91������̳

The Australian operations of mining giant Glencore have been implicated in the Paradise Papers revelations – the largest leak of documents in history.

The Paradise Papers show that Glencore was involved in currency swaps of up to $25 billion between the Bermuda-based and Australian-based arms of its company.

While theoretically "legal”, these types of swaps are being investigated by the Australian Tax Office under suspicion they may be used to avoid tax by shuttling interest payments from high-tax nations to low-tax jurisdictions.

Multinational corporations are using tax havens to avoid paying tax and the filthy rich are getting richer. Paradise Papers, Panama Papers, billionaire capers – what’s new? This stuff has been going on for yonks.