Fortescue’s secret shell in Singapore

Original article by Amanda Saunders
The Australian Financial Review – Page: 1 & 8 : 27-May-15

Fortescue Metals Group chairman Andrew Forrest recently criticised BHP Billiton and Rio Tinto for using marketing hubs in Singapore, which has lower corporate tax rate than Australia. However, it has been revealed that Fortescue itself established a Singapore-based iron ore marketing company in January 2014. The iron ore price has since shed around 55 per cent, which has significantly reduced Fortescue’s profits.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE INTERNATIONAL MARKETING, AUSTRALIAN TAXATION OFFICE, GLENCORE PLC, VALE SA

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