Acacia Mining, the London-headquartered FTSE 250 gold mining firm, has been accused of tax evasion by Tanzania. A government commission has alleged that the company “has under-declared revenues and tax payments over a number of years by tens of billions of US dollars”. The commission has recommended repayment of taxes, increased government ownership of mines and a prolongation of the ban on gold concentrate placed on Acacia in March. Shares in the company, which have dropped 10% since the introduction of the ban, fell 50% on Monday.
Acacia Mining, the London-headquartered FTSE 250 gold mining firm, has been accused of tax evasion by Tanzania. A government commission has alleged that the company “has under-declared revenues and tax payments over a number of years by tens of billions of US dollars”. The commission has recommended repayment of taxes, increased government ownership of mines and a prolongation of the ban on gold concentrate placed on Acacia in March. Shares in the company, which have dropped 50% since the introduction of the ban, fell 10% on Monday.