It has emerged that the Ghana Bauxite Company has over the past 6 years, recorded losses due to potential under-declaration of the selling price.
The possible losses our sources say is in the range of $29,800,000.00.
The company from our investigations there is no standard price and that selling prices are determined as and when the company deems fit.
Facts available to this website has also revealed that the Ghana Bauxite Company is a Joint Venture between the Bosai Mineral Group-China with 80% ownership and Government of Ghana 20%.
From the documents, the estimated Mineral Royalty Lost to the state is $1,400,000.00.
Aside from these claims, the company does not withhold tax on interest payment on loans from its parent company.
It is also estimated that the company has evaded tax of $1,239,000.00 from 2010 to November 2017.
The company has also evaded overweight charges at Bogoso and Agona Nkwanta to the tune of $90,000,000.00.
Using actual data for 2017, the state has lost about $22,000,000.00 and the total estimate from 2010 to December 2017 is about $90,000,000.00.
The company from out investigations has also failed to file for transfer pricing for fear of its shady deals.
The company has over 32 senior staff expatriates on the mine as compared to 26 senior Ghanaian staff.
It does not also charge VAT on the transportation cost on Bauxite Haulage, the website gathered.
Our sources also say it is highly suspected that there is under declaration of Import Value for t5he clearing of goods at the ports.
However, actual amounts are being transferred to China for payment of the goods.
The company has failed to honour its obligation under the SSNIT Laws Section 3of Act 766 from 2010 to 2018.
Our sources have alleged that the government of Ghana has failed to take appropriate actions for the violations because the company they claim has a key to the Sinohydro deal.
The website further gathered Chinese government developed cold feet over the project and the payment timeline especially with the lateness of the bauxite Alumina project (GIADEC) feasibility.
The Chinese according to the sources have demanded guarantees that will meet the repayment schedule.
Ghana sent a delegation to clam the Chinese including Charles Adu Boahen, Deputy Finance Minister; Kojo Oppong Nkrumah, Information Minister’; Michael Ansah, the CEO of GIADEC plus ten others, the sources disclosed.
The sources have also disclosed to the website that the government in order to pacify the Chinese agreed to allow Bonsai to become the preferred partner to GIADEC to develop the bauxite-Alumina project.
The contract of Bonsai is due to end in 2022 but the government plans to extend the deal to pacify the Chinese, our sources narrated.