971 and amended in 1979, 1982, 1991, 1994, 2000 and 2007. Executive power is exercised by the government. Legislative power is vested in both the government and the House of Assembly. The Judiciary is independent of the executive and the legislature. Military defence is the responsibility of the United Kingdom” (BVI.org).
So even if it is self-governing territory, it is still under the United Kingdom; the legislature is the responsibility of the United Kingdom, that falls in the hands of PM Cameron and where he does his day job as elected official and as an Prime Minister, he is the ones together with the other elected representatives makes the laws that are the legislature in the BVI. So if David Cameron have heart and serious about cracking down on corruption then he should start to clean up his own shop. Start with BVI and then the other Tax-Havens! Peace.
For those who have been surprised by the recent allegation and findings in the #Panama Papers that incites lots of politicians, the general elites and businessmen connected close to the governments. The money always talks, the money always moves and by any means possible.
For the wealthy and close connected they have the ability to forge networks and find businesses that earns coins on helping to move that money. But that is not for the ordinary people, as we pay a fortune to use RIA or Western Union to move between usually loved ones. But the Panama Papers are for whole other ordeal.
This here is for Tax Aviation’s and getting rid of extra burdens on the solid amount money they have gained. The persons and companies are set-up Shell-Companies to stack up money in British Virgin Island (BVI), Panama or Luxemburg. As this places doesn’t have that many inhabitance or sheep to earn money on, they earn tiny percentage on being “big-banks” for all kind of operations, while securing that the companies and persons involved can keep it discreet and silence. Until cover-ups like the recent ones shows the true color of the amount of money, that are dished away. The money that are stashed-away is millions upon millions of American Dollars; dipped away in a treasury chests that most economies would dream of having in circulation!
That should not be surprising as all of well-known government leaders are setting up and making it possible to have sophisticated economic systems that cross-borders for the benefit of trade; while these are used to ship the money from the places that have initially no taxes and programs that made up to build societies. This is also the places where they can have it without any concern, except some extra sunshine and a family resort at the beach, though I would not consider that in Luxemburg, unless suits and gas-stations are your thing.
The business-men and government officials, even relatives usually walks around with that without problems for decades as the banks, and the legal advocates set-up this fixed businesses to secure the fueling of their money. The worst thing is the loopholes and the ways that this decisive methods to undermine the local public to create and secure more funds for already wealthy clients. Where the bank as HSBC and lawyers of Mossack Fonseca divided fees to pocket the money that the client needed to send away from the shores and country-sides; where the money was raised and earned. While getting away from local agony of having fortunes and paying taxes on the high-incomes earned to the local communities.
If you we’re shocked of the values and the persons that was involved in the scandal of late, I wasn’t as the government officials, presidents sons and daughters; kin and other close connections have always gained extra through the cronyism or nepotism have been a thing since the Roman Empire, and does not stop any time soon. That the President Museveni of Uganda owns businesses and would have dashed a fortune for his grandchildren in an tax-haven through multiplied shell-companies. The same would not also be surprising on the Kenyan President Kenyatta who recently brought Sameer Diary and Livestock Limited who sells ‘Fresh Diary’ in Uganda through his company Brookeside. Surely his kins and family have some money abroad to secure in dire times might come. The same is certainly with President Kagame, who even been seen during the scandal that RPF-Elite men have been insiders in the scandal, as President Kagame have control and ease over it; surely he would skim over the top and gain some extra funds as the Executive. Similar is it in Democratic Republic of Congo where President Kabila sister is central profile in the scandal and shows how the monies and funds appear in tax-havens as she owns businesses and also the centralized economy around nepotistic and cronyism. Something that should not be shocking for anyone.
What this scandal shows is the amounts and estimates, this is through to major companies who serves this clients that are close by this totalitarian and big-men leaders who have close connected with central industries as they have to be granted and get contracts with government to drill oil, mining or even gain markets in the countries. With that power comes also embezzlement, kick-backs and percentage of the top that get skimmed through the advanced economic products that the blue-collar lawyers and bankers offers; they do that legally, but in a moral grey area as this thieving of government controlled funds in the name of the beneficiary or the shell-company in discreet secrecy. It’s not only dictators and their wives who are into it, I am sure if it wasn’t for the failed ‘Wonga Coup’ Mark Thatcher would still be up to game as the son-fallen from grace and proud family tradition; as even David Cameroon have been put into the mix. There is no shortfall when it comes to greed, and corporate greed never stops.
As the world leaders tries the best to hide their businesses and ownership through shell-companies and strawmen, or getting a cousin to run the business kind of like what Trump does to his son, just a little more subtle.
