Home > Africa > Mauritius Leaks exposes tiny tax haven’s role in vast offshore system | ICIJ

Mauritius Leaks exposes tiny tax haven’s role in vast offshore system | ICIJ

Bob Geldof’s firm wanted to buy a chicken farm in Uganda, one of the poorest countries on earth. But first, an errand.

After soaring to fame in the 1980s for organizing Live Aid and other anti-famine efforts, the former Boomtown Rats rocker had shifted to the high-powered world of international finance. He founded a U.K.-based private equity firm that aimed to generate a 20% return by buying stakes in African businesses, according to a memorandum from an investor.

The fund’s investments would all be on the African continent. Yet its London-based legal advisers asked that one of its headquarters be set up more than 2,000 miles away on Mauritius, according to a new trove of leaked documents.

…. Geldof declined to comment.

Mauritius Leaks, a new investigation by the International Consortium of Investigative Journalists and 54 journalists from 18 countries, provides an inside look at how the former French colony has transformed itself into a thriving financial center, at least partly at the expense of its African neighbors and other less-developed countries. In Uganda, more than 40% of the population lives on less than $2 a day.. …

Read the whole story and more here: Mauritius Leaks exposes tiny tax haven’s role in vast offshore system – ICIJ

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