Around 160 multinationals profit from Mauritius’s status as a tax haven (Tax Justice Network gives Mauritius an “opacity” rating of almost 100%), in order to walk away with billions in undeclared profits.
One of the worst of these is Vedanta Resource plc – Zambia’s biggest copper producer and among the wealthiest of UK mining companies.
Vedanta is majority-owned and controlled by Anil Agarwal and family, through a “trust” called Volcan Investments Ltd, which in turn wholly owns TwinStar Holding Ltd in Mauritius.
Four 100%-controlled Vedanta financial companies also operate out of the Channel Islands tax haven of Jersey.