The governments are taking the sides of happy uncles as they all tries to open trades with tax-havens to keep businesses in their countries. The Companies who in many countries are seen as“Legal Person”can own land, own other businesses and be sued. Certainly with that power as stakeholders and shareholders does not care about other things than the bottom-line, they want to sell or sell enough services so that their earning a profit, by any means. That is why big businesses have been taken for tax-evasion in the UK this was Amazon and other online-retailers as they we’re officially legal unit in a tax-haven and not in the United Kingdom, though the products bought on Amazon was sent from a warehouse in UK, and sent to UK houses. The transaction between costumer who got the book from Amazon payed to a British account, but before the cash kissed the taxation to the Government of UK, it was sent to multiply Amazon shell-companies before ending at a Tax-haven. So that the United Kingdom get only pennies in tax compared to the Pound Sterling the UK state was supposed to earn from the Amazon LLC. That is just an example, but still important as a precise maneuvers the companies and international companies do, so they does not pay full-taxes or truthfully through sophisticated economic programs and revisions get the monies through foreign banks and tax-havens with help of legal teams in companies similar to Mossack Fonseca.
How to set up shop:
The LLC and Shell Companies will be used in market strategies as ghost straw-men for the owners sending monies through networks of intricate syndicates and money-laundering operations; That make Uncle Scrooge or Scrooge McDuck wishing he was a real person and not a cartoon character made up by Carl Barks in 1952; instead he is owning a Oil Company drilling oil in either Kazakhstan, Nigeria or North Dakota. Where he got the proceedings through UBS AG or HBSC; where the profit gets through manufactured holding companies and sent to BVI or Guernsey; where the McDuck Oil Company has headquarter, by official paperwork. That paperwork is written and made by lawful actions through Mossack Fonseca; while most of the Blue-Collar men are working in the unofficial Headquarters in the heart in the City of London or New York. But their taxing is little or near none there, because of McDonald Oil is fixed in Guernsey; Where they only have a Post-Box at the island; which by my reckoning would forward the mail to London or New York as the employees would actually be there.
This is a way of getting the bottom-line and the more of the ends directly to the stakeholders and owners of these companies tries to advance with this opportunities, that we the ordinary citizen, commoner, person or fellow human being would not be offered, since we don’t have the money to fix this or hire these men to forward our money, as we need the cash we have to get a home rent or buy, get food on the plate, pay electricity, airtime, taxes and then trying to get a chocolate bar once in a while. There is where we are. The once who was surprised about these papers have had too much faith in their rich, the elites and the once who has fortunes. They do not want to share that fortune that they have earned on our governments and our consumption; while trying to avoid giving something back to society, and giving the government more funds to develop the society the rich are doing business in. Peace.
This here is prove the numbers, this here does not prove who have the major accounts; on the surface as he page shows numbers, but not the accounts or who’s name that is behind the coded accounts from the HSBC Swiss Bank leak. This here proves that standards and values of how much money that leaves the countries and get into secret accounts in Switzerland.
This proves the values and the estimated amount of money in the accounts. In this here that I found on the page is very little direct as I don’t have somebody on the insides, that gives the documents. Therefore here is the raw-numbers and estimated that have been sent from East Africa. In this article I just have some persons who are connected, but not many of the holders of the accounts from the leak.
“30 client accounts opened between 1988 and 2006 and linked to 32 bank accounts. 14 clients are associated with Burundi. 21% have a Burundian passport or nationality. The total estimated values in the accounts are $30.2M. The maximum amount of money associated with a client connected to Burundi was $8.3M” (ICIJ.com, 2016).
Burundi Country Profile – Aziza Kulsum Gulamali:
“Listed as living in Belgium, Kulsum was linked to three HSBC numbered client accounts opened between 1990 and 1997. One account –15208BAMA– linked to two bank accounts that together held as much as $3.26 million in 2006/2007, was later blocked for unspecified compliance reasons. She showed up as a joint account holder of that numbered client account. The other two accounts were closed in 1995 and 2000” (ICIJ.com, 2016).
Democratic Republic of Congo:
“182 clients are associated with DR Congo. 2% have a Congolese (Kinshasa) passport or nationality. 245 client accounts opened between 1984 and 2006 and linked to 299 bank accounts. The total estimated values in the accounts are $179.8M. The maximum amount of money associated with a client connected to DR Congo was $60.3M” (ICIJ.com, 2016).
DRC Country Profile – Jaynet Désirée Kabila Kyungu:
“Jaynet Désirée Kabila Kyungu is the twin sister of Joseph Kabila, the president of the Democratic Republic of the Congo. Famed for secrecy and meticulousness, she was elected to parliament in November 2011 and took office in February 2012. Kabila is the president of the Laurent Desire Kabila Foundation, named after her father, and owner of Digital Congo, a television, Internet and radio conglomerate. In 2015, Jeune Afrique reported that Kabila had become “the most influential person in the president’s entourage.” (…)”Keratsu Holding Limited was incorporated in Niue on June 19, 2001, a few months after Kabila’s brother became president of the Democratic Republic of the Congo. Jaynet Désirée Kabila Kyungu appeared as co-director with Congolese businessman Kalume Nyembwe Feruzi. The DRC Company Keratsu Holding Ltd has owned stakes in one of the DRC’s major mobile phone operators” (Eagle.co.ug, 2016).
“29 clients are associated with Ethiopia. 24% have a Ethiopian passport or nationality. 31 client accounts opened between 1986 and 2004 and linked to 55 bank accounts. The total estimated values in the accounts are $10M. The maximum amount of money associated with a client connected to Ethiopia was $2M” (ICIJ.com, 2016).
“32 clients are associated with Eritrea. 28% have a Eritrean passport or nationality. 24 client accounts opened between 1981 and 2006 and linked to 39 bank accounts. The total estimated values in the accounts are $699.6M. The maximum amount of money associated with a client connected to Eritrea was $695.2M” (ICIJ.com, 2016).
“The county or people of Kenyan nationality have 1,093 bank accounts, which with 463 client accounts opened between 1975 and 2006 and linked to 1,093 bank accounts. 742 clients are associated with Kenya. 32% have a Kenyan passport or nationality. The total estimated values in the accounts are $559.8M. The maximum amount of money associated with a client connected to Kenya was $35.8M” (ICIJ.com, 2016).
Kenyan Country Profile – Johnson Nduya Muthama:
“HSBC files recorded Muthama’s name in connection with the client account “ROCKLAND96”, which was set up in 1996 and closed in 2000. Muthama was also linked to the numbered client account “20443NM” over the same period. Bank files listed eight of his relatives – named Nduya Muthama – also linked to the numbered account. The leaked files do not specify the exact role that he had in relation to the accounts” (ICIJ.com, 2016).
Kenyan Country Profile No.2 – Lady Justice Rawal:
“She and her husband were listed as directors at Forrell Real Estate Inc from 2001 to 2007 and Rocklane Properties Ltd from 2001 to 2003, which were notably active after her appointment to the Judiciary in 2000. She was also a director and shareholder at Ubique Services Ltd in 1994 and shareholder at Highworth Management Services in 1995. All four firms were registered in the British Virgin Islands (BVI), a notorious tax haven” (…)”The Kenyan Constitution makes it illegal for judges, being state officers, to open and operate offshore bank accounts. Chapter Six, Article 76 (2) (a) states: “A State officer shall not maintain a bank account outside Kenya except in accordance with an Act of Parliament” (Kubania, 2016).
Rwanda Country Profile – Emmanuel Ndahiro:
“”Emmanuel Ndahiro became a director of British Virgin Islands company Debden Investments Limited in September 1998, the same year in which Ndahiro regularly appeared in international news as a spokesman of the Rwandan army. Debden reportedly owned a jet aircraft. At the time of his appointment, Ndahiro’s listed address was a building in a commercial section of a West London neighborhood. Hatari Sekoko, a former soldier with the Rwandan Patriotic Front and now a major business executive, was the company’s owner. The company was deactivated in 2010.” (ICIJ.com, 2016)
“7 clients are associated with Somalia. 29% have a Somali passport or nationality. 10 client accounts opened between 1990 and 2003 and linked to 22 bank accounts. The total estimated values in the accounts are $15.5M. The maximum amount of money associated with a client connected to Somalia was $12.2M” (ICIJ.com, 2016).
“99 clients are associated with Tanzania. 20% have a Tanzanian passport or nationality. 91 client accounts opened between 1982 and 2006 and linked to 286 bank accounts. The total estimated values in the accounts are $114M. The maximum amount of money associated with a client connected to Tanzania was $20.8M” (ICIJ.com, 2016).
“83 client accounts opened between 1972 and 2006 and linked to 212 bank accounts. There is now as the leak where happening 57 clients with Ugandan Passports or Nationality. The total estimate to be in value in the accounts is $89,3M. The maximum amount of money associated with a client connected to Uganda was $8.8M” (ICIJ.com, 2016).
The numbers speak for themselves and the amount of money is staggering, this is most likely through one of giant Swiss Banks of the HSBC where the money have gone through and filtered in secret accounts. This here proves the levels of accountability and how the rich and elites filters away money from the country where they are earning money to have less tax or not being taxed in the under the regime some of them works for or is close by.
There lacking of accountability and senseless stealing of funds in between the different countries, as the scandals are rocking often. As state house and other governmental institutions missing funds before the fiscal years over, or lacking the economy to pay the salaries to their civil servants. Secondly is the free-based economy that gives edges and corporate greed who can strive without beneficial taxation and gives way for the movement of funds from the country the business is in; into a country that are a Tax-Paradise where the ones with the account can be secret and not pay what they are expected. If not it can be away of embezzling the funds or white-wash the funds as shell-companies are holders for the monies, while the owners tries to find a great use for the funds. Peace.