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 Exemplary: Gushing Glencore converts tax flow into tiny trickle

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RR Phantom

RR Phantom

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Exemplary: Gushing Glencore converts tax flow into tiny trickle Vide
PostSubject: Exemplary: Gushing Glencore converts tax flow into tiny trickle   Exemplary: Gushing Glencore converts tax flow into tiny trickle Icon_minitimeSun Jun 15, 2014 2:31 am
eter Freyberg is chief executive of Glencore Xstrata, the biggest coal company in Australia.

He is also a dab hand at hide and seek. During the past couple of weeks, our routine has entailed a daily call to Peter. Alas, he is inevitably in back-to-back meetings or travelling, presumably in another solar system where they don't have telephones.

Exemplary: Gushing Glencore converts tax flow into tiny trickle MucciLW-620x349

We had been keen to chat with Peter because Glencore is restructuring again. This is not unusual for the company founded by Marc Rich - in his day, the biggest tax evader in US history. It is tricky, however - what with Glencore's famed secrecy and its hundreds of corporate entities - to unearth a meaningful set of financial accounts.

Peter's PR man, our first point of contact, simply ducked for cover. He even changed his email address.

Before decamping with the speed of a bank transfer to Bermuda, though, he did respond to one question. Does Xstrata pay tax in Australia?

''We pay tax and royalties in Australia,'' he said.

http://www.smh.com.au/business/gushing-glencore-converts-tax-flow-into-tiny-trickle-20140613-3a2s5.html
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