£5bn illegally taken out of Zambia over past decade, says report

From Global development | The Guardian Mon Dec 17 2012, 14:02:00

Campaigners say most of the siphoned money ends up in tax havens and can be traced to mining multinationals

More than £5bn has been illegally siphoned out of Zambia over 10 years, with most of it ending it up in offshore banks and tax havens, according to a report by financial transparency campaigners.

Washington-based group Global Financial Integrity blamed "crime, corruption and tax evasion" for the loss of $8.8bn (£5.4bn) from the resource-rich country.

The lost money, most of which can be traced to multinational copper mining operations, is equivalent to half of Zambia's GDP.

[view whole blog post ]
 See More    |     Report Abuse


You might also be interested in the following news stories:

Zambia:   Citizens Await Sata's Appearance in Mangango - Saunders (news)
Zambia Reports
30 July 2014

As campaigns heighten for the August 19th Mangango parliamentary by-election, Political Activist Dante Saunders says observers are waiting anxiously to see President Michael Sata in person during ... [read more]

Zimbabwe:   'Wrongly Accused' Zim Driver Rots in Zambia Jail (news)
New Zimbabwe
29 July 2014

A ZIMBABWEAN truck driver who is being accused of armed robbery has been rotting in prison in Livingstone, Zambia, for the past seven months under unclear circumstances. [read more]

Zambia:   Inonge Wina Gatecrashes Nkwazi House - Chased Away (news)
Zambia Reports
29 July 2014

Minister of Gender and Child Development Inonge Wina is known as a bold and confident woman, but few would predict just how far it would take her. [read more]



blogAfrica is allAfrica.com's platform to help you keep an ear on the African blogosphere. We draw diverse voices from around the world who post regularly and insightfully about African issues. Bloggers, submit your blog's rss-feed!