Welcome to FIS   Sponsored By
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
   


Pacific Andes energetically rejected the accusations derived from 'Paradise Papers'. (Image: Pacific Andes)

'Paradise Papers': Pacific Andes involved in alleged tax fraud in Namibia

Click on the flag for more information about Namibia NAMIBIA
Tuesday, November 07, 2017, 02:30 (GMT + 9)

Global fish trader Pacific Andes, specialising in seafood product processing, distributing and selling, appears to be involved in alleged maneuvers of tax fraud in Namibia, according to a new financial document leak on 'tax haven.'

To commit the fraud, the international firm, registered in Bermuda, the Caribbean, would have partnered politicians and a retired military general.

The documents, known as 'Paradise Papers', show that the accused firm used another of its companies, registered in Mauritius but with no employees, to move money back and forth, and to channel fees and profits from high-tax Namibia into low-tax jurisdictions.

Pacific Andes is involved with Namibia through its subsidiary Pacific Andes Resource Development, which lists at the Singapour Stock Exchange.

Pacific Andes strongly rejected the accusations, released through a new leak obtained by German newspaper Süddeutsche Zeitung and shared with the International Consortium of Investigative Journalists (ICIJ) shows how the Asian seafood company went to great lengths to pay as little tax as possible in Namibia.

Pacific Andes moved into Namibia's horse mackerel sector in 2012, when the Namibian government issued new seven-year fishing licences to local companies.

The new quota allocation regime, handled by Namibia's fisheries ministry, forced local companies into joint ventures consisting of around five companies each. These joint ventures would then team up with international fishing companies, and enrich a handful of Namibians.

Pacific Andes partnered with 12 prominent Namibians in a Namibian company called Atlantic Pacific Fishing (Pty) Ltd, which was 51 per cent owned by several locals and 49 per cent by Pacific Andes.

The 12 highly connected locals in the company occupied powerful positions in government, including three officials in the office of the President, a former military general, a former journalist, a former deputy minister, a traditional leader and one permanent secretary and two deputy PSes.

In 2012, Pacific Andes approached the law firm Appleby to obtain a certificate from Mauritius to allow it to benefit from the two countries' double taxation agreement. The law firm helped Pacific Andes set up a subsidiary, Brandberg (Mauritius) Investment Holdings Ltd in Mauritius, which received a Mauritius tax certificate that year, enabling it to benefit from the Namibia-Mauritius tax treaty. The treaty allows a company with dual registration in the two countries to choose in which country to pay taxes, a system that favours the country with the lower tax rate.

Brandberg Mauritius may have avoided paying taxes to the Namibian state since Mauritius has a much lower tax rate.

Annual reports also show that the Namibian company paid nearly USD 2 million in management fees to Brandberg between 2013 and 2014, and owed the Mauritius company, which had no office or operations, outstanding fees of more than USD 8 million.

Experts who interpreted the financial reports of Atlantic Pacific Fishing said the Namibian subsidiary ended up paying around NSD 12 million less tax in Namibia between 2013 and 2014 because of the management fees.

Atlantic Pacific Fishing reported USD 31 million in revenue over the nine months ending June 2015, according to court documents filed in the United States.

Pacific Andes Group spokesperson, Geoff Walsh, said in answers to ICIJ and The Namibian that Namibian shareholders received more than four times the value of management fees paid to the Mauritius company, and the majority of fees stayed in Namibia. Atlantic Pacific Fishing employed more than 100 Namibians, Pacific Andes added.

In addition, Walsh ensured Namibian fishing quota holders benefited from the partnership with Pacific Andes.
 

Source: The Namibian. To read the full article, click here


[email protected]
www.fis.com


 Print


Click to know how to advertise in FIS
MORE NEWS
India
Nov 20, 05:20 (GMT + 9):
‘Chilika Fresh’ & ‘Fish On Wheels’ Promise Fresh Fish In Bhubaneswar
United Arab Emirates
Nov 20, 04:00 (GMT + 9):
Emirates SkyCargo to boost e-commerce shipments including fresh fish
Canada
Nov 18, 02:20 (GMT + 9):
Pension plan buys Atlantic Aqua Farms mussel producer
Morocco
Nov 18, 01:30 (GMT + 9):
Spain intends to achieve greatest possible increase for bluefin tuna TAC
Spain
Nov 18, 00:20 (GMT + 9):
AZTI to analyze climate change effects in four important Spanish fisheries
Egypt
Nov 18, 00:20 (GMT + 9):
Egypt to house Middle East largest fish farm
China
Nov 17, 23:30 (GMT + 9):
Sino Agro Food obtains lower sale revenue
United States
Nov 17, 23:00 (GMT + 9):
IN BRIEF - Alaska Crab Fishery: 30-Day Comment Period Open on RFM Draft Assessment Reports
United States
Nov 17, 23:00 (GMT + 9):
IN BRIEF - GAA’s Jeff Fort Takes on Role of COO
Russian Federation
Nov 17, 23:00 (GMT + 9):
IN BRIEF - Russia poised as ‘exciting’ market for PH shrimp
United States
Nov 17, 23:00 (GMT + 9):
IN BRIEF - Salmon population booms on state’s Mokelumne River as restoration efforts pay off
United States
Nov 17, 22:40 (GMT + 9):
Washington legislators propose banning Atlantic salmon farming in pet nets
Spain
Nov 17, 22:30 (GMT + 9):
Galicia and Wales will sign an agreement to minimize 'Brexit' impact
European Union
Nov 17, 21:50 (GMT + 9):
Baltic illegal discarding worsens despite landing obligation
Chile
Nov 17, 21:20 (GMT + 9):
A kilometre of illegal nets used to capture spider crab detected



Lenguaje
FEATURED EVENTS
  
TOP STORIES
Over 700,000 smolt die at Marine Harvest’s farm
Norway Between October 13 and October 14, over 700,000 smolt died at the Marine Harvest Steinsvik fish farm outside Volda, in Møre og Romsdal county.
Port strike hits Bio Bio fishing sector
Chile It is estimated that some USD 243 million has been lost by the Bio Bío Region due to the national strike that since November 7 has been carried out by port workers.
50-80pct of fish in Pacific Islands could disappear due to climate change
Canada Many Pacific Island nations will lose from 50 to 80 per cent of marine species in their waters by the end of the 21st century if climate change continues unchecked, warn the authors of a new Nippon Foundation-Nereus Program study.
Galicia and Wales will sign an agreement to minimize 'Brexit' impact
Spain Galicia and Wales intend to sign their own bilateral agreement to try to minimize the impact that Brexit will have and avoid damage to the fishing sector.
 
Maruha Nichiro Corporation
Nichirei Corporation -Headquarter-
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation -Wartsila Group Headquarter-
ITOCHU Corporation -Headquarter-
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd.
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
Blue Continent Products (Pty) Ltd - (Oceana Group Limited)
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods Inc. -Headquarter-
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO -Food and Agriculture Organization- Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Omega Protein Corporation -Headquarter-
Marona S.A.
Marine Harvest ASA - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
Mitsubishi Corporation Marine Products Depts. D.Team
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation -Headquarter-
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart / Wal-Mart Stores, Inc. (Supermarket) -Headquarter-
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
INVE Group - Head Office
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
Morpol ASA - Group Headquarters
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2017 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER