Report cools fears of invoicing problems in industry
Discrepancies are not due to illegal activities but to other factors, Eunomix report shows
Discrepancies in SA’s reporting of trade data on silver, platinum and iron ore identified by the UN Conference on Trade and Development (Unctad) could not be attributed to illegal activities but to other factors, Eunomix CEO Claude Baissac said on Tuesday. Baissac was speaking at the release of the third Eunomix report commissioned by the Chamber of Mines to examine Unctad’s findings. Henk Langenhoven, the Chamber of Mines’ chief economist, said the allegations of mis-invoicing had serious implications for SA’s resources companies and cast doubt on the efficiency of the country’s customs authorities. "Accusations of extensive mis-invoicing and other illicit financial flows are feeding a growing lack of trust between key stakeholders in the mining industry." In July 2016, Unctad published its first report on mis-invoicing in the resources sector in several countries, including SA, and a second updated report was released in December. Trade mis-invoicing refers to the disparity betwee...