Glencore, to pay over 11 trillion FCFA for tax evasion
Cameroon has secured a historic legal victory against global trading giant Glencore, which has been ordered to pay over 11 trillion FCFA for tax evasion and overbilling in oil contracts. This could be a massive financial boost for the country.
Barrister Akere Muna, now a presidential candidate for the United Party, has been at the forefront of the fight to bring Glencore to justice, highlighting corruption in the oil sector.
The case exposes systemic corruption involving the national oil companies SNH and Sonara and local officials, none of whom have faced charges so far. Glencore admitted to paying at least $21 million in bribes between 2006 and 2014 to secure favourable contracts.
While international courts have acted, Cameroonian authorities remain silent on local collaborators, fuelling public frustration. This landmark ruling raises a crucial question as to whether Cameroon will use this victory to fight corruption at home or let it be another missed opportunity.
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Glencore, to pay over 11 trillion FCFA for tax evasion
