£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:

Liberia:   People Power Is Changing Ebola Narrative (news)
allAfrica.com
14 August 2014

The young campaigners thronging the street were wearing mismatched white T-shirts on which they had scribbled the words "Ebola awareness".As they passed a church, a melodious chorus coming from inside ... [read more]

West Africa:   Ebola Vaccine Study Fast-Tracked (news)
Deutsche Welle
28 August 2014

More than 20,000 people could be infected in the latest Ebola outbreak, the World Health Organization says. Estimates show it could take up to nine months to halt the spread of the virus. [read more]

South Africa:   Constitutional Crisis - of What and for Whom? (analysis)
The South African Civil Society Information Service
28 August 2014

If the publicly expressed opinions of many opposition politicians, lawyers, academics, journalists and political commentators are to be believed then South Africa has already had several ... [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!