The International Consortium of Investigative Journalists has revealed a large scale investigation which reveals how multinational companies used Mauritius to avoid taxes in countries in Africa, Asia, the Middle East and the Americas.
Mauritius Leaks is an investigation into how one law firm on a small island off Africa’s east coast helped companies leach tax revenue from poor African, Arab and Asian nations.
Based on 200,000 files, Mauritius Leaks exposes a sophisticated system that diverts tax revenue from poor nations back to the coffers of Western corporations and African oligarchs.
Some of the key findings:
- Law firm Conyers Dill & Pearman and major audit firms, including KPMG, enabled corporations operating in some of the world’s poorest nations to exploit tax loopholes;
- A private equity push into Africa backed by anti-poverty crusader and rock star Bob Geldof benefited from Mauritius’ treaties that divert tax revenue away from Uganda and elsewhere;
- Multi-billion dollar U.S. companies Aircastle and Pegasus Capital Advisers cut taxes through confidential contracts, leases and loans involving Mauritius and other tax havens;
- Officials from countries in Africa and Southeast Asia told ICIJ that tax treaties signed with Mauritius had cost them greatly and that renegotiating them was a priority.
For the full report and revelations go to the ICIJ website