£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:

Africa:   Japan-Africa Summit Gives Continent New Leverage (guest column)
allAfrica.com
26 August 2016

When the Tokyo International Conference on African Development (TICAD) was launched in 1993 by Japan in co-operation with the World Bank, the United Nations and the UN Development Programme, it was ... [read more]

Zimbabwe:   Govt Vows to Crush 'Mega' Demonstration (news)
New Zimbabwe
25 August 2016

PRESIDENT Robert Mugabe Thursday wheeled out his three security ministers to tell the world that his government will crush the much anticipated Friday "mega demonstration" in which opposition leaders, ... [read more]

Burundi:   Panel Set to Submit Findings to Parliament (news)
Voice of America
26 August 2016

A Burundian panel tasked with finding ways to resolve the nation's political and security crisis says it will soon present its findings to parliament, which will include a proposal to remove term ... [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!