Booming Fishing-Industry in Namibia but at the same time not sufficient schools, hospitals and housing along Walvis bay/Namibia. Where is all the money gone to?
Answering such complicated question we need from time to time investigative journalism e.g. the Paradis papers*).
A typical scheme of a shell company has been built by the Atlantic Pacific Fishing (APF). APF got the Namibian fishing rights for providing expertise and money and to work with local investors. The Company was 51% Namibian owned.
Apparently APF then signed a deal with a company called Brandberg, which is based 4,000 miles away in Mauritius because of a double taxation treaties with Namibia. Mauritius is a key location for tax avoidance and gets the money for the Namibian Fish revenue. Brandberg get 4% from the Namibian fishing operation.
Brandberg itself could not be found in Mauritius, instead there was an office for Appleby, one of the world’s largest providers of offshore legal services. Brandberg is based in Hong Kong and was set up by Pacific Andes – one of the world’s biggest fishing operations.
For Namibia the effects are, even if fishing, mining and farming account for two-thirds of the country’s economy, only 13% of the tax take is contributed.
*) The papers are a huge batch of leaked documents mostly from offshore law firm Appleby, along with corporate registries in 19 tax jurisdictions, which reveal the financial dealings of politicians, celebrities, corporate giants and business leaders. The 13.4 million records were passed to German newspaper Süddeutsche Zeitung and then shared with the International Consortium of Investigative Journalists (ICIJ).
The 13.4 million records were passed to German newspaper Süddeutsche Zeitung and then shared with the International Consortium of Investigative Journalists (ICIJ).