Maravi

(LONDON MINING NETWORK) Vedanta in the frame for tax evasion

Vedanta in the frame for tax evasion
London Mining Network
August 25, 2010

Around 160 multinationals profit from Mauritius’s status as a tax haven (Tax Justice Network gives Mauritius an “opacity” rating of almost 100%), in order to walk away with billions in undeclared profits. One of the worst of these is Vedanta Resource plc – Zambia’s biggest copper producer and among the wealthiest of UK mining companies.

Vedanta is majority-owned and controlled by Anil Agarwal and family, through a “trust” called Volcan Investments Ltd, which in turn wholly owns TwinStar Holding Ltd in Mauritius.

Four 100%-controlled Vedanta financial companies also operate out of the Channel Islands tax haven of Jersey.

Labels: CORRUPTION, MINING, TAX EVASION, VEDANTA

posted by MrK @ 3:21 PM