Back in early May, BFP told our readers how a Canadian company avoided 1.4 billion in taxes by using an offshore subsidiary. We speculated what it means for Barbados as the Canadian tax authorities attempt to track down and close the tax loopholes that, frankly, are the life blood of our offshore banking and financial industries. (See Cameco tax case is scary for Barbados!)
In the Cameco case profits were diverted to a Swiss based subsidiary that paid a far lower tax rate than the Canadian operations of the uranium producing company.
Now one of our sharp-eyed BFP readers has come up with five Barbados offshore companies that look like they could have something to do with the Canadian Cameco company involved in the international tax mess. Some of the Directors appear throughout the companies and we wonder what it all means. According to some of the news accounts, Cameco shareholders are facing some hefty losses depending on the outcome in the Canadian courts.
We will continue to follow this case as it is a canary in the coal mine for the health of our offshore banking and companies revenues.
The Barbados offshore companies are:
CAMECO GLOBAL SOUTH AMERICA INC.
CAMECO INSURANCE SERVICES INC
CAMECO RESOURCES, L.L.C.
CAMECO SERVICES INC.
CAMECO URANIUM INC.
Here are the names of the Company Directors and Officers. Hmmmmm…. I recognize a few names! Continue reading