Zambia fines Glencore for lack of arm’s length pricing
In a case brought by the Zambia Revenue Authority (ZRA), the Supreme Court of Zambia has fined Glencore subsidiary Mopani Copper Mines US$13 million for violating the country’s Arm’s Length Standards (ALS).
After examining a ZRA audit of Mopani’s 2006-09 accounts, the court found transactions in contravention of the ALS in dealings between Mopani and Glencore.
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