Chrome mining giant guilty of R7.5bn fraud, union tells court
Huge pile of evidence alleges that Samancor Chrome cooked its books in numerous ways
SA mining giant Samancor Chrome – the world’s second-largest chrome mining company – is in the sights of mining union Amcu.
On Wednesday, the Association of Mining and Construction Union, armed with internal financial records, memos and e-mails, filed papers in the Johannesburg High Court. It accuses Samancor of being behind R7.5bn worth of corrupt and illegal financial practices.
Through its court application, Amcu, whose members indirectly own 5.6% of Samancor through the Ndizani Workers ESOP Trust, has blown the lid off 14 years of alleged illegal profit shifting, transfer pricing and secret share deals that saw money smuggled offshore by the directors of the company and several of its international subsidiaries...