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A Fishy Business: Shifting Profits Out of Africa

July 2020, by Margot Gibbs

Leaked documents and an affidavit from a whistleblower working at a major Western fishing company operating in African waters gives rare insight into how food multinationals can shift profits around the world to avoid paying taxes in developing countries. This is the latest instalment in the Fishrot scandal that rocked Iceland.

An analysis of the leaked files by Finance Uncovered, as well as public documents and the company’s financial statements, suggest Samherji used various techniques to reduce taxes in Namibia by shifting money to low-tax destinations like Cyprus and Mauritius. The article was also published on the Organized Crime & Corruption Reporting Project website.