£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:

Tunisia:   12 Dead, 19 Wounded in Presidential Guard Bus Explosion (news)
Tunis Afrique Presse
24 November 2015

Twelve members of the presidential guard have died and 19 others were injured in the explosion of their bus at Mohamed V Avenue in Tunis, according to a provisional toll from the Interior Ministry. [read more]

South Africa:   Most South Africans Distrust Zuma - Survey (news)
24 November 2015

Disapproval ratings for South Africa's President Jacob Zuma have climbed to unprecedented levels, according to results released on Tuesday by Africa's most authoritative public opinion survey. [read more]

Uganda:   Gay Rights Activists Hope for the Pope's Blessings (news)
Inter Press Service
24 November 2015

This week Pope Francis is making his first trip to Africa in his as leader of the Catholic church. While mass excitement is building in the three host countries, Kenya, Uganda and the Central African ... [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!

Today's Featured News
Mozambique Ruling Party Faces Tough Contest

Renamo supporters: Ruling Frelimo faces a stern challenge at Wednesday's polls from...

Surge in Central African Republic Violence

African Union troops in Bangui (file photo): The UN has expressed alarm...

Nigeria, Cameroon, Ghana Get Crucial Wins

Asamoah Gyan of Ghana (file photo): The Super Eagles have boosted their...