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Article

29 Jul 2008

Author:
Greenpeace

[PDF] Conning the Congo

…This...report exposes another hidden aspect of export driven resource extraction in the DRC and the neighbouring Republic of the Congo. Internal company documents obtained by Greenpeace show how…[logging company] Danzer Group...is using an elaborate profit-laundering system designed to move income out of Africa and into offshore bank accounts, thereby appearing to evade tax payments in the countries in which its companies operate…Even as the World Bank and its donors continue to pour billions of dollars into the Congo Basin countries in the name of eradicating poverty, international players in the logging industry, such as the Danzer Group, are laundering untaxed profits to offshore bank accounts – in effect stealing from the region and its people. [also refers to Interholco (part of Danzer), Siforco (part of Danzer), IFO (part of Danzer), Cotraco (part of Danzer), Jura Placage (part of Danzer), DANBE (part of Danzer), SIFCI (part of Danzer), NST Group, Olam, Trans-M]