Jump to navigation

Vol 51 No 9

Published 30th April 2010


Mauritius

CDC goes offshore

A mining company in which the British government is the biggest shareholder is using Mauritius-registered front companies to avoid paying millions of dollars in taxes on its mineral operations in Senegal and violating its own investment code. The CDC, formerly the Commonwealth Development Corporation, is owned by Britain’s Department for International Development; it has invested £10 million (US$15.25 mn.) in the Australian-headquartered Mineral Deposits Limited through its investment fund Actis. One board executive, James Murray Grant, is an ex-CDC executive. Mineral Deposits mines gold from the inland Sabodala region and ilmenite and zircon – used to make paints and abrasives – in a $400 mn. project on the Grande Côte north of the capital, Dakar.

End of preview - This article contains approximately 444 words.

End of preview

Subscribers: Log in now to read the complete article.

Account Holders: Log in now and use your Account Credit to buy this article. No Credit? Top up your Account now.


If you have a print subscription already, click here for a password that gives you full access to the website.

If you are logged in, but still cannot access the full text of this article, email customer services or telephone us on +44(0)1638 743633.