METAL TRADE
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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.