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Caribbean tax haven helps companies cash in on the scraping toxic of ships on South Asian beaches

20 February 2019, story by Margot Gibbs (Finance Uncovered)

A UK company that acts as a formal outpost for the tiny Caribbean tax haven of St Kitts and Nevis is a facilitator for one of the world’s deadliest trades – the scrapping of toxic ships on the beaches of South Asia. EU rules mean it is illegal for any vessel carrying a European flag to be sent for scrap in countries such as Pakistan and Bangladesh. But the UK company Skranreg has been charging shipowners to register end-of-life vessels under the St Kitts and Nevis flag. Shipowners can then make large gains selling ships that contain toxic materials to notorious beach yards where working conditions are poor and where many eco-systems have been fatally polluted.

The full story was published by the Independent.