Secret tax report on Glencore withheld by EIB – why?

From Christian Aid, a press release aimed concerning possible tax evasion in Zambia, and aimed at UK Chancellor George Osborne:

Christian AidChristian Aid urges George Osborne to intervene on secret bank tax report 

Christian Aid is appealing to George Osborne to help secure the release of a report by the European Investment Bank on whose Board of Governors he sits.

The charity has written to the Chancellor about the European Investment Bank’s formal refusal to publish its report into allegations that a mining company controlled by multinational Glencore evaded tax in Zambia, one of the world’s poorest countries.

In refusing to publish the secret report, the Bank’s top managers have refused to follow the advice of their own Complaints Mechanism, which argued that it should publish a redacted version.

The Bank, which is owned by the UK and other EU members, is now proposing to make its ‘transparency’ policy still more secretive, apparently to avoid similar challenges in future.

Joseph Stead, Senior Economic Justice Adviser at Christian Aid, said: “This is a scandal. The Bank is suppressing the publication on a report on a matter of significant public interest, both in Europe and in Africa: did a Glencore-controlled company evade tax or not?

“Christian Aid has today written to George Osborne, asking him to use his power as a member of the Bank’s Board of Governors to help overturn this absurd decision and ensure that the Bank’s new transparency policy makes the organisation less, not more secretive.”

When the UK hosted G8 countries’ summit meeting last summer, Mr Osborne joined Prime Minister David Cameron in stressing the huge importance of tax and transparency for people everywhere. In an article published at the time, Mr Osborne promised “action to help developing countries collect tax that is due to them”.

He said: “We will champion a new agenda of transparency and accountability in developing countries. With the authority that comes from meeting our international commitments on aid, Britain is well placed to tackle the causes, not just the symptoms of poverty, such as corruption and lack of transparency. As part of this work, we are clear that the developed world must lead by example.”

Christian Aid’s Joseph Stead said: “We hope that Mr Osborne will lead the way on reversing the EIB’s secretive approach. The Bank should at the very least follow the advice of its own Complaints Mechanism colleagues, who investigated Christian Aid’s complaint and recommended publication of the report in redacted form.

“The UK and other EU governments own the EIB. It is time that they dragged the Bank into the light, so people can find out more about the projects to which it lends – including whether those involved pay their taxes. In 2013 alone, the Bank lent 75 billion Euros to infrastructure projects including motorways and power stations in Europe and beyond – so it affects the lives of millions.”

According to the 2013 Aid Transparency Index, the EIB is already more secretive than most other multilateral organisations. The Index rated it as ‘poor’ – one rung above the worst rating of ‘very poor’, as part of an assessment of 60 organisations.


For more information please contact Rachel Baird at Christian Aid on 00 44 (0)207 523 2446 or 

Read more here and here.

Related Posts

Launch of international research collaboration, #AltAusterity

alt austerityToday is the launch of #AltAusterity, a new, international research collaboration of which Tax Justice Network is a partner.  The project aims to stimulate public debate on the subject of austerity though high quality research. It is a response to the lack of evidence which has underpinned the current policy agenda on austerity. The project […]


RB tax avoidance – company calls for public country by country reporting after Oxfam report reveals profit shifting

pictureOxfam has today released a report on tax dodging by RB, the company formerly known as Reckitt Benckiser and the maker of thousands of well known household products. The report looks at the 2012 restructuring of the company which saw it set up ‘hubs’ in the Netherlands, Dubai and Singapore, all well known corporate tax […]


Half measures mean Mauritius will continue to be a tax haven for the developing world

MauritiusThere was news this week that Mauritius has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). This is an initiative from the OECD to allow countries to take measures designed to stop tax avoidance by multinational companies and put them into their existing network of […]


G20: Pressure rising on tax haven USA

HamburgWhilst the eyes of the world focused on the isolation of the US from the ‘G19’ position on climate change, something remarkable played out elsewhere in the process. Following closely the common EU position that we highlighted a few days ago, the G20 communique devotes important space to tax justice. It’s so good we quote […]


Will the G20 ever end the global problem of tax avoidance and tax evasion?

HamburgAhead of the G20 Summit in Hamburg this week our own George Turner has published this op-ed in the German newspaper Die Tageszeitung today. The article discusses why, despite sustained political engagement from world leaders, we are still some way from solving the problem of tax avoidance and tax evasion. Here’s an English translation of the article:


Leave a Reply

Your email address will not be published. Required fields are marked *

Back to Top