"Acacia says tax evasion judgment deeply flawed"

ACACIA Mining Plc (previously known as African Barrick Gold or ABG) has defended its tax record in Tanzania, saying the recent Tax Revenues Appeals Tribunal ruling which accused the gold mining giant of running a sophisticated tax evasion scheme in the country was “fundamentally flawed”. "Acacia and its subsidiaries fully comply with all international and domestic tax legislation and have not and never will undertake any form of tax evasion or tax avoidance schemes," the company’s London-based management said in a statement yesterday. "Acacia will be appealing against the ruling to the Court of Appeal," it added, asserting that the company’s financial reports conformed to international best practices and were audited by global accounting firms and government organisations.