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Malawi Mangoes allegedly siphoning tax out of Malawi to Mauritius tax haven
Author: Matt Kennard & Claire Provost, Foreign Policy, Published on: 3 December 2018
"African Governments Are Paying for the World Bank’s Mauritius Miracle"
The security guard at Malawi Mangoes’ registered address at an office at the St Louis Business Centre in downtown Port Louis is not sure if we’re in the right place. The staff at the front desk are bewildered by our request to speak to someone from the company...
...The IFC has approved loans and investments in more than 1,600 companies since 2012. According to our analysis of their project disclosures, at least 50 of these were for companies registered in Mauritius but operating elsewhere. Many of these companies, including Malawi Mangoes, are based in sub-Saharan Africa, and their registration in Mauritius may be depriving African governments of much needed-tax revenue...
When the IFC approved its $5 million investment in Malawi Mangoes in 2014, it was described as an agribusiness project in the soft drink sector, with the loan going to support the company as it tried to establish itself in the country. This would create much-needed rural jobs, the IFC argued, “thus injecting money to the local economy through wages and benefits paid.” Economic growth in poorer countries like Malawi is being held back, the IFC contends, by “the lack of risk capital” needed to “build the dynamic, job-creating companies that drive prosperity.”
Related companies: Malawi Mangoes