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NGO report alleges Swiss gold refiners procure gold from suppliers in Peru & Dubai linked to environmental concerns; co's deny allegations

Author: Swissinfo, Published on: 26 March 2018

[Note: STP approached Ernst & Young, Kaloti and Al Etihad for statements; these are included in the report. The full report can be accessed here.]

The report by the Society for Threatened Peoples (STP) [...], says that in all likelihood, Metalor continues to procure illegally-mined Peruvian gold which is linked to tax evasion and environmental destruction...

“...We do not get even a gram of gold from Madre de Dios and all our shipments from Peru are approved by the customs and tax body SUNAT,” Jose Ramon Camino, general counsel for Metalor [said]... 

The STP report also accused Swiss gold refiners of laxness concerning imports from the United Arab Emirates (UAE), which it deems to be a hub for conflict gold from African countries. It pointed fingers at the Swiss refiner PAMP, which it claims obtained gold from Dubai-based companies Kaloti and Al Etihad Gold...

The report accused audit firm Ernst & Young Switzerland of conducting an improper third-party verification for PAMP, which could have allowed conflict gold funnelled through UAE to enter the company’s supply chain.

PAMP has categorically denied these claims...

In an official response statement [...] it said that it alerted STP of its position in January 2018, and that the NGO was “deliberately disseminating false and calumnious information with the clear intent to manipulate the Swiss public opinion in the context of the initiative for responsible multinationals”.

Read the full post here

Related companies: Metalor PAMP