Africa: Multinational Companies Accused of Capital Flight

28 January 2013

Addis Ababa — At a time when a number of studies have shown that there is a lot of money generated by African countries, which at the same time turns to foreign sources to fund their development projects, sources at the African Union (AU) have accused the multinational companies for promoting capital flight from the continent.

"Over 80 percent of the illegal capital flight from Africa is done by the multinational companies that do not pay their taxes," said Ibrahim Mayaki, an official of the New Partnership for African Development (NEPAD).

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