Amcu brings R7.5bn graft case against Samancor
The Association of Mining and Construction Union (Amcu) has brought a R7.5bn corruption case against SA mining giant Samancor Chrome.
According to a TimesLIVE report, in papers filed in the Gauteng High Court (Johannesburg) yesterday, the union said the company and its former owner, Danko Koncar, were behind an illicit financial flows scheme which saw the mining giant 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.
Koncar, who is allegedly worth billions, is Croatia's richest citizen.
Kon's 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.
In an affidavit spanning more than 500 pages, 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, notes the report.
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