TimesLIVE reports that the Association of Mining and Construction Union (Amcu) has brought a R7.5bn corruption case against mining giant Samancor Chrome.
In papers filed in the Johannesburg High Court on Wednesday, the union said the company and its former owner, Danko Koncar, were behind an illicit financial flows scheme which saw the company shift billions of rands in profit offshore. The allegations are contained in a number of affidavits, including that of former Samancor director turned whistle-blower Miodrag Kon. The court papers include internal company memos, e-mails and other executive management documents, which allegedly point to how the company shifted its profits offshore through transfer pricing, secret management fees and secretly sold-off assets. Amcu, which is representing the Ndizani Workers' Trust, has demanded access to all of Samancor's financial records, including its income and expenditure records and the minutes of board meetings, dating back to 2008. The company and Koncar have yet to file responding papers.
- Read the original of the above report by Graeme Hosken at TimesLIVE
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