Argentina: Grain traders accused of criminal tax evasion
Date: 2 Jun 2011
The world's largest grain traders, ADM, Bunge, Cargill and Dreyfus, will be taken to court by the government for allegedly avoiding the payment of tax.
In an interview with the UK's Guardian newspaper, the head of the country's revenue service said that the companies had shown very little profit in Argentina in a year (2008) when commodities prices had risen and retail prices had gone up. Ricardo Echegaray described the situation as being one where the companies had "gone into criminality."
The government had investigated some of the destinations of exports, and found that declarations made to customs did not tally with corporate income tax returns.
All the companies named have said that there is no substance to the charges and they will vigorously defend themselves from the lawsuit.
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In a recent article, the BBC's economics editor Robert Peston highlighted the fact that in 2012 the chances are that the economy - punch drunk as it is from the various flavours of debt crisis it has been pummelled with over the course of the year - will be hit by the collapse of a major bank and / or government.
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