John Menadue

Glencore buying Rio Tinto could burn hole in Hockey's pocket.

In the SMH on December 20, 2014, Michael West draws attention to Glencore’s checkered history on paying tax and the consequences for Joe Hockey’s budget if Glencore acquired Rio Tinto.

Michael West said that ‘billions of dollars in tax payments are on the line, not to mention job losses and the spectre of this country seeding control over a large chunk of its natural resources to a secretive group of commodity traders ultimately run out of Switzerland.’

Glencore has a colourful history. According to an Australian public radio report the company was founded by Marc Rich and Company in 1974 by billionaire commodity trader Marc Rich who was charged with tax evasion and illegal business dealings with Iran in the US, but pardoned by President Clinton in 2001.

For link to Michael West’s article, see below.

http://www.smh.com.au/business/mining-and-resources/glencore-buying-rio-tinto-could-burn-hole-in-hockeys-pocket-20141219-12ao4a.html

The views expressed in this article may or may not reflect those of Pearls and Irritations.

John Menadue

John Menadue is the Founder and Editor in Chief of Pearls and Irritations. He was formerly Secretary of the Department of Prime Minister and Cabinet under Gough Whitlam and Malcolm Fraser, Ambassador to Japan, Secretary of the Department of Immigration and CEO of Qantas.

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