FTSE100 mining giant Glencore has been forced to defend its reputation after being named in the Paradise Papers.
The multinational issued a statement today following a raft of details on the use of offshore tax havens, unveiled in the journalistic expose.
Glencore said it complies with tax obligations in line with the laws and regulations in the countries and territories in which it operates.
The firm said it provided public disclosure of our economic contributions, including tax, royalty and other payments to governments.
In 2016, Glencore paid $4billion in taxes and royalties to host governments.
Glencore said it has recently re-domiciled all of its Bermuda entities – except three – so that they are now tax resident in Switzerland, where the company is headquartered, or the United Kingdom.
Glencore also admitted it has held an investment in SwissMarine (SMC) since 2001. For “commercial reasons”, Glencore’s investment in SMC was not widely disclosed.
Where required, Glencore has disclosed its beneficial ownership in SMC, for example to banks or tax authorities, the firm said.
The company also issued a lengthy statement on acquisitions of other firms and joint ventures.
Recommended for you
Read the latest opinion pieces from our Energy Voice columnists
- Job worries for oil and gas technicians: is clean energy the answer?
- 2018-19 … the pivotal years for New Energy
- CCS needs to start with a bang, not a whimper, DNV GL says
- Let’s get serious about low carbon – no more tax breaks for oil
- Scot Gov return-to-work pledge ‘keeps women in sector’, Aberdeen energy lead says