Bulgarian gold in offshore paradise linked to European public lender
November 21, 2017
The profits of the richest Bulgarian gold mine are “optimised” through several Caribbean offshore companies and a Dutch cooperative. The European Bank for Reconstruction and Development is one of the shareholders.
New report reveals the ‘dark side’ of EIB funds: how the EU’s bank supports non-transparent investment funds based in tax havens
September 14, 2016
Counter Balance launches today a new report that critically analyses a little-known part of the European Investment Bank (EIB)’s operations: its use of private equity funds. The report is available for download at http://www.counter-balance.org/wp-content/uploads/2016/09/The-dark-side-of-EIB-funds_report.pdf The report presents a number of statistics and facts about recent investment funds financed by the EIB during the period 2011-2015.
Khudoni hydropower plant, Georgia
April 28, 2015
While a mountain community will have to be forced to resettle for this mega-project, the opaque ownership and weak taxation mean that benefits for Georgia are highly doubtful.
Tax dodging, development and European public banks
April 22, 2015
A new report highlights how the weak taxation policy of the European Investment Bank is undermining its ability to serve public interest in Europe and the Global South at a time when the use of tax haven is exposed as one of the most important barriers to development.
“Fight tax havens, start with the European Investment Bank”, argues new report
April 21, 2015
Counter Balance & Re:Common press release The European Investment Bank (EIB) was the first Development Financial Institution (DFI) to adopt a tax haven policy in 2009. However, more than five years on EIB money still runs via tax havens. A new report by Counter Balance and Re:Common* ‘Towards a Responsible Taxation Policy for the EIB’ which is launched today calls on the EU’s public bank to grasp the political momentum at EU level to prevent any public money from flowing through tax havens. Country by country reporting, identification of beneficial ownership and a workable list of non-compliant jurisdictions would be key ingredients of a real “Responsible Taxation Policy”.
Civil society aiming to clamp down on EIB tax haven evasiveness
February 2, 2015
Pressure is mounting on the European Investment Bank to take swift action that addresses weaknesses in its policy on lending to businesses based in tax havens.
EIB commits to review tax haven policy
February 14, 2014
During the annual meeting between civil society and the EIB’s Board of Directors, the European Investment Bank committed to review its outdated tax haven policy this year. The commitment which followed a letter from several NGOs expressing such demand, is the most concrete outcome of the meeting which took place on 3rd February in the bank’s headquarters in Luxemburg.
New EBRD policy too weak on tax havens in development finance
February 3, 2014
Debt and finance watchdog Eurodad has analysed the EBRD’s new policy on domiciliation and explains how it does not take the bold steps needed to tackle the use of tax havens in development finance.
Preventing tax loss through offshore financial centres: The EBRD must lead by example
December 12, 2013
In recent years, the EBRD has increasingly recognised the important role that states play in the transition to a well-functioning market economy that is based on strong institutions and the inclusion of all social groups into the economy. For this, states need resources, and taxation is one of the main means to ensure them.
In Georgia, dam builders do not welcome peoples’ concerns
September 24, 2013
Statements and behaviour of Georgian authorities show their determination to go ahead with the construction of the huge Khudoni dam that would displace more than 2000 indigenious Svans, regardless of public protests. At the same time the project company’s set-up raises questions about ulterior motives.
