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Finding Africa's Missing Money, Joh Reynolds #gijc15

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Finding Africa's Missing Money, Joh Reynolds #gijc15

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Finding Africa's Missing Money, Joh Reynolds #gijc15

  1. 1. Finding Africa’s Missing Money Investigation and Research Methods John Reynolds
  2. 2. Company Accounts Examples
  3. 3. Tullow Oil in Ghana
  4. 4. Modec
  5. 5. • Tip: Get a qualified accountant to check your interpretation of the accounts.
  6. 6. http://www.actionaid.org.uk/sites/default/files/doc_l ib/calling_time_on_tax_avoidance.pdf
  7. 7. A complex web
  8. 8. http://www.actionaid.org.uk/sites/default/files/doc_lib /sweet_nothings.pdf
  9. 9. “Zambia’s share of the taxes levied on profits sent back to Zambia Sugar’s foreign parent, and on interest paid to foreign banks financing the company’s expansion, is being avoided by routing those overseas payments through a maze of tax haven sister companies” Inter-company loans, interest and dividend payments to offshore subsidiaries
  10. 10. Summary: What To Look For • Offshore company subsidiaries: Try to build a picture of the corporate structure • Related party transactions – eg. Loans • Interest payments related to inter-company loans • Management fee payments • Payments for royalties or IP • Dividend payments • Focus on profits and anything that reduces them.
  11. 11. Challenges of investigations in Africa • Occasional requests for bribes • Lack of public information about companies / poor record-keeping
  12. 12. Thanks for listening john@johnreynolds.ie @JohnReynlds

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