Glencore feels a little less privileged

And Glencore’s instruction for a bank application for its shipping fleet that hid the fact that one of its directors was in prison.

But mostly Glencore was concerned about Operation Everest, the PwC-drafted plan (with PowerPoint) to move $30 billion of resource projects out of the Australian tax net after a $16 billion writedown.

Court sidesteps issue

The ATO took the view that organising currency swaps, writedowns and tax-driven restructures might not always qualify as privileged. On Wednesday the High Court sidestepped that issue but found that once the ATO had the documents it was game over for Glencore’s privilege claim.

Glencore always looked like it was on a hiding to nothing with this case. But the Swiss miner may have had a broader audience in mind.

It’s a simplification plan . . . Operation Everest wrote off $16 billion in assets and

... read more at: https://www.afr.com/rear-window/glencore-feels-a-little-less-privileged-20190814-p52h16

